Home Buying in Lancaster>Question Details

Dwayne, Home Buyer in Lancaster, CA

We put in an offer for reo house. The listing agent took a week to get back with us on the counter offer. We

Asked by Dwayne, Lancaster, CA Mon Feb 18, 2008

signed the the counter and returned to the list agent. 6 more days have gone by so we drove by the property and saw to our surprize an open house. Its been 3 days sence then and the claim she make is the deal is not done?? Can she sandbag like that. I

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Well, the first thing to do is to contact your agent (I hope it's not the listing agent, but if it is, well...) and find out the status of your offer. However, it's perfectly allowable for an agent to continue marketing and showing a property until the seller has accepted an offer. Now, if you agreed to the bank's counter without any changes, then--and I'm not a lawyer, so this isn't legal advice--there might be an enforceable contract.

You say the listing agent said that "the deal is not done." What does that mean? You need to find out.
0 votes Thank Flag Link Mon Feb 18, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
Patience is the only thing required if you have completed everything requested. It is not uncommon at all to take many days, or even a couple of weeks to get a counter from the "bank". They will almost certainly counter any offer. After you have signed the counter, it can take another few days or even weeks to receive a fully executed contract. Until then, the property should be marketed by the listing agent. Not unusual by any means. At this point, it is a nerve racking waiting game with little, if anything, that can be done to speed things up. Patience.....Patience....Patience AND, the knowledge that nothing in the REO market is 100% until it is closed. Good luck!
2 votes Thank Flag Link Mon Feb 18, 2008

I understand the frustration but in our business we ar obligated to the seller to show, market and take offers unitil the home is SOLD. I know it sound strange and in some case poeple stop at the point when they have a contract of sale fully executed, but what if ? what if the buyer after it is all said and done does not qualify to purchase in todays market they are removing bank programs left and right so a person that was qualified yestarday may not be tomorrow. Now as Realtors owe you honest and fair dealings so if the bank has not yet fully executed a contract of sale or you have not then the agent although we may not like would not be fullfilling her obligation to the Seller to continue to market the home to the public.

Now I know that are agent and brokers out there that may agree and disgree but if I am working for the seller my obligations are clear. Sell the home to the buyer who is best qualified to purchase with the best deal I can get for the seller. If I where Representing you as the buyer the my obligations are to on your behalf to make the best deal possible. But that may not mean for the lowest price I think that is a misconception that a buyers broker good is to get the home for the lowest price possible, I have a small issue with this beacuse I feel we are their to guide, help negotiate and make sure that you find a home that works and fit the needs and possible wants of your famliy. Now if when can find that and get a cheap price bonus but understand it is not allways about hte money it should be more so about find the home that best suite you and your family all around. Not to say the simple fact that not all Bank owned properties are a good deal make sure tha number you are offering work for you and make sence with the market if you dont have one I would suggest getting a buyers broker for you are entitled you representation and in most case are paying for it. As well I ahve deals with banks that have take weeks and months to get counters or even contracts fully executed and in the mean time had buyers find other home. So good luck
1 vote Thank Flag Link Thu Feb 21, 2008
to go along with this story. I put an offer to a listing agent for a bank owned home May 1st. My agent got back to me May 7th and said the listing company said there is "1" other offer, and that we need to turn in a "Best-and Final Offer" by Monday May 11th 3pm, and that the bank would go with the highest bidder. May 19th, my agent said the listing agent said neither offer was any good,and the bank won't sell at the prices offered(we upped our offer 7,500). May 20th, the bank lowered there asking price from $155,900 to $145,500. We turned in a new offer on May 21st(upped it another $3,500), and today is May 28th, and we have not heard back yet. So I understand this is the norm. It's nerve racking.
0 votes Thank Flag Link Thu May 28, 2009

It does not sound like you are being "sandbagged". Both Shawn & Christopher make very good points about dealing with a bank. You have to be very patient, which I hope your Realtor explained to you when he/she explained the process of purchasing an REO property. It's not for the feint of heart!

I always continue to market my listings until all contingencies are removed, & that includes doing Open Houses. It might be a good idea to continue to look for properties while you are in this process in case it doesn't work out. There are so many deals out there now.

Best of luck,

Karen Miller
0 votes Thank Flag Link Thu Feb 28, 2008
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