Probably not, REO agents are required to provide monthly status reports including new listings, sales, activity and offers made on the subject property. It's not uncommon for the bank to reduce the price after such reports. My experience has been they do this regardless of pending offers, open house schedules etc.... As far as the week response time, that is a little long to get a response but as the number of REO properties increases, the turnaround time is increasing as well. We typically get a response within 2-3 days. There are occasions were it takes longer. The agent may just be telling you that so you don't call him every hour. Then if the response/counter offer comes back earlier, your a happy guy. If you want this property sit and wait, you're likely to get a good deal if you can be patient. This is what I tell buyers all the time.... when you buy a foreclosure you typically get a much better price on the home, but you pay for it in the terms. Meaning you have to jump through hoops, meet deadlines and be patient for responses. They expect you to make a decision right away, sign contracts right away, etc.... but they don't do the same. So the question you have to ask yourself is.... do you want the house and is the price you offered a good deal in your mind? Don't second guess yourself as to whether you could have gotten it lower or is the bank trying to bid it out. Just concentrate on what you can control. Hope this helps.
1) The property is actually owned by a management company - somehow connected to the bank.
2) The bank had already scheduled the price drop this month before I put in my offer.
3) The contact at the management company is new and doesn't know what she's doing.
4) The management company and bank have a long list of foreclosures and it's likely they haven't even reviewed my offer.
Basically, the listing agent, my agent and myself are all perplexed at the process at the moment because we're not just dealing with one party but two or three. I'm asking my agent for info from the listing agent who can't get anything from the management company and who knows where the bank stands. It's just one big mess! Hopefully we can all get this sorted out.
When we put in the offer a week ago the listing agent pointed out a few things: My desired closing date was too long - they'd want to close within 45 days. The house is sold "as is" my request regarding the electrical and plumbing must be in working order would be ignored. There was also talk of our request for an inspection as asking too much on our part. But who buys a house without an inspection??? Other than that we were told the offer was fair and would most likely be accepted by the bank, which is why I'm upset this is happening. My agent says not to get attached to the property but it's too late.
PS - Curt, your posts are so helpful. I'll follow your advice and respond back to you when I hear word from the bank.
What the Bank want is the hightest and best offer.
My recommendation would be to detemined Market Value....What is the true value of the property.
Regarless where the Bank prices the property...if the bank overprices it or underprices the property
Believe me the Market will take care of the price. meaning if it is underpriced...the market will drive it up.
and if overpriced..the market will drive it downwards.
that is exactly what we are dealing in our area as well.
To Your Success,
Check the banks website to see if it is listed under their REOs if it is not there than check the company that it goes to. If you need help with financing I would be able to help you with a quick close and rates are as low as they have been in over a year. My phone number is (908)253-4110.