I made a full price offer on a REO home at $129,530. When they came back and asked for best offer, I upped it to $130,000. Home needs upgrades.

Asked by Barbaratitolo, Palm Springs, CA Sat Sep 22, 2012

It's been 5 days and I haven't heard back. Does bank have 7 working days or as long as they want to get the offer they want? Should I ask my agent to offer more if they are still fishing for higher offers? It is worst home in best neighborhood.

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Elizabeth Sc…, Agent, Palm Desert, CA
Sun Sep 23, 2012
Hi Barbara,
You should have your agent call the listing agent and find out what the story is. I have handled many reo buyer side transactions. Many times it is not the offer price but the terms that seal the deal. Also communication between agents is key.
Best of luck!
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Devona Garri…, , Beaumont, CA
Sun Sep 23, 2012
The bank is free to pursue the best possible offer. This comes down to how much you want the property, just make sure you're not over-paying for it.
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Cindy Davis, Agent, San Diego, CA
Sat Sep 22, 2012
The bank pretty much takes as long as they want to take. Whether or not you should increase your offering price depends on where your previous offer was in relation to the comps.

Your agent should be the one to guide you in this transaction.
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Steve Kass, Agent, Indio, CA
Sat Sep 22, 2012
It is not uncommon for banks to "do as they please". However, your agent should be speaking with the listing agent to get updates on the status of the offer.
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Ron Thomas, Agent, Fresno, CA
Sat Sep 22, 2012
You cannot dictate to the Banks:
You certainly have the right to put an expiration date on the Offer; which covers you.
But they can certainly ignore it.

It doesn't matter if it is the BEST home on the block, or the worst;
Is it worth what your Realtor's CMA said it is worth?
0 votes
Laura Coffey, Agent, Santa Clarita, CA
Sat Sep 22, 2012
Banks take awhile I would wait. I don't know what deadline you are talking about but I can tell you banks never adhere to deadlines except making sure you keep yours.
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