Home Buying in Madison>Question Details

Tyler Wood, Home Buyer in Madison, WI

Made an offer on a house, listing agent not returning calls. Agent that showed me the house not returning call

Asked by Tyler Wood, Madison, WI Wed Feb 25, 2009

I placed a call to a listing agent and requested a showing on a house that was REO (bank owned). I left 2 messages in a span of 4 days to obtain a showing. Another agent called me back to show the house. . I liked the house so called both agents back a second showing. 2 days later I hadn't heard back so I left another message for the agent that showed me the house. He finally called back a day later and showed me the property.

My attorney sent in an offer on the house on a Wednesday. I called the agent that day to confirm they received it, but didn't hear back. I called again on Thursday to ensure they received it. The listing agent called back that night and said he sent it to the bank but if I don't hear back by Friday, I should here back by Monday. I didn't hear anything by Monday. I called both agents on Monday night and also this Wednesday morning, but neither has called back.

Any tips or suggestions? If they hadn't heard from the bank, they could at least tell me that.

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Answers

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Hello Tyler,
Your frustration is understandable. REO properties can take a long time to obtain a response but the agent should be in contact with you as to what is going on even if it is a call to tell you he knows nothing. There is no excues for not returning a call in a timely manner. Be patient and if you do not receive a call back, call the broker manager of the listing company and ask for their help.
It is always best to find an agent you are comfortable with to represent your best interest. It does not cost you anything to have a Buyers Agent and you then have someone representing your best interest.
If you need any assistance in the future feel free to contact us.

Donna Hermsen & Dan O'Brien
Bunbury & Associates Realtors
donnaherms@aol.com
608-770-1140
0 votes Thank Flag Link Wed Feb 25, 2009
Tyler: REO/Bank owned properties can be very troublesome and also take very long to obtain answers or to even close, but there is NO reason that a responsible Realtor would not get back to you. I would call the Broker of CE21, the company that is associated with the Realtor that showed you the property to offer your frustration to that Broker. Hopefully that works. If that doesn't work, there are other avenues that I could offer you if you wish to contact me at 235-5115. Good luck and this is not the norm with agents.

Mike Adler
235-5115
0 votes Thank Flag Link Wed Feb 25, 2009
Tyler,

We agree that it is inconsiderate to not return your calls or keep you updated on your offer. Unfortunately banks have little consideration for the needs of the public and less regard for deadlines other than their own.

Was a deposit check submitted with your offer?
Was a pre-approval letter for funding submitted with your offer?

Banks will normally not consider your offer without this information being included with your offer.
0 votes Thank Flag Link Wed Feb 25, 2009
Tyler,
Sorry to hear about your frustration.

It is hard to assume what is happening on the other end but REO properties can be a very frustrating process while others can go quite smoothly, depending on financial istitution.

Try to be patient. See if you can e-maill them. Maybe they will respond quicker to that type of communication.

As a suggestion - A buyers agent would be working on your behalf, being that buffer and helping eleviate some of that stress and at no cost to you.

Good luck.
0 votes Thank Flag Link Wed Feb 25, 2009
I also work with allot of banks and foreclosures but I still work with the buyers to purchase them. I dont just wait for the offers to come in. Just an FYI, to save yourself some money if you find a good qualfied agent they can write the offer and have your attorney review it. I have down this for clients, knock on wood I havent had an offer rejected from an attorney. :)

Good luck with your search, if you have any other questions feel free to email or call. I have almost 10 years of full time real estate experience.

Brad Koenig
http://www.DaneCountyHomesForSale.com
Brad@yourlocalhometeam.com
608-669-393
0 votes Thank Flag Link Wed Feb 25, 2009
Thanks all for the quick responses. I feel more enlightened and I will assume the bank is just taking awhile. Both of these agents have not been very helpful. I think the listing agent only lists foreclosures, so he has a sweet gig waiting for the listings to fall in his lap. I guess someone is profiting from the downturn.

To answer a few of the questions:

1. No, I am not working with the agent who showed me the house. He is not representing me as a buyer's agent. I had my attorney draft the offer and deliver, but I have been the primary point of contact.

2. I didn't bypass the agent to make my offer, I told him my attorney would be drafting the offers and I would just need him to show me the house. He will most certainly get his share of the commission if this goes through.

This broker is Century 21. I have a very bad taste in mouth about this experience... Not because the bank is taking awhile, but lack of communication from the agents.
0 votes Thank Flag Link Wed Feb 25, 2009
Tyler,
I'm sorry to hear that you are having a frustrating situation with your offer. I can't explain why they wouldn't call,
but considering you have an offer on a REO property, it is possible that it could take up to a week for the bank to even get back to the agent with a response. I currently have an offer in for one of my clients and the listing agent said very clearly in their offer instructions- DO NOT CALL agent, we will call you when we have an answer, expect minimum of 5-7 business days for response. At least my Buyer and I know what to expect.
You say that your Attorney wrote your offer, are you not working with the agent that showed you the house? You may want to have your Attorney make a call on your behalf. I guess I would pursue it that way, or contact the listing agents office manager, and express your concern.

Hope things work out for you.
Web Reference: http://GoPackerUp.com
0 votes Thank Flag Link Wed Feb 25, 2009
Hello Tyler
Yes they should at least call you back. I am sure it is frusturating. Most bank offers are submitted online and the asset manager for the bank will respond with a day. (This has been the case with the banks I work with) I would call the manger of the office. Hopefully you arent dealing with a first weber agent. :)

Let me know if you have any other questions.

Brad Koenig
First Weber
608-669-7393
http://www.DaneCountyHomesForSale.com
Brad@yourlocalhometeam.com
0 votes Thank Flag Link Wed Feb 25, 2009
Why did you bypass the agent to put in your offer? Don't expect to hear anything quickly from the bank - they are generally taking 30 - 60 days to even acknowledge an offer. As you didn't go through the agent that showed you the house to write the contract, his/her commmission will need fighting for. Perhaps they're unwilling to work for free.
0 votes Thank Flag Link Wed Feb 25, 2009
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