Each bank tends to have slightly different procedures but I would always anticipate at least a 72 hour response time during the work week (Mon-Fri) and don't expect any answer over the weekend. They are a bank after all and keep banker's hours :-)
1) Keep in mind there are a lot of buyers out there and the competition between buyers is not always disclosed. For example; when you have your car for sale and three people come to you and one person gets the car, do you have to tell the other two how much it was sold for or if you decided not to sell and gifted it to a relative.
2) a lot of times a listing agent will keep marketing the property to generate buyers - this is in no way a violation of law or any ethics. (people typically don't buy the Open House they walk into)
3) From your post it looks like you did everything right. Did you include a request for repairs is needed?
If not on your next offer I would ask even though it say "As-Is" no repairs, I have gotten my clients hundreds of dollars credited at closing for repairs on REO's
4)There is not a sure fire way to know that your offer was even submitted. In a traditional sale there is a place for the Seller to sign and date that the offer was submitted and reviewed but with the banks a lot of time a service rep stamps the signatures and you are not dealing with one individual.
My question to you: Are you not being represented by an agent? and if so why are they not answering all of your questions?
Feel free to call if you have any additional questions (858) 829-2931
Have your agent call or email to find out what your offer was missing.
Also, don't be fooled by some listing agents who try to get you to sign an REO addendum to submit with your offer. They try to make it look like a bank addendum, but if you read it, it's full of ways to avoid having to deal with repairs and other protections - for them, not the bank.
If you're not working with an agent, this is when you need one, and a good one that's not easily intimidated by other agents tactics.
More information is needed to more accurately answer your question. Do you have an agent representing you? If so, consult them and also have them contact the listing broker to find out if there was a specific reason why your offer was rejected. Are you an investor? (Some REO's have a first look program where they only allow homeowner offers to be considered until a certain time period). Perhaps your offer was too much (leading to appraisal/loan qualification issues). There are many scenarios that could come into play depending upon the specifics of your offer. Price is not everything.
Marcie Sands, REALTOR
Simply The Best Real Estate Co., Inc.
1) It is common for an offer above the listing price to be rejected. Keep in mind there is TONS of competition between buyers. There could have been an even higher offer, there could have been an all cash offer etc.
2) Many times listing agents will continue to advertise their listings on Craigs or through an open house to generate more leads/business - this is not a violation of any code, law etc.
3) It sounds to me like you did everything right as you said. Something that wasnt mentioned that you could do. This would be to disclude any request for repairs, termite inspections/repairs etc. When a buyer buys an REO property they should know that it is an "as-is" purchase and it is not very common for a bank to repair anything. An offer that discludes any of this will be more attractive to the listing agent or asset manager. Instead of asking for repairs if it is known they're needed, it to reflect them in the purchase price and submit contractor bids and comps with the offer!
4) Unfortunately there isnt really any way to ensure that your offer was submitted. It is the Listing agent's duty to submit EVERY offer that comes in and the sellers deserve to see every offer therefore we have to trust that they are doing so. You could always ask for an official rejection signed by the seller!
Hope this helps!
From you explanation it sounds like something is not right about the situation. REO's are handled differently from Bank to Bank and even agent to agent. I have seen Open Houses on properties after an excepted offer. Open Houses are mainly designed to attract buyers to sell other properties to and typically held open by Junior Agents.
Ethically, all offers presented to a listing agent are required by ethics to be presented to the seller. Is the property still available on the MLS as an "Active" listing? If so, it would appear that there is something un-ethical taking place and I would encourage your agent (I am assuming you used your own buyers agent" to contact the managing Broker of the listing agent hangling this for the seller and advise them of the potential for ethics violations. Most Brokers will not tolerate their agents playing such games as it is the Broker of record who is actually responsible for all listings.
Please let me know if I can give you further assistance.