HuskyCaucasian Posted November 26, 2008 Share Posted November 26, 2008 So, I have a question to those who might know in regards to the "Ethics" or legaility of Bankruptcy Real Estate transactions. My dad is looking too buying a moderately priced townhome or a "fixer-upper" bargain / foreclosed home to rent out (possibly to me). His Realtor told him he found an AMAZING deal on foreclosed house and wanted him to see it ASAP. It was for sale by a bank and had been on the market for less than 24 hours. My dad saw it, liked it, and wanted to place an offer. His Realtor called him back.... a single offer ahd been submitted the night before and was accepted first thing that morning... before my dad had even SEEN the place. In fact, in retrospect, he thinks a inspector was arriving just after he had finished viewing. Now, it strikes me a bit ODD that a house would go on the market, get an offer within 12 hours, and the first offer was taken immediately the next business day without taking counter offers (my dad was offering over asking price). This clearly smells of some sort of insider knowledge / deal going on her. Is this legal? Ethical? Quote Link to comment Share on other sites More sharing options...
Texsox Posted November 26, 2008 Share Posted November 26, 2008 The person coming in 36 hours later would have said the same thing about your dad and his offer. If whomever was selling was smart they would have told everyone and anyone of the property's availability. Accepting a quick offer seems within the rights of the seller. So unless I am missing something, this seems fine from a ethics stand point. Quote Link to comment Share on other sites More sharing options...
HuskyCaucasian Posted November 26, 2008 Author Share Posted November 26, 2008 (edited) QUOTE (Texsox @ Nov 26, 2008 -> 09:14 AM) The person coming in 36 hours later would have said the same thing about your dad and his offer. If whomever was selling was smart they would have told everyone and anyone of the property's availability. Accepting a quick offer seems within the rights of the seller. So unless I am missing something, this seems fine from a ethics stand point. It's not so much the quick sell.. I'm curious in regards to the "insider" stuff. I should note my dads offer was not the second offer. The seller says they got "several" offers after they had already accepted the first offer. Edited November 26, 2008 by Athomeboy_2000 Quote Link to comment Share on other sites More sharing options...
juddling Posted November 26, 2008 Share Posted November 26, 2008 Timing can be everything....a few years ago when my wife and I were looking to move from the south burbs to the southwest burbs we we scheduled to meet with our realitor at Louis Joliet Mall then spend the day driving around the area looking at houses. We looked in Montgomery, Aurora, Naperville, Oswego but either it was a place we couldn't afford or a place we didn't want to live in. At the end of the day...our lady told us that as she was running out of her office that morning she checked the computer for new listing and one popped up overnight. It was the last one we looked at and the one we ended up putting an offer in on that day. The old man selling us was stunned we even were stopping by to look at it since it just went on the maket that morning....we stopped by around 1pm.....and he was equally as shocked at the offer coming so quickly. Then again...your situation could have had some insider knowledge....or just good timing for the other guy. Quote Link to comment Share on other sites More sharing options...
Texsox Posted November 26, 2008 Share Posted November 26, 2008 QUOTE (Athomeboy_2000 @ Nov 26, 2008 -> 09:16 AM) It's not so much the quick sell.. I'm curious in regards to the "insider" stuff. I should note my dads offer was not the second offer. The seller says they got "several" offers after they had already accepted the first offer. Realtors all the time will tell you about properties coming up for sale. And real estate isn't that much different than most anything else up for sale. Best Buy right now is offering "Insider Information" about what will be on sale Friday, and they will be taking the first offers that come in. In stocks, announcements of IPOs happen weeks before the actual sale. Quote Link to comment Share on other sites More sharing options...
Texsox Posted November 26, 2008 Share Posted November 26, 2008 I guess my question, what "insider information" may have been given that was unethical? That a property was going to come on the market? Quote Link to comment Share on other sites More sharing options...
AssHatSoxFan Posted November 26, 2008 Share Posted November 26, 2008 My parents sold our first house before it even was fully on the market and someone saw our For Sale sign up and the house wasn't even listed yet Quote Link to comment Share on other sites More sharing options...
LosMediasBlancas Posted November 26, 2008 Share Posted November 26, 2008 Are you suggesting the realtor himself might have purchased it? Quote Link to comment Share on other sites More sharing options...
Texsox Posted November 26, 2008 Share Posted November 26, 2008 The only insider secret thing I could think of is someone at the bank, which is selling the property, told someone this property is going on the market for this price and the bank will accept this price. It is worth a lot more. Then the bank has a problem with that leak. Quote Link to comment Share on other sites More sharing options...
southsider2k5 Posted November 26, 2008 Share Posted November 26, 2008 Isn't there somewhere to find out when a house is in process of foreclosure, but not quite being sold off yet? I think this could have happened in this situation. Quote Link to comment Share on other sites More sharing options...
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