Home Buying in Glendora>Question Details

Tiggerkat, Home Buyer in Glendora, CA

Do all offers need to be submitted to the bank for REOs?

Asked by Tiggerkat, Glendora, CA Tue Feb 24, 2009

We have submitted a high over asking within the first 5 days of listing and are being told they have already submitted to the bank?? What about our great offer?

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Banks regards to REO are slow in response they are overwhelmed. Many lenders IF THEY like offer will respond within 5 - 7 working days.

We do instruct our buyers continue our search not all offers EVEN over list price would be accepted based on numerous reasons. I have been listing / buyers agent regards foreclosures, short sales.

Dallas Realtor and Consultant, Mortgage Loan Officer, Lecturer regarding Credit Repair
– Lynn A. Crosby
Web Reference: http://www.lynn911.com
1 vote Thank Flag Link Tue Feb 24, 2009
Tiggerkat
The rule is "first come, first served".
Some lenders have special addenda that stipulate that offers can be received and allowed to supersede the earlier offers, although these are primarily for short sales.

A sharp Realtor will be looking for back up offers, so I would try to get your offer accepted on that basis. What does your Realtor say?
0 votes Thank Flag Link Tue Feb 24, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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