Home Buying in Macon>Question Details

Betty Turner, Home Buyer in Georgia

Not Submitting My Offers

Asked by Betty Turner, Georgia Fri Oct 17, 2008

How can I tell or who can I contact to see if the listing agent is submitting my offers to the bank? I feel she is not, I feel she is hesitating to get more money since she represents the bank.

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Ms. Turner: You may contact the bank itself to insure that all offers are being turned in promptly.
But the best way may be for you to ask for verification of offers being submitted (either by email, or fax confirmation.) You should be aware that many banks are holding a large number of properties and have a committee which reviews offers, etc. The committee may not meet every day so it may take several days to get an answer back through your Realtor. If your agent is an Realtor, then she is held to a Code of Ethics. Also, all Georgia licensed real estate agents are required to submit ANY offer received As Soon As Possible.

Hope this helps! Mary Beth Conn Conn Realty, Inc. MaryBeth@ConnRealty.com
0 votes Thank Flag Link Fri Oct 24, 2008
Betty, it sounds like you're trying to buy an REO (bank-owned) home.

The listing agent should present all offers to the bank, unless the bank has already accepted an offer on the property. The bank then has the option of requesting counter offers be sent to all potential buyers, or they can just reject some offers outright. The listing agent does not make the decision as to how much the bank will accept for a property.
0 votes Thank Flag Link Fri Oct 17, 2008
An agent here waited 11 mos. for a response from Bank of America(Virginia) She had a primary contract& 4 back up offers. By the time BOA got back to her(would not respond to phone calls,sometimes it was impossible to even leave a voice mail because mailbox was full) all 5 potential buyers had moved on.
0 votes Thank Flag Link Fri Oct 17, 2008
Dana - with all due respect - it will not take that long - at least in Georgia. MAYBE if it's a short sale, but it sounds like she is dealing with a bank alone, so most likely it's a "true" foreclosure. I would expect a response within 2 weeks generally speaking - especially if they are going to be looking at multiple offers.

Betty - I know that I sound like I'm preaching - but unless you have bought foreclosures before on your own, you should really seriously consider using an agent. This is not a solicition by any means as I work in North Atlanta and you are in Macon...

There are all kinds of cautions and legal mumbo jumbo involved - you need an agent who has ACTUALLY done a few or more foreclosure deals. You need to know how title will be taken (by you), do you have time to inspect the property. Is there a time limit in your offer? If not, you could be legally bound to purchase the property 2 years from now - is that likely... NO - but there are so many pitfalls, it scares me to think of you going it alone. If there is mold in the property, the only cure for that is to replace the drywall. If there are no appliances, you may have difficulty getting certain types of loans - and this is only the beginning...

I'm sure there are some great agents here located in your area and you should at least interview some of them and seriously consider their services.

GOOD LUCK!!

Lee
Web Reference: http://www.leeadkins.net
0 votes Thank Flag Link Fri Oct 17, 2008
OK, on short sales, bank response times have been very long. However, the response time for owners of the many foreclosures that my clients have purchased this year has been reasonable, often within the same week.
0 votes Thank Flag Link Fri Oct 17, 2008
If this is a bank foreclosure,please expect to wait several months for a response. i have known banks to wait as long as 14-15 mos. to respond to a contract.
0 votes Thank Flag Link Fri Oct 17, 2008
Hi Ms. Turner,

I don't know that there is a way to determine if the listing agent is presenting your offers. I am not an attorney, but can tell you that Georgia does require that any and all written offers be submitted to the seller. Further, your offer would likely carry more weight if it were presented by your own agent versus dealing dirctly with the listing agent on your own. Your own agent would also craft an offer that included several measures that work on your behalf including the control timing with regard to your offer.

I would imagine that your offer included an earnest money deposit. Your own agent would include clauses in the offer for the protection of that earnest money.

If you'd like for someone to work with you on your home search, please call me at (678) 775-2677.

Thanks
Solomon Greene
REALTOR® / Consultant
Keller Williams Realty Atlanta Partners
0 votes Thank Flag Link Fri Oct 17, 2008
Betty -
It sounds as if you are not represented by an agent.
Many of the real estate laws pertain to licensed professionals, SO if your agent was submitting an offer on your behalf, they would be required to submit it.

BUT, banks can take a very long time to get you a response. So it's certainly possible that she has submitted your offer and has not received a response yet. As it her job to get the bank the highest price (and therefore their future business) she should certainly advise all interested parties that someone has submitted an offer and that everyone should submit their "highest and best" offer.

On a foreclosure, it's probably best to have a buyers agent represent you. If you prefer to go it alone, see if the listing agent will send you some sort of confirmation of submission to the bank.

Best of luck to you!

Lee
Web Reference: http://www.leeadkins.net
0 votes Thank Flag Link Fri Oct 17, 2008
Betty,
I would definately recommend you get representation of your own to watch out for your best interest, which the listing agent is not watching out for your best interest. It does not cost you anything to do so and it would be in your own best interest to do this.
Please advise if I cna be of further assistance.
Warm Regards,
Tori Lawson
Web Reference: http://www.torilawson.com
0 votes Thank Flag Link Fri Oct 17, 2008
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