So I have a friend who is selling a house. They had three bidders and one of them basically went 'all in' and offered more than twenty grand above the the next guy. They had an inspection done, and basically walked, saying the house is older than they were interested in. The inspection found no major problems. The purchasing Realtor also admits they were not pre-approved. How is this fair? They basically took away what is basically a good chance at a sale and walked away. Is this legal? Should the Realtor not have done something before making any offers?
I asked them for the Realtors name and company. What a way to ruin someone's week.
It depends on a few things, but in general it sounds like the person who made the offer is a little bit dumb. Usually when people start house hunting they get pre approved first so they know how much they can spend on a house.
It is very common to have a house inspection and financing as conditions of an offer and if either don't go thru, the offer is dead.
Shouldn't the agent try to avoid that scenario? If he knew his client was not pre-approved, why get into a bidding war? Why bid WAY higher than the next guy just to cancel? What kind of agent would even be involved in that? Apparently my friend's agent was very angered by this whole thing.
Not if the buyer had an inspection condition. Some of them are general, and some say the defects have to be above a certain threshold before the buyer can walk away.
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Shouldn't the agent try to avoid that scenario? If he knew his client was not pre-approved, why get into a bidding war? Why bid WAY higher than the next guy just to cancel? What kind of agent would even be involved in that? Apparently my friend's agent was very angered by this whole thing.
Many offers are subject to the buyer obtaining financing.
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The whole thing seemed shady...almost like they bid high to scare the other groups away, then were going to use the inspection to lower the price back to where it was before. Then the financing fell through...
Selling House Question
