Bank accepted an offer on an Overland Park, Kansas foreclosure home in 2 hours on a Sunday night

Question: I have been in the market for a home for over 6 months. The perfect home came on the market Friday in Overland Park. It had already been rehabbed by the bank and seemed to be in great shape. All it needed was new decor. Sunday I made an offer on the Overland Park foreclosure home that I thought was reasonable. The list price was $185,000 and my offer was for $191,000 submitted with a $2,500 deposit. I was also putting 20% down. My buyers agent verified through the listing agent that there were no other offers on the house and my agent submitted my offer to the listing agent around 4:00 PM on Sunday night. So I get a text message from my agent at about 5:30PM saying that she just received an email from the listing agent saying that a cash offer has been accepted by the bank on the home I wanted. I want to know what could have happened in those few hours, I have a suspicion of something done under hand. Should I look further into it, or do these things happen often?
Tammy K. from Overland Park, Kansas

Answer: Unfortunately these things happen when buying a foreclosure home. I personally have not seen a bank work that fast, but I guess it is possible. I doubt that the listing agent just received the offer and presented it to the bank and they accepted it that fast on a Sunday. I don’t blame you for being suspicious, but Banks are not in Real Estate business and they don’t follow any rules. As far as the listing agent, they just act on behalf of their seller or asset manager.

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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

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