Foreclosure in 20886>Question Details

Isuspectfoul…, Home Buyer in 20886

I want to make an offer for a foreclosure owned by IndyMac, but the listing agent refuses to accept any offers (except the "one" they have

Asked by Isuspectfoulplay, 20886 Fri Jun 25, 2010

already sent in) even though the home is still listed as active. Is it possible for me or my agent do submit an offer directly to IndyMac? Also, is there foul play involved on the listing agent's part? The woman that spoke to me wasn't even the listing aggent, nor from Remax (where the foreclosure is listed), so I have no idea who she is!

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Heather Peck’s answer
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.
0 votes Thank Flag Link Fri Jun 25, 2010
I have dealt with Indy Mac before and some of the negotiators tell us to not submit any more offers, and some tell us just the opposite - I would contact the broker of the office involved and ask for some help - some agents are so money hungry they do not obey the law - this may or may not be the case - but I'd sure check up on it!

Bill Wootan
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0 votes Thank Flag Link Fri Jun 25, 2010
I guess I'm most annoyed at my time being wasted on a property that isn't even going to accept any offers. We tried contacting them before going to see the property and they didn't mention anything! Nor is there anything on the listing indicating this either!
0 votes Thank Flag Link Fri Jun 25, 2010
As my colleague has mentioned, they have likely received an offer or offers and have agreed to the terms verbally. It often takes a week for the bank to choose an offer and then a few days for everything to be ratified.

Going around the listing agent is not going to get you anywhere, unfortunately. Hopefully you've heard all of this from your agent already.

Best of luck.
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0 votes Thank Flag Link Fri Jun 25, 2010

Thanks for your reply! The thing is, we haven't been able to get a hold of the listing agent at all, it's all been this lady who's replying to his emails. The thing is there was never any explicit instructions on how many offers they were accepting or whatnot, so that's why both my agent and I thought we could submit an offer. But instead we have this random lady telling us they are no longer accepting offers.
0 votes Thank Flag Link Fri Jun 25, 2010
That last statement was to read.....I do not believe you can sidestep the listing agent. Sorry!
0 votes Thank Flag Link Fri Jun 25, 2010
It is all in the seller's instructions. If they have accepted the first offer they received there is little you can do. Possibly you could submit a back up offer but the seller often directs no back ups. Many times they will agree and it takes time for the assest manager to sign. Many agents will note in the remarks to the Realtor something like "accepted offer" Have your agent call the listing agent!!! I do not believe you side them.

If you feel the agent is acting inapproiately call their Broker or the Realtor's Board in your area.
0 votes Thank Flag Link Fri Jun 25, 2010
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