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Firsttimebuy…, Home Buyer in Modesto, CA

I had made an offer or a short sale. I am aware that it could take up to 4 months for the process. In the 3

Asked by Firsttimebuyer, Modesto, CA Mon Feb 11, 2008

weeks since we made our offer the bank has taken the property from the seller and we had to sign a new offer with the new listing agents name on it. I am wanting to ask my agent more questions about the process but wonder what information do i really need from it or am I just being nosey/controlling. What happens now that it isn't a short sale? Does the ball game change? Should i be asking questions?

Help the community by answering this question:


You are absolutely entitled to ask questions (and you should). Just bear in mind that your buyer's agent is dealing with a bank (not an individual seller). They have a way of doing things (i.e. their way) when it comes to the sale of REO property (Real Estate Owned) that is different than short sale or when dealing with the prior owner-occupant. Ask good questions, get inspections, and be prepared to wait for answers. They may never come or they may take weeks or months. Patience is definitely a virtue a buyer must have when purchasing these types of properties. Hopefully, the price you paid will make you feel good at the end of the day. Best wishes - Ted
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0 votes Thank Flag Link Mon Feb 11, 2008
TED SHOOP, Real Estate Pro in Buford, GA
If the House is now a REO, and your offer has been submitted to the new listing agent your turnaround time will change drastically. Getting an offer accepted from the REO is alot faster so expect to hear back alot sooner.
0 votes Thank Flag Link Mon Feb 11, 2008
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