Offer to Bank on Foreclosure

[tilliepoo]

Im in Michigan...need some advice..we just put a cash offer in yesterday
on a foreclosed property listed for $77,400..we heard there were several other offers pending, and offered above the listing at $81,000.

Then, on the web, got notified that the listed price dropped to $73,000?

Do we have any recourse then since they lowered the price? Im confused?
the bank has NOT accepted our offer as of yet.

Tilliepoo

 

[Mass_Shyster]

You can withdraw the offer before it has been accepted.

 

[nextwife]

What do you mean by "recourse"? They have a fiduciary responsibility to try to sell it for the most money. If they have higher offers from ready, willing and able buyers, they have a duty to sell to the highest, qualified bidder.

 

[John_DFW]

What do you mean by "recourse"? They have a fiduciary responsibility to try to sell it for the most money. If they have higher offers from ready, willing and able buyers, they have a duty to sell to the highest, qualified bidder.

Highest offer is not necessarily the "best offer"

A lower cash offer that can close quickly is often times in the bank's opinion a better offer than a low FICO, low down payment offer even if it's higher. (no idea what the situation is here, or if the bank just goofed)

OP should retract offer as previously stated, if they want to make a lower offer or look elsewhere.

 

[nextwife]

Highest offer is not necessarily the "best offer"

A lower cash offer that can close quickly is often times in the bank's opinion a better offer than a low FICO, low down payment offer even if it's higher. (no idea what the situation is here, or if the bank just goofed)

OP should retract offer as previously stated, if they want to make a lower offer or look elsewhere.

Really? I stated "qualified" buyer. The highest offer that meets the needs of the seller by a buyer qualified to close the deal in accordance with the seller's need.

The needs of the seller may be a very fast closing so either a cash offer or an offer financed through a local brick and mortar lender that the bank who owns the property knows is reliable and can close fast. This is what I do for a living. Cash is great, but if we can close in about two weeks on a financed deal through a local in-house loan for more money, that is often even better. There are a number of local banks in whom we can rely on their ability to close on their prequalified buyers. Many mortgage brokers, however, we consider unreliable and their prequal letters to be worthless because of our past experiences with them.

 

[John_DFW]

Really? I stated "qualified" buyer. The highest offer that meets the needs of the seller by a buyer qualified to close the deal in accordance with the seller's need.

Please note that the OP is a cash offer, and higher than asking price, so I think they are certainly qualified! Certainly looks like the bank let this one slip through the cracks.

I was speaking in general, and this often puzzles people who question why the bank took a lower offer than theirs, which is not the situation here.

In terms of recourse and fiduciary duty, there is the matter of "standing" which the OP may have absolutely none with the bank.

 

[FlyingRon]

Listing prices aren't offers.
There's no recourse here by the buyer other than to rescind an unaccepted offer.
The bank has no "fiduciary" duty to the buyer, only to their shareholders and possibly the regulatory body that's backing them.