You may never know why you didn't get accepted. I'd say I hear back from the listing agent 50% of the time I put offers in for clients. It could be the price, the time to close is quicker, they put more down or the offer came from an agent that the bank has dealt with and they know he could get everything done on time and close. It isn't always about the PRICE. Some banks inform the agent that they don't want any offers submitted
with less than 3% earnest money deposit.
Good luck!

Hi 64Wagon,

Well if your offer had been accepted you would have known that by now, but usually if banks get multiple offers your agent is notified verbally that your offer was not accepted. Banks will usually go with the offer that is going to net them the most (but that is not in all cases). On the last page of the purchase contract there is a section for rejection of offer that the seller can sign showing that they rejected your offer. I have to tell you that getting that section of the purchase contract signed is rare and with the work load the bank has they probably won't waste their time with it. But in theory that would be concrete proof that your offer was not accepted. Otherwise you will have to rely on the word of your agent. Best of luck to you.

Michael G. Grimm, Realtor

64Wagon, After reading your second post, a few questions came to me. Without getting into a lot of back & forth as to the possibilities, here is another viewpoint. If it sat on the market for a long time - 90-120 days is usually the maximum time a lender will give an REO agent - is it safe to assume that your offer was for more than 10% less than the new list price?

If that is the case, it may be too new, with the new agent, and the lender has given that agent a higher than your offered price, as a bottom line. Your agent should be checking - is there a better offer that has already been accepted? If not, have your agent ask the listing agent for some help/guidance to put a transaction together.

With all the multiple offers in the lower price ranges for REO listings right now, is this property way higher priced? Like, over a million?

So far, there is still too much information missing to give you a qualified answer for.

Presumably you mean the listing agent. If so, unfortunately, this happens all the time. There are a whole bunch of reasons, some of which have been described below. Here are some others:
1. We are now into Spring, and everyone knows the housing market can get pretty crazy around this time of year. Perhaps your offer and another came in almost simultaeously and the other offer met all criteria. (Maybe above asking price/all cash, etc). So then the "better" of the two offers was submitted.
2. Someone else told me of an interesting phenomenon. A house will sit languishing for months. Then someone will go out, see it, and submit an offer. As soon as one person goes to see it, it seems to have this invisble magnet where now everyone else has to go see it and make an offer on it.
3. Articles in the news are indicating that there is more competition for housing. Given that is so, I find I am now in competition with 10 or 20 other offers on the property. And listing agents forward to bank only those offers that the bank wants to see - eg., highest or best or the top three or etc.

I can understand not submitting the offer if better offers were on the table.
The property in question has been on MLS for several months. According to the previous listing agent, they never received an offer during that time.
When we made our offer, it just got relisted with the new listing agent. The new agent kind of gave us the run-around then ultimately said the bank declined the offer. Over two weekss ago, my agent requested proof that the offer was submitted and declined. So far we haven't heard anything back from him/her.

Again, this is just my take on it. But I don't feel the offer was submitted, and if it was (and declined) then show me the proof.

It is very hard in this market in regards to bank owned properties. We show the house and our client falls in love with it. We put an offer in over the asking price, then we all sit and wait at the mercy of the bank, to let us know what happened. I feel your frustration but when you are the one that gets the property remember there will be 5 to 10 that won't get it. Good luck with the next one.
If I can help, please let me know.

Another thing that won't help you now, but might show why your offer wasn't responded to, will be the final price it closes escrow for, in a month or so. If it closes for more than you bid, you were obviously outbid. If there were a lot of offers, it would be courteous for the listing agent to send back a rejection notice to all the unsuccessful bidders, but not all agents - especially REO agents - are that thoughtful.

If there were other offers on the table, there are instances where there would be no need to present your offer. Bank owned properties are getting a significant amount of activity and usually there are mulitple offers on the table. Often there are many all cash over asking price offers with no contingencies. Many times the agent will select the top 2-3 offers and submit those only to the bank and let the bank decide.

64 -

Do you have a Buyer's agent or did you use the Listing Agent to write and submit your offer? Hopefully you had your own agent for the benefit of "true representation".

Assuming you have your own agent, I would contact your agent and ask them to obtain confirmation that the offer was submitted. Your agent can request confirmation in writing from the Listing Agent or their Broker. If you do not have a buyers agent, you should contact the Broker of the Listing Agent and request confirmation in writing that your offer was submitted to best satisfy your curiousity.

At the end of the day, confirmation will nto change the outcome. If another offer was accepted it cannot be changed because there now exists a contract between Buyer and Seller.

Whether your offer was the best or not has no effect on what has ultimately happened - another offer was accepted. It is, without a doubt, frustrating in this market.

I suggest working your BUYER's agent to find another - spectacular - home to purchase.

Best of luck,

Thom Colby
Broker & REALTOR
Orange County, CA

You can't.

But why wouldn't your agent submit it? Don't they want paid?

Hi,

Why do you think the agent did not send in your offer? It is common for banks to be slow to respond to submitted offers. It is highly uncommon for a bank to sign off on an offer as "rejected" for your verification. Knowing that agents often become frustrated with banks who do not respond timely, or at all.........I would guess the odds are higher that the agent did submit the offer.

However, I am only referencing the odds and do not know any details about your offer.

Since it is improbable to get any verification from the bank, my suggestion would be to ask the agent to provide you a written verification of when and how your offer was submitted. You might want that via an email correspondence, or on company letterhead. I would have not objection to providing that to a buyer.

Alternatively, if you remain distrustful of the agent, I suggest you contact the broker and explain why and see what verification the broker may be able to provide. If the agent submitted via private fax or personal email, the broker can only provide you what he/she obtains from the agent.

I suggest that you first simply ask the agent for confirmation.

Best of luck
Deborah Madey - Broker
Peninsula Realty Group - New Jersey