REO offer verbally accepted, two weeks later no news

Alex
Home Buyer
Fort Lauderdale, FL

I put an offer for a ROE in FL (5% above asking price), and it was verbally accepted. But it's been two weeks with no news. I know that verbal acceptance does not mean much, but I don't get ANY information from my broker or the seller broker for the matter. They just say it's a "complicated property" (roof issues, termite, some other). Does this timing sound too long?

Answers (4)
Mark Lemenager
Agent
Harmony, FL

Hi Alex,

You need a new broker. Not getting info is completely unacceptable. No news for 2 weeks is nuts. Time to move on the the next one.

Good luck, Mark

Sun Nov 8 2009, 12:42
William Squires
Agent
Illinois

Hello Alex,
I have listed many homes within a month of going to auction. If the offer gets presented to the bank properly they have always extended the Auction and completed the Short Sale. Good Luck

http://www.WilliamSquires.com http://www.ShortSaleRealtorIL.com http://www.ForeclosureIL.com http://www.ILHomeRebate.com

Sun Nov 8 2009, 08:03
Adam Ehlmann
Agent
Fort Lauderdale, FL

Alex,

I agree with Edward, that is a looooong time. Of course its easy to play armchair realtor when you don't know exactly what's going on. Typically though if I get a call from the listing agent saying we got it, I get a contract back that day. The bank has no reason to give you any kind of acceptance until they are signing the contract.

Adam

Fri Nov 6 2009, 16:33
Edward Geraghty
Agent
Fort Lauderdale, FL
FIRST ANSWER

It does sound a little too long if it is truly an REO and not a short sale. I would stay on top of the Broker you are working with and try to get more specific answers.

Fri Nov 6 2009, 13:01

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