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Foreclosure in 20886 : Real Estate Advice

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Fri Jun 25, 2010
Heather Peck answered:
Many REO agents that handle a lot of REO listings have a team. That means you will be dealing with an assistant, who is likely also to be a licensed agent. They can answer questions about the listing, offers, status, etc.

Most banks don't want to see every offer that comes in. The asset manager often directs the listing agent to market the property for several days (from 2 days to 2 weeks - depending on if they have a first look buyer or owner occupant rule). Then they will counter that offer. Until the counter is accepted, the property is not in contingent status. So if they have already submitted the offers to the lender, the lender has chosen one to counter and is waiting for the buyer's reply, the property will remain in active status in the MLS even if they are no longer taking offers.

Its a common practice.
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