Home Buying in Lancaster>Question Details

Dwayne, Home Buyer in Lancaster, CA

This is a follow up from my last question on sandbagging. It is wrong that that this person willfully delayed

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

and as it turns out never submitied our signed couter offer to the bank. This is just wrong!!!! So we found out the this office just submitted an offer for another person 5 days after our counter was signed. WRONG WONG WONG

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Until the counter offer has been fully ratified by the bank (REO property), the agent must still actively market the property. The agent has little reason to sit on your offer...they would, in all likelihood, not risk their relationship with the asset manager and kill the goose that laid the golden egg over 1 deal. Is there more to this story ?. How do you know that your signed counter was never submitted back to the lender? Even if they did not and...another offer that was , in some small way, better to the bank than yours....they would have never ratified the original contract.

I feel your frustration and....deal with clients that feel similar to you...every day. I can empathise with you but, the REO market is tough. It is not as simple as some will lead you to believe but there is also no real mystery to the process. . The great deals are tough to get and when there are multiple offers, someone is going to feel bad....and 1 lucky person is going to legally steal from the bank. (luck is when preparation meets opportunity) I hope that you can understand that you are not the first to be upset over possibly missing out on a deal. Just because yours has not been ratified, does not mean that it still wont. It does not mean that it will either. If you develop an excellent relationship with an agent familiar with the REO market....you could get lucky too. Stay in the game and play to win. There are some fantastic opportunities to be had. You are not the only one looking either! Patience and persistence coupled with an excellent relationship with an experienced agent will better your odds at success. Good luck in your search!
1 vote Thank Flag Link Tue Feb 19, 2008
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