Home Buying in 85051>Question Details

Sonny74, Home Buyer in 85326

On July 31 2009 a listing agent put a sign out front of a forclosed home so I went to the local realtor and put an offer on Aug 3 without knowing the

Asked by Sonny74, 85326 Wed Sep 2, 2009

selling price. My agent called the listing agent and he said the bank hasn't put a price on the house yet. Now its Sept 2 and still no answer.. Does anyone know what might be going on?

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Mike Linkenauger’s answer
I do get tired of seeing agents do this. In our area, a property must be listed on the MLS within 48 hours of listing it. How do you justify putting a sign on a property without a listing?
0 votes Thank Flag Link Tue Sep 8, 2009
I usually only answer a question if I have any new or pertinant info to add, but I think you have all done a good job of that already, Patrick you crack me up, Jay I alway appreciate your depth of knowledge and vigilance, and Angela I think you really shed some light on this, so I apologize to Sonny74 for not adding anything new to this question. What I do want to comment on is this sport of "blame the realtor" that is rampant in our market. We are not the listing agent or the buyer's agent in this transaction so we can only guess what is going on. Do we really want to assume that the agents are not performing their job in this situation? If this were your client would you not submit the offer and hope for the best? Would you contact the bank directly or would you go through the listing agent? Do we really want to call the broker when the BANK doesn't answer our questions? Is the listing agent violating the rules of the MLS? Really? Look at the listing contract, warranties, utilities, time is of the essence?, you must be kidding if you think the bank adheres to anything in our standard contracts. When you fill out a purchase contract what do you put on line 16? Whenever? What do you tell your client to expect? How about response time, we might as well just write in whenever they feel like it. The banks have us over a barrel and we know it. Our buyers want what they have and we must play by their rules if we want to stay in the game. Until we are prepared to stop listing and buying their properties, we are forced to participate in this unfair and sometimes brutal market. Thanks for letting me vent and GOOD LUCK to us all!!!!
4 votes Thank Flag Link Thu Sep 3, 2009
Sonny,

Understand first that it's not my intent to be curt or snide, but your question is one that the agent who wrote the offer for you should be able to explain.

I would suggest a better line of communication and a better line of questions be presented to your Realtor so that they may procure the answers you need.

If you have no resolve with your current realtor, then contact the broker that the realtor works for and explain your situation.

I wish you all the best,

Stew Keene
Signature Realty Group
Web Reference: http://www.stewkeene.com
2 votes Thank Flag Link Wed Sep 2, 2009
Sonny74-Your agent should be advising you. However, your agent may not be adept at dealing with foreclosures. And even if he/she has worked with forclosures, every bank/entity operates differently.

What I do know is that we have an agent in our office who specializes in listing foreclosed properties. Very often, we will start getting calls on properties before they are 'actively up on the market". There is a process the bank goes through and the last step in the process of listing the home for sale is giving the Listing Agent the Sales Price. There is a procedure for the Listing Agent to follow and one step cannot come before another. That's just the way it is.

There are sometimes repairs or clean up that has to be done, then when those are done, the agent notifies the bank. Then after another waiting period, the Listing Agent will be notified of price. It could be longer if there are disputes over lien positions and title. You honestly have to just have your agent diligently watch for it to come up as active in their MLS system.

There is no such thing as rushing the bank to put the home on the market. The Listing Agent has no control over the timing or the price.

Hope it helps!
1 vote Thank Flag Link Wed Sep 2, 2009
It is hard to answer without knowing more details. What is your agent telling you? He should be the best source of information for you.

Carlos J. Ramirez, PC, ABR, CNE
Associate Broker, HomeSmart -
http://www.SmartAZRealty.com
1 vote Thank Flag Link Wed Sep 2, 2009
Tobie-that was an excellent and educational vent! I agree with you in that we are neither agent in this transaction and really can't put blame on the agent. The bank has total control, and you are right again, they do not have to adhere to the same rules that Realtors and even the general public do.

I have dealt with some excellent foreclosure transactions though. They have had their bumps and frustrating points at times. But they were still fairly smooth considering how many hands are involved. They can go well and everyone leaves the closing table satisfied.

I feel for the listing agents particularly. Their hands are truly tied in many cases by the bank. We all realize they have "agreed to take the listing". But it takes a special person to take on the frustration of the public AND buyer agents by listing an REO with only the shield of voicemail and a few "Rolaids".
0 votes Thank Flag Link Sun Sep 6, 2009
Are there any rules against putting the yard sign up before the price is in the MLS? If the property is not available isn't that false advertising?
0 votes Thank Flag Link Thu Sep 3, 2009
Jay... thanks for bringing reason to the conversation. simply blows my mind what I read here some days.
Web Reference: http://www.urbanteamaz.com
0 votes Thank Flag Link Thu Sep 3, 2009
I did have a similar experience about three months ago, The home sat there for at least a month that I knew of it. My buyers moved on, home sold in a week.

My opinion then was that the Bank was holding back the inventory...Just my opinion. I think the new catch phrase is "Shadow Inventory."
Only the shadow knows.

PREG..

Agent? Who`s an agent? You have an agent? Well...why didn`t you say so?

I thought he meant talent agent?
0 votes Thank Flag Link Wed Sep 2, 2009
Mr.P, Other/Just Looking in Arizona
MVP'08
First Google the address. I found that in some cases the address and the asking price seem to first be listed on the internet, second, if your agent is strictly working for the bank, you need to get someone in your corner. I found this out when I had to finish a listing for a friend of mine with Bid Select. You need your own representation, someone working for you.
0 votes Thank Flag Link Wed Sep 2, 2009
Hi Sonny,

I would strongly suggest contacting your agent's broker. The listing agent may have violated some rules and laws that govern advertising of listings. This may or may not impact your offer, but you need some solid answers. I'm not sure if your agent told you, but the bank will take the offer that nets them the most amount of money, not necessarily the first offer.

You have valid concerns and deserve solid answers.

Good Luck!

Susan Ellis
Always feel free to email me at susan@phxdreamhomes.com
Web Reference: http://phxdreamhomes.com
0 votes Thank Flag Link Wed Sep 2, 2009
Sonny,

That is correct, they can not submit an offer until the bank has an approved listing price and it is listing in MLS.

Unfortunatly there are all kinds of situations going on out there! If you would like some guidance with your offer I would be more than happy to help you with it. I have had this happen with many buyers and have successful closings with lender owned and short sale properties.

Lucinda Tkach
Windermere
lucindat@windermere.com
0 votes Thank Flag Link Wed Sep 2, 2009
As of today the listing agent is still telling my agent he hasn't heard from the bank... Im preapproved and my offer is sitting on the listing agents desk according to the listing agent.. he said he cant summit any offers till the bank puts a asking price on house...
0 votes Thank Flag Link Wed Sep 2, 2009
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