Home Buying in Duluth>Question Details

Rama, Home Buyer in Atlanta, GA

I Made an offer for a Homepath property. It went multiple offer and other bid selected. It is almost 10 days, still property is "Back on Market"

Asked by Rama, Atlanta, GA Sun Nov 4, 2012

Listing Agent is not advising my agent to place a offer again. He is confident that buyer is a investor, and they are working on it. I like the property what are my options now

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Veronika Barash’s answer
Rama,

These days it is very hard to win the bid on REO property. Banks are looking for no contingencies, preferably cash and full price offers.

I am sure your agent is doing everything possible for you to get the house. I suggest you either move on or wait another week to see what happens with this one.

Good luck!

Veronika Barash, Realtor®,


CERTIFIED SKILLED NEGOTIATOR

REO & SHORT SALE CERTIFIED

CERTIFIED MARKETING SPECIALIST

RELOCATION SPECIALIST

http://www.AtlantaSelectHomes.com


678.230.4235 c

678.287.4800 o

404.410.6983 f

Keller Williams Realty Consultants
0 votes Thank Flag Link Mon Nov 5, 2012
Rama,

It can take quite a bit of time for the buyer to get an executed contract back from Fannie Mae. Just because the property is still being advertised, doesn't mean it is still available unfortunately. Additionally, the deal could still be in the inspection/attorney contingency period, or...the listing agent just simply may not have updated the status in the MLS.

If the property was updated to pending, or "contingent", then "reactivated" per the Multiple Listing Service, then it very well may be back on the market for sale. In a situation like this, generally the list agent would update the status in the MLS upon acceptance of the offer, and then reactivated the property due to a various of reasons (most often the buyer walking away from the deal for whatever reason).

Hope this helps!
0 votes Thank Flag Link Mon Nov 5, 2012
A property would generally not be changed from "Active Listing" to Under Contract" until the fully executed sales contract has been received. Since you are working with a Buyer's Agent, you really need to be relying on them for answers to all of your questions. Anyone else would only be able to give general answers that may not apply to your specific situation. If you are under an agreement with an agent, then other agents would not be allowed to comment.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing
0 votes Thank Flag Link Mon Nov 5, 2012
This is very common. If there is a investor buying, homepath may allow some time as contingency. If you don't have any buyer-broker agreement with your agent, I can Help you to look for other REO properties.
0 votes Thank Flag Link Sun Nov 4, 2012
Michael is correct...check with your agent as he/she should know what is going on or can find out for you tomorrow. Best of luck!

Rick Musto, Managing Broker
Buckhead Home Realty
770-480-7699
rmusto@buckheadhomerealty.com
0 votes Thank Flag Link Sun Nov 4, 2012
What does your Agent/Broker say, Rama? If you are negotiating with a representative, give them a chance to get some answers. Good Luck!

Michael Hammond
SellsRealty@gmail.com
404-538-5499

http://www.georgiamls.com/agentsite/index.cfm?SiteID=HAMMONDJOHNM

http://www.chapmanhallprofessionals.com

http://www.SellsRealty.org

http://www.city-data.com/

http://www.greatschools.org/
0 votes Thank Flag Link Sun Nov 4, 2012
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