Question Details

A, Home Buyer in USA, Mobile, AL

I am interested in a bank-owned/REO property that has been listed as "coming soon - price TBD" for several weeks. What's going on?

Asked by A, USA, Mobile, AL Wed Aug 29, 2012

I understand that buying an REO property can be a long ordeal and requires a lot of patience. I am just curious about what is happening with the property at this stage. It seems to me that the bank would want to sell sooner rather than later, so why are they waiting to list it? Also, is it possible to put on offer on a property at this stage, before it is actually listed with a price?

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The bank would've ordered a BPO from either the listing agent or another service. The BPO influences the list price of the home. Once the BPO is completed the asset manager will determine listing price and the listing agent will put it on the market. If the bank is acting as an asset manager for an investor(s), they will first have to check with the investor(s) to determine listing price.Any of these steps can slow the process. Asset managers only work M-F so nothing is accomplished on weekends (think Labor day).

And no, you can't make an offer until the property has been listed as for sale. You might just end up offering more than the listing price, which would be to your disadvantage.
0 votes Thank Flag Link Wed Aug 29, 2012
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