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,
Signature Realty Group
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!
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".
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.
Agent? Who`s an agent? You have an agent? Well...why didn`t you say so?
I thought he meant talent agent?
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.
Always feel free to email me at firstname.lastname@example.org
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.