Ok, as far as your offer on the property goes, have your agent make sure there are no " Special Instructions" from the listing agent. These instuctions need to be followed otherwise they will NOT turn in your offer and they won't let you know it either.!!! Next have your Realtor email them if he cannot get them on the phone, as a lot of REO listing agents don't take phone calls so email is your only option. If you are still not getting any where check to see if the property is still active and with the SAME listing agent,( sometimes asset managers take listing away from some agents and give them to another brokerage agency ) Then have your agent read the confidential notes and follow instructions and SEND YOUR OFFER IN AGAIN and AGAIN if you get no response, you should get some kind of response after that.
I Hope this helps you abit.
Besides, contacting the asset manager handling that property, you could also contact someone from REDC to find out how to present your offer before that property goes to auction. Additionally, assuming your offer is a fair one, then most investors (the primary ones who'd be interested in this kind of property) will bid a price similar to yours. So, even if it went to auction, you might still end up with the property; you just need to make sure that you know that the asset manager has seen your offer.
this was on the MLS when I put the offer in. It had not gone to the Auction yet. The site I saw it on was REDC (auctions.com). I should have had a legitimate offer in before it ever got there. It is called a Public Lender Foreclosure auction
I have not dealt with an auction for a long time. However, if you are trying to beat the auction for a chance for this property I would not fool around, offer what you think it is worth. That way you may get it and if you do not you still have a chance at the auction. The reason why you may not get a response is that there is a prep work that the bank needs to put together for the auctioneer. They have to determine what is the lowest price they will accept and also decide if the property will be an absolute auction property (a property that has no minimum bid , so what ever the bid is it will sell for that). This process usually requires the bank to have a special project to collect all this data and work with the auctioneer to establish plans for the final day.
So when you make an offer on one of these properties the bank processor needs to find out the policy on taking properties out of the auction.
So if you play games with your offer the bank will most likely let it go to auction instead of dealing with your offer. Think it the way they are thinking about it, I have already worked with the auctioneer and might have to pay them for that property , why take this offer and pay the auctioneer and the listing agent? Unless they feel they are going to get more money than in the auction, most likley they will let it go to auction.
I'm confused. An auction usually means that that it is up for the Sheriff's auction for foreclosure - which would mean that it isn't REO (bank owned) until after the auction - assuming that the bank gets it instead of someone else.
I suppose it's possible that an REO property can hold it's own auction, but usually they list the property for sale. Can you clarify? What's the auction site and MLS or other listing #?