There was a bank owned foreclosure and I submitted the full offer (asking price of the bank, but not through
the listing agent but my agent). The agent tells me agent oh it will take 10 days to respond. Don't know why 10 days? 10 days later the listing agent is like oh someone else submitted the higher offer. My question is if i am giving bank the offer they were asking isnt deal closed? At the time I submitted the offer the listing agent said there were no offers. Signed the agreement with bank's asking price along with pre-approval letter as well as the earnest money check. I am thinking the listing agent wanted to sell it through himself for commission reasons and i doubt that my offer was submitted. What can i do in this case?
I closed on 2 different foreclosures last Feb and last December with offers way below the asking price. The only hitch was the wait. The first one was 1 month for an answer and the second one was 6 months. No one knows what the banks are doing or are going to do. It's all a crap shot.
Good luck!
From experience, the bank can take as long as they want as they try to get higher bids than the listing price. Most of the time, MLS will show when the offer must be submitted. We have made bids on REO properties that are $25K+ than the listing price, and we still didn't get the house. Some bank will also take less money for cash offer.
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