Home Buying in Las Vegas>Question Details

Jc, Home Buyer in Las Vegas, NV

How long should we have to wait for a response to our offer on a foreclosed home? It's been three weeks now

Asked by Jc, Las Vegas, NV Fri Aug 1, 2008

with no comment from the seller's agent; our agent has been contacting him daily, with no word or comments. Our understanding was that in 3 months no one has placed a bid on the property and that we were the first to bid. Any advice?

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11
JC, I can understand your frustration. It all depends on the seller. I've been in this position many times with my buyers, and ultimately the listing agent will change the MLS status before contacting any agents (other than the accepted offerer.) Take this as a sign of how the seller will be performing throughout the transaction.

A little war story - I have one offer that was submitted on January 29th, accepted on February 12th and as I write this today, August 1st, we are still waiting to close. We are at the seller's mercy. The best advice is to keep looking for another home, so that you don't miss another opportunity. I wish you the best of luck and a response in the very near future.

Sincerely,
Mark Karten
REALTOR, ABR, e-PRO, SRS, SRES
Realty Executives of Nevada
2 votes Thank Flag Link Fri Aug 1, 2008
JC,

That's a much different scenario. Your agent NEEDS to get his broker on the phone with the listing agent's broker. If the listing agent isn't returning calls within a reasonable time frame, that is something, I assure you, his/her broker would want to know about and remedy -- immediately! It's a big, big deal.

Linne Karstensson

If anyone else is interested in lender-owned / foreclosure homes under $200,000, visit:

http://www.VegasUnder200K.com
1 vote Thank Flag Link Wed Aug 6, 2008
JC,

Another option for you to try: I'm guessing the listing agent cites the issue as being, in some way, the fault of the bank (ie: the bank isn't returning calls; the offer keeps moving from desk to desk, escalating along the path of authority and will receive an answer "someday," etc.). If that is the case, suggest that your agent call the listing agent to request to speak with the rep at the bank directly. I had clients offer on a bank owned home in April. It had been over 2 weeks with no word back, and the listing agent finally got so, "irritated" with my frequent calls that he gave me contact info for the agent at the bank handling the transaction. It was only then that I learned that some intern had signed off on the offer receipt, and that the offer had virtually disappeared since (I won't comment on how this happened...I have absolutely no clue how an offer vanishes into thin air). So, I faxed a copy of the original offer and it was fastlaned to approval. If you're set on the house, you may as well try everything.

Linne Karstensson

If anyone else is interested in lender-owned / foreclosure homes under $200,000, visit:

http://www.VegasUnder200K.com
1 vote Thank Flag Link Wed Aug 6, 2008
I submitted an offer to GMAC on July 2, 2008 and they accepted the offer on July 28,2008. There are three possible factors at work. 1)The banks have lost millions, and some even billions of dollars. In the mean time they have laid off many employees and have an asset manager based out of (New Jersey), getting minimum wages. They are understaffed and overwhelmed. 2) The bank is holding your offer, and waiting for a better offer to come in. 3) If your offer is so low that it doesn't make sense they ignored it. You should tell your agent to be persistant. In the mean time look at other homes, you may find something better. I waited nearly a month with GMAC.

Sincerely,
Adrian Huntington
Welcome Home Real Estate & Finance
53 La Serena Ct
Alamo, CA 94507
adrianh@americanfinancialfunding.com
0 votes Thank Flag Link Wed Sep 3, 2008
I know this is wrong of , but it is possible to circumvent the listing agent to get directly to the bank. If you check the property records you can find out which bank owns the home, and you could have your agent contact the Reo Department for that property. There are a few agents as stated who are tuly overwhelmed with the number of offers they are receivings, and are not necessarily the most "service oriented".

If you contact the bank understand that it may set off some fireworks, but it may very well hasten the process. I would also agree with others when they say move on.

If you have not obtained financing already look into doing so. Being pre-approved gives you some leverage in obtaining an acceptance of your offer from a bank. It shows you as being good as gold and the banks and listing agents will see that as a sign of your sincere desire to buy.

Devan Reaves
Mortgage Consultant
North American Financial
DReaves@nafloans.com
(702) 686-4819
0 votes Thank Flag Link Tue Sep 2, 2008
Ms Karstensson,
Good idea, but the listing agent isn't even responding to our agent. We have no idea where the hang up is - agent or bank. Doesn't seem etihical that the seller's agent isn't even responding to our calls. We've decided to keep looking.
Jc
0 votes Thank Flag Link Wed Aug 6, 2008
Great advice not to buy REO property, but in the area that we are looking, there was one property listed that was not REO. It was listed for $300k; $75k out of our combined approved loan and out of pocket amount. North Las Vegas is not an option due to the distance from work and other relatives in the area.
0 votes Thank Flag Link Mon Aug 4, 2008
I would guess that it isn't an issue of agents holding onto bids to get more. They want to sell just as quick as the bank does. It is usually a matter of them not having their act together to quickly and properly present the offer and then follow it through. It is no excuse to not have systems/people in place to make this smoother but it is reality. And, this is just one of many frustrations that buyers have to face when buying bank-owned. The alternative is to not make offers on REO properties.
0 votes Thank Flag Link Sat Aug 2, 2008
Thank you for your replies. Do you think that this is ethical according to the realtor codes? Especially when a realtor appears to be holding on to bids to see if they get more? What is the best action or advice you can provide to a consumer? We already lost out on four other houses and our patience is wearing thin. Our agent has been wonderful, but how can we find out it the seller's agent is one of the "super" agents?
0 votes Thank Flag Link Sat Aug 2, 2008
To answer your question. Three weeks is a long time to wait for an answer on a Bank Owned property. I did have one transaction that we waited 38 days before we heard back from the Bank. This time frame is nowhere near long enough if you were talking about a short sale property. I think it just comes down to the fact that the Banks are overwhelmed and do not have the staff to properly handle all their properties. I have heard stories of Banks receiving an offer and just holding it to see if they wait longer maybe a better offer will come along.

I also agree with John about the listing agents who specialize in Bank properties being overwhelmed right now. Sometimes the listing agents do not submit the offers in a timely manner.

My advice for buyers in this market right now is to not fall in love with any individual property and keep trying until you get a home that will work for you.
0 votes Thank Flag Link Fri Aug 1, 2008
I can make an educated guess on who the listing agent is based on your question. There are about 4 listing agents in our market who each have a few hundred bank-owned listings. They are so overwhelmed and don't have the systems in place to even keep track of how many offers they have on any one property at any one time. In those cases it isn't usually the bank that isn't responding, it is the agent/brokerage. I've had brokerages tell me "no offers yet" on a property, I submit an offer immediately and then I get back a fax immediately, "sorry this property has been sold." On another deal, the listing agent kept telling me "the bank hasn't decided yet on your offer" after three weeks. I found out from his assistant that my offer was actually rejected a few days after I submitted it but they neglected to tell me. In both cases they didn't update the MLS. It is frustrating but typical when dealing with the agents who list these in bulk. There are also some SUPER agents out there listing bank-owned properties. It just takes experience knowing who is good and who isn't.

I have listed bank-owned properties and the company that is charged with managing these for the bank always gets back to me within two business days. Some companies take longer but three weeks sounds fishy to me. If it was a "short-sale" I would understand but not on a bank-owned.

As Mark below relayed, my advice would be to keep looking while you are waiting to hear back.
0 votes Thank Flag Link Fri Aug 1, 2008
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