But I have to tell you that if a higher or better offer comes in, the listing agent will have a duty to present that offer to the bank owner. That will put him or her in a difficult position with you. Homes in Arden Park are a hot commodity right now.
Keller Williams Realty
BTW, I don't think it matters for the 'procuring cause' but no agent showed me the house. I am a CA broker (only practice commercial property management) so I was given the lockbox code.
Thanks again. I appreciate everyone's candidness.
Arden Park has many great homes for sale right now. You'll have a better advantage in my humble thought by looking at more then one home. Also in REO's you do not get disclosures that tell you about the property such as what repairs have been made, what doesn't have permits. This type of information is important to chosing a home and knowing what expenses you'll occur later on down the line.
These disclosurers come with other homes such as short sales, regular sales. The information contained in these disclosures are important.
When you read an REO's bank addendum, generally it includes verbiage that will allow the bank to sell to a higher bidder anywhere along the way. It happened to an agent in my office. His buyers were packed, ready to close escrow and the bank said, "Hey, we received another offer, so we're not selling to you." They get away with this stuff, too.
You might want to rethink your strategy. Especially since this is your first REO.