Home Buying in Chicago>Question Details

Barb,  in Chicago, IL

Illinois--Bank owned property..Offer in 3 weeks no other offers. Then two higher offers came in & one was

Asked by Barb, Chicago, IL Thu Jun 5, 2008

accepted.. Now we would be back-up..Strange..Buyers very upset about the response time....When there are multiple offers when can the listing agent disclose the amount of the offer accepted?

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Answers

5
In a multiple bid situation the agent is to present all offers and ask the homeowner for direction.The listing agent can't disclose the amount of the accepted offer unless instructed by the homeowner to do so.
0 votes Thank Flag Link Fri Jun 20, 2008
Banks are always slow. Let me know if you are in need of a mortgage. I am a Mortgage Broker.
630-330-2229
0 votes Thank Flag Link Thu Jun 19, 2008
Hello Barb,

"Time is of the essence" doesn't appear to apply to bank owned property when offers are concerned in this market. The current backlog in dealing with offers benefits the banks as they know they've a buyer that's prepared to wait to secure a good deal but they can also use this backlog to delay a decision and continue to market the home and entertain offers. Very frustrating but a fact for bank owned property.

Every agent wants to get their client a good deal and minimize the amount they must pay based on comparables but if a bank aggressively prices a home below that level, buyers must understand that this is a different transaction and short of paying full price, run the risk of others seeing the good deal and outbidding them.

I've seen it from both sides and it's not fun to do a bank owned deal for anyone other than the bank.

Good luck, Ken.
Web Reference: http://www.KDRchicago.com
0 votes Thank Flag Link Sat Jun 7, 2008
The same thing is happening to me right now. We were the primary after going through a best and final scenario. Then the bank asks to be completely approved (not just pre-approved), which we found out requires an application fee ($350) with a bank so they can set aside those funds for us. Then after a few weeks of waiting for the bank and getting the requested approval another guy came in and bid higher. It was one of the people we outbid before. I know it's part of the game, but man it's frustrating. The banks are asking for some strange things lately. I don't know if that helps, but that's my situation.
0 votes Thank Flag Link Fri Jun 6, 2008
Even with multiple offers, a listing agent cannot disclose the amount of the accepted offer until closing.
0 votes Thank Flag Link Thu Jun 5, 2008
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