Foreclosure in Washington>Question Details

Sunny, Home Buyer in Washington, DC

Foreclosure House Offer Denied. No response from bank?

Asked by Sunny, Washington, DC Sat Jun 13, 2009

through my agent that the offer was denied. Am I supposed to recieve something written from the bank to indicate the rejection? How am I to know that my agent is not trying to just make more money off of commision since he knows that I am very interested in the house and that I am willing to increase my offer? How do I know that the response from the bank is indeed the bank's response?

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Banks usually don't give rejections in writing to a buyer's agent. Why would your agent risk you backing away for a few more dollars? Lets keep things in perspective lets just say the bank is willing to pay 3% commission. Your agent is only getting paid $3000 for every 100K you spend. You should ask your agent to get the rejection in writing!
0 votes Thank Flag Link Thu Jun 18, 2009
All of the above information is correct. But your question has three parts, and just two parts have been answered. The part about banks and the way short sales are being handled is quite true, as is, unfortunately, the way that there are many agents who are not specialists in foreclosures.

But I think the real question you have is number two. "How do I know that MY agent is not . . . ?" It seems that you no longer trust your agent, or that he is looking out for you. ( I assume you actually did sign a brokerage agreement with the agent, and he IS representing you?) This implies a lack of trust with the agent. Without that trust, it will be hard for you to trust your agent, and give him/her the information needed to do the job.

SO, what can you do? Every agent works for a real estate Broker, ( in fact, your agreement is actually with the Broker, not the agent. The agent is simply the interface). If you are unhappy with the service that you are receiving from your agent, call the broker and speak to him/her. Request a meeting in person. Explain your concerns and listen carefully to the explanation. Ask questions until you are satisfied with the answers. If you feel that you are NOT being represented well by the agent, you might ask the broker to assign a different agent to you.

Cordially,
John Smith
0 votes Thank Flag Link Sat Jun 13, 2009
Most banks use computer systems to respond to their real estate agents so typically the only confirmation is when they actually accept a deal or a email back to the agent rejecting the deal. Usual the agent just do not respond if the deal is not accepted unless foreced by another agent. The seller does not have to respond to any offer accept a full price offer! It is best to have a buyers agent when dealing with a foreclosure to assist you through the process and try to get infromation and responses to agents.

The banks don't always have the most knowledgable people working their reo cases and do not always handling them in the most efficent manner. Sometimes the agents handling the reo's have too may listings and just work what appears to be a good deal. Get a good buyers agent that understands the process and can pose the right questions and try to get you the right answers.



Keith Manson
First Weber Group
Certified Distressed Property Expert
Greenfield,Wisconsin
0 votes Thank Flag Link Sat Jun 13, 2009
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