Clarence,
In the world of REO's the listing agent or others may have known of investors that were interested but not making a move. When the listing agent called them to say an offer had been submitted then the investors had to put in an offer or lose out. I personally had this experience before becoming a REALTOR. Speaking of which, when working with Real Estate professional, look for the REALTOR designation. It means that the agent belongs to the National Association of Realtors and does business according to a specific code of ethics.
Bidding on REO's is a lengthy process with lots of paperwork and many unknowns. Perhaps you were not prepared for that. The "banks" have so many properties across the country that each one becomes a number rather than a person trying to buy a home. Regarding the fact that the listing agent perhaps delayed the submission of a counter offer, the other agents responding are probably right that it wouldn't have mattered submitting in the evening or in the morning because the person receiving the offers wasn't in the office anyway. I wish you the best of luck. There are certainly good bargains to be found among REO properties and savy buyers reap great rewards.

Thank you Clarence for bringing forth your situation. I understand your frustration! There are so many great homes on the market that you will find the right home for you. Just make sure that you do not overpay for a home just to beat someone else on the bid:)

And remember that there are just as many motivated owner occupied sellers than there are banks. Don't limit your search!

If I can be of any assistance to you please do not hesitate to contact me.

Thank you all for your insight. I have calmed down now and can look at the situation objectively. Under less than stressful situations I would have adopted the motto of "if it was meant for me, than I wouldn't have to fight for it". Everything you all said made sense and may be plausible answers to the situation. I just felt slighted because the listing agent sat on my counter offer for more than 12 hours. The first counter offer from the bank came in just a few hours, so I assumed that they would answer my counter offer in the same amount of time. Thanks again for the advice, may GOD bless all of you in your future real estate endeavorous.

The agent is only lying if their lips are moving....welcome to the world of REO homes. You can do as Dumes suggests but don't expect much - I've seen grevious agent and appraiser actions much more blatent with no actions taken.

Hank

Clarence, This may be a place you want to ask some questions or file a formal complaint....
http://www.grec.state.ga.us/consumer/complaint.html

Good luck, Dunes

Clarence, I understand and appreciate your frustration. As an agent that has represented many buyers purchasing REO properties I truly understand your frustration!

I can assure you that the bank would not have responded fast enough to your offer to prevent this multiple offer situation. Banks can take anywhere from 5 to 10 days to respond to offers. Asset Managers are overwhelmed and most are trying to do a better job with their turnaround times. Had the listing agent submitted your counter at 1:59pm, the other offers would have still been received placing you in the multiple offer situation.

Why is it that you felt no one knew about this foreclosure? There are buyers that watch foreclosures from the day that the property is advertised to be foreclosed on the county courthouse steps. I can assure you that others knew about this property and the additional offers show that other buyers were watching this foreclosure.

Unfortunately, you will not have access to speak to the bank. And the bottom line is it is the listing agents job to get the highest possible dollar for their client which explains why every buyer should have representation. Many foreclosures are priced for multiple offer situations. If you do not feel the agent is being honest then place an offer you are comfortable placing. If you are the only offer then perhaps it will be accepted. I am not going to say that there are no bad seeds within the industry but if you really want this home then you have to believe that the agent is being honest with you.

You don't want to pay anymore for this home than you have to but in multiple offer situations you will never know what the other offers are so you have to submit the highest and best you are willing to pay for this home. Have your agent run comparables to ensure you do not overpay for the home. Sometimes it is better to just say NEXT. There are so many fabulous deals. Why get upset over one house?

Lorie Gould
Associate Broker
Keller Williams Realty Atlanta Partners

678-428-5841

Clarence,

First I would request a copy of the counteroffer with the faxed time and date stamp on it. Take this to your agents broker and discuss the issue with him/her.

It is very common with REO properties to get multiple offers. Timing can be very critical when bidding on these properties so you do not get in this situation.

With respect to your agent banks can also review offers at different times. Let's say your agent faxed over the offer at 2:00 PM but when the loss mitigation agent at the bank reviewed offers at 3:30 there were three there for the same property. You would still be in this position.

Anytime you are in a multiple offer situation all parties will be asked to submit their highest and best offer. I recommend you do just that. If you don't think the home is worth your best offer then it was not worth winning anyway. Let someone else pay too much for it!

You have a good complaint here, but there is just no way of knowing when the bank reviewed your offer. If I wake up in the morning and have 4 offers on a house it doesn't really matter who came first It's a multiple offer situation. All your agent can do is send it over ASAP.

It's always good to find out what time the bank reviews offers or if they have a system for it. Such as: All offers will be reviewed by 4pm any offers received after that time will be reviewed the following day.

Good luck... and maybe you have the best offer on the table and will get your house!!

Unfortunately, probably not. It would be difficult, if not impossible, for you to know all the details of exactly what happened. Ultimately the agent answers to the client but also must follow the law. The law states that in Georgia we are to submit all offers immediately. Perhaps the listing agent learned that the person to whom he was to submit offers at the bank wasn't there anyway until the next morning???? Not trying to make excuses, just trying to toss out some possibilities for you. Who knows what really happened. Personally I think the REO agents are overwhelmed and it is impossible for them to serve their customers and clients to the best of their ability under those circumstances.
this is just another of many examples of the frustrations surrounding attempting to purchase REO property. It is an entirely different ballgame. If the listing agent answers to the owner, ask to speak to the owner of the brokerage. Perhaps the broker/owner will be willing to explain the details of exactly what happened here.
Good luck and I hope it works out for you in the end.