Sometimes working with REO property can be exasperating. I am not sure that I understand the full question since it looks as if you ran out of space in mid sentence. Here are some general facts about today's real estate climate.
1. You can find some great bargains, but you have to be ready to compete for them. The market is still slow, but there are buyers out there looking for their next purchase. When a great deal is available there are often several offers.
2. In order to be competitive you need to have you paperwork ready to go. The sellers' employees are extremely busy and don't have any patience with Realtors who submit offers without all the required documentation. They have posted notices listing documentation and addenda that must accompany the offer. If any part of it is missing they will not look at your file. PERIOD.
3. One part of the paperwork that MUST accompany your offer for every lender that I know of is a WRITTEN pre-approval letter. A pre-qualifying letter is not strong enough. There must be solid evidence that you are truly qualified to purchase. Without proof of your ability to purchase your offer will not be considered. The days of "get it to us when you can" are OVER, at least for now.
4. When the seller is a bank, or bank approval is needed it will take some time to get a response to your offer. Again the Realtor has very little power to speed up the process.
5. The bank can impose rules on the process and stipulate terms. For instance it is not unusual for them to demand that the buyer pay all transfer taxes. I have seen fees charged to the buyer that are called 'loss mitigation, or loss abatement". The point is that you and your Realtor need to know what your costs will be so that you can take them into consideration when you are writing your offer. You don't want to battle over the last $500 of the contract price and then find out that you will pay thousands more in fees and taxes than you expected.
So go ahead and get your pre approval letter in writing. If your bank is not cooperating get another lender. You won't get anywhere without it.
If not, then I have found that it is a very to get a second opinion from a local lender. Compare fees, points, rate, terms, etc. There can be a huge difference from one lender or mortgage broker to another. Unfortunately the the successful scoundrels are the nicest people in the world until you try to shop and compare. Then you may see another side of them.
Just a caution; there are good and bad lenders and brokers everywhere. We all want you to find the best.
Eileen's Green Team
My experience lines up with what Eileen and Edmund expressed; preprepared and be prepard to wait on the Bank/seller. Demandign an answer back will get you no where, and may be counter productive.
I also second Edmonds comment that many banks do not appear to cooperate as well as they could to get properties sold.
Hope that helps
i can understand your frustration. REO's can be a difficult transaction to complete, however they can be done smoothly with the right agents. it sounds like you had a new agent that was not versed in REO homes. A lot of the things you say happened sound very much like your agent didn't know what needed to be done. REO's can take time and patience. I would have pushed for an answer from the bank in 48 hrs and have signed paperwork back inside 5 business days. I am interested to know how this turns out, let me know if there is anything i can do.