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Bank Owned Listings in California

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  • 04-08-2010, 09:47 PM
    Meowzers
    Bank Owned Listings in California
    I responded to a real estate listing for a "REO/Bank Owned" lot "For Sale - MLS Listed" for $150k. This was a very good deal for the area so I contacted an agent who entered an offer slightly above the asking price. I looked online today, and I found that the lot was re-listed today for $346k just 2 days after I entered my offer.

    My question is, what just happened? Does the bank (seller) have the right to re-list if they simply don't like the price? Was this a listing for an auction? - the website and ad paper did not say it was an auction (see link below).
    Do I have any rights as a buyer here?
    Do I have the right to know which bank owns the property?
    Do I have a right to know why my offer was rebuffed?
    Was it legal for the seller to re-list because they didn't like the price?

    http://www.redfin.com/CA/Walnut-Cree...6/home/1320813

    Thank you.
  • 04-09-2010, 07:43 AM
    LawResearcherMissy
    Re: Bank Owned Listings in California
    Quote:

    My question is, what just happened?
    The status says the price changed. It has gone up, so one assumes your offer was deemed too low.
    Quote:

    Does the bank (seller) have the right to re-list if they simply don't like the price?
    Yup.
    Quote:

    Was this a listing for an auction?
    Nope.
    Quote:

    Do I have any rights as a buyer here?
    Nope. You have no contract with the seller. Your offer clearly was rejected.

    Quote:

    Do I have the right to know which bank owns the property?
    Nope.

    Quote:

    Do I have a right to know why my offer was rebuffed?
    You can ask, but you have no inherent right to an answer.

    Quote:

    Was it legal for the seller to re-list because they didn't like the price?
    Yup.
  • 04-09-2010, 08:49 PM
    Meowzers
    Re: Bank Owned Listings in California
    Thanks for the replies.

    But why is this different from a sale made in a store? Does this mean that if I want to purchase the last Play Station at Best Buy, the store can technically change the price at the counter when I go to pay for the product and even offer it to the highest bidder? Does this mean there are no home sales? All home "sales" are auctions?
  • 04-09-2010, 08:56 PM
    525601minutes
    Re: Bank Owned Listings in California
    A store can refuse to sell you something, as long as their reason has nothing to do with a protected class. For example, they can refuse to sell you the playstation because they don't like your nose ring - they can not refuse to sell you the playstation because you are Muslim. Same for real estate. They don't HAVE to sell it to you.
  • 04-10-2010, 08:27 AM
    LawResearcherMissy
    Re: Bank Owned Listings in California
    Quote:

    Does this mean there are no home sales?
    Don't be ridiculous.

    Real estate laws do not require the property to be sold to the first person who makes an offer - or ANY person who makes an offer, for that matter.

    If the seller doesn't like your offer, s/he may reject it. Until you have an actual contract in your hands, which you and the seller have both signed, you're not the "buyer", you're just someone who wants the property.
  • 04-10-2010, 09:25 AM
    PandorasBox
    Re: Bank Owned Listings in California
    A realtor will present all offers to the seller.

    The seller does not have to accept the offer (although they cannot refuse it because of protected status, such as race, nationality..... They can say the offer is too low; but they can't say they refuse because the seller is African American, for example).

    One job of a realtor is to obtain the most favorable price and terms for the principal (the person they represent).

    Another thing to consider....REAL PROPERTY and PERSONAL PROPERTY are two totally different things, so no comparison can be made to a lot for sale vs a Playstation.
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