Home Buying in Antioch>Question Details

v.byers, Home Buyer in Antioch, CA

offer to purchase a home, still showing active how can u be sure listing agent summited your offer,is there a way to confirm the bank got the offer???

Asked by v.byers, Antioch, CA Sun Oct 7, 2012

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Banks normally want their REOs to be on the market for 7-10 days before reviewing offers. They then take a few days to review and sometimes go back to the best 3 or 4 with a request for resubmission of "Highest and Best".

How do you confirm the bank got your offer? Why on earth would the listing agent NOT submit your offer?

Your own agent should have verified that the seller's agent received your offer, so you could ask them if they did that (some don't and some offers do go astray, but it is rarely intentional).

Yes, you rely on agents to do their job but an agent can lose his license for holding back offers. It is just not worth the risk, especially when there is little advantage in it.
1 vote Thank Flag Link Sun Oct 7, 2012
Banks will not send back any kind of verification other than the Addendum that needs to be filled out by the winner. Bernard is correct – there is no reason your agent wouldn’t submit your offer and there is also no reason why the listing agent wouldn’t upload it to the asset manager. Banks usually want to see ALL offers.

It frequently takes a number of days after an offer has been selected for the banks to ratify the contract – some listing agents prefer to keep it marked Active during this period – a practice, quite frankly, that confuses everyone. A better practice would be for the agent to mark the listing PSLA – Pending Subject to Lender Approval. This category is normally reserved for short sales waiting for lender approval, however, it would also work very well for REO listings waiting for the ratified contract to return. It would help everyone understand that offers have been submitted, one has been accepted, but not yet ratified.

No one seems to do this – I guess it just makes too much sense.
0 votes Thank Flag Link Mon Oct 8, 2012
This can happen on regular listings, too

I was following a listing that continued to show as "active" when in fact the sellers have accepted an offer, and were just waiting for the buyers to release their contingencies. What the agent should have done was to show it as "pending show for back ups" or even "contingent" (although our rule for contingent is that this is contingent on the buyer selling his own house)

Oftentimes, the onus is on the listing agent to change the status of the MLS.

To determine the action taken, we ask that the listing agent indicate on our offer when it was presented to the seller, and if the seller rejects the offer, to sign that page. But not everyone does this.

So we are relying on good faith and goodwill.

In the case of bank-owned properties -- it may take another 3-7 days after acceptance for the bank's representative to sign/ratify the contract. Upon receipt of that written ratification, the agent should indicate the status of the property.
0 votes Thank Flag Link Sun Oct 7, 2012
Banks decide to work with a specific offer. Banks have their own contract. They will send THEIR version of the contract to the chosen buyer and give him 24 to 48 hrs to sign and send back. Bank will review, sign and send back to Buyer. Only then we have a ratified contract. However, it may take a few days for bank to send its version of the contract. Some time it is 3 days, sometimes it is a week. In one case it took them 3 weeks. Listing agent cannot label the home as pending until all signatures are ratified.

Luis Salas - Better Homes and Gardens. http://www.LuisSalas.com
0 votes Thank Flag Link Sun Oct 7, 2012
yes its me again, i put in an offer to purchase a home. was told the home had to be listed for 7 days. for what i'm sure are mut offers. how can i feel secure that my offer was indeed summited to the bank ? my agent called me one week after making the offer and stated the bank had accepted another offer but the home is still listed as active ? how can a person be sure.. thank you in advance for any help..
0 votes Thank Flag Link Sun Oct 7, 2012
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