Does my agent get a written response from the bank on my offer on an REO property?

Asked by mmcfee, Tampa, FL Wed Nov 6, 2013

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Lisa Lowe, Agent, Belleair, FL
Wed Nov 6, 2013
As other agents have stated, the bank may or may not provide a written response. Most REO properties are handled through an asset management company or on-staff asset manager who use a variety of online websites and/or computer software programs to process the offers.

The asset managers frequently communicates with the LISTING AGENT (the Sellers Agent) through those systems and often times it is up to the LISTING AGENT to convey the acceptance or rejection of the offer. They can do it by phone, e-mail, text or in some cases, not respond at all (which is most undesirable!).

Fannie Mae is one of the exceptions. Their interactive website for real estate agents now generates an e-mail to the SELLING AGENT (the Buyers Agent) when the offer is in 'Multiple Offer Process' or 'Rejected Status'.

Hope this helps!
1 vote
Tom Scaglione…, , Tampa, FL
Wed Nov 6, 2013
The answer is almost always no unless the call for a multiple offer highest and best offer from each person or persons that made an offer on the property. Since there is such a shortage of properties on the market right now most do get into a multiple offer situation and if that is the case your agent will be notified by the banks agent.

REO properties are far and few between right now and your agent should be looking for all types of properties for you if you are ready to purchase a home. Fact is, the price range you are looking in will determine the number of available properties that meet your search criteria.

Tom Scaglione, ePRO, SFR, REALTOR
Future Home Realty, Inc.
Tampa FL

http://www.RealEstateTom.com
1 vote
Alma Kee, Agent, Tampa, FL
Wed Nov 6, 2013
I agree with the answers so far.

Typically when a buyer's agent emails an offer to the listing Realtor a "received" reply email is sent to confirm receipt of the offer.

From my experience virtually every property in Tampa Bay (other than those above $250k or significantly overpriced) will get multiple offers and your agent will be notified of a deadline to submit your "highest and best" offer. After that it normally takes no more than 48 hours to get a notification if you were the "winner" or the "loser".

In some cases you may get a counteroffer (this is especially true on less desirable or overpriced listings) and you can then accept, reject or counter. If you counter you could end up in a multiple offer scenario if another offer comes in before your counter is accepted or countered.

Even on Fannie Mae properties where the buyer's agent inputs the offer online, I think the listing Realtor has to review them before they get transmitted to the asset manager that makes the decision to either accept or counter.

There are some great websites where REOs auction properties online and it is 100% transparent and you can even see your bid and increase your bid before the deadline if needed. I wish they were all done this way.

Hope this helps.

All the best,
Alma
Alma Rose Kee, PA
Future Home Realty
813.244.9898
http://www.SoldOnTampa.com
0 votes
Franches Sch…, Agent, Tampa, FL
Wed Nov 6, 2013
Hi Mmcfee,
By my experience working with buyers that submitted offers to bank owned properties of a Fannie Mae, Freddie Mac or HUD there should be an email that says that your offer was rejected if the offer was submitted by your agent. These entities have a platform where agents can submit their buyers offers, that way the bank gets to see them all instead of the listing agent choosing which ones to submit. For other bank owned properties I am not aware of it. But I can tell you that those entities mentioned above are pretty transparent about their offer selections and rejections. You can certainly ask your agent to request the listing agent to give you a written rejection of your offer by the seller.
Good Luck!
Franches Schnell, REALTOR
Short Sale and Foreclosure Resource
813 784-2663
NiceHome4Sale.com
Realtor.Franches@live.com
0 votes
The Stephen…, Agent, Portland, OR
Wed Nov 6, 2013
Sometimes. The bank may not give them a written response if they reject the offer, all too common. However, you can ask your agent for some proof that they submitted the offer to the bank and hopefully there is at least email confirmation you can see that the bank received it.
0 votes
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