Foreclosure in Homestead>Question Details

Deborah, Home Buyer in 33034

Florida reo pre auction forclosure, why hasn't bank accepted a higher offer on a home that is in pre-auction staus and price has dropped again?

Asked by Deborah, 33034 Sun Mar 27, 2011

It's been at least 3 week that I made an offer on an REO that is supposed to go to auction in April, but I have not received a response. The price has also dropped another $5000. My offer was above the asking price.

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Deborah, lender can take up to 90 days. Its not unheard of. Also an REO means the lender owns it already. Also you have to understand that the Short Sale department will not stop a foreclosure. Unless they feel it is a really great offer. Unfortunately the two departments rarely communicate with each other. Sometimes agents and lenders have to call and harass the negotiator to contact the Foreclosure department to get them to stop the process. Christina Solorzano Homestead Credit Repair Co. 888-552-3717
0 votes Thank Flag Link Thu Aug 25, 2011
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