we offer 225k on a reo which was listed for q 225k, the listing agent stated that their was a cash offer for 205k, our agent received and email

Asked by Rosaworried, Sylmar, CA Fri Jun 18, 2010

highest & best we offered 245k, were to responde by 6pm that same day. so it turns out that by 4p tthe status on MLS was changed to pending. How can i find out if the listing agent presented out offer

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Keith Manson-…, , Milwaukee, WI
Sat Jun 19, 2010
This counter process is the process that most banks are doing with multiple counters and it does not make the deal transparent to all parties. The answer you will get will not be satisfactory for you. However, I am sure your offer was submitted and the process made the decision on the offer that they felt most comfortable. The goal is to have a deal that will close the quickest for the most money. If there are any items that are in contract that may hang the deal up, the other offer will be accepted. It is not always the highest offer but the highest offer that will close, in the processors opinion.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

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Emily Knell, Agent, Huntington Beach, CA
Fri Jun 18, 2010
The previous answer is correct with regards to strict rules REO listing agents need to follow or they risk losing that particular bank as a client.

Your offer may not have been chosen also because the bank priced the home where their appraisal came in at or very close to it and if your offer was not waiving an appraisal contingency, then it was their decision to weigh the options, cash or an offer of $245k that likely would turn into $225k anyway when it doesn't appraise for your loan.

562-430-3053 cell
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Richard Schu…, Agent, Los Angeles, CA
Fri Jun 18, 2010
You can have your agent call and verify. REO agents work under very strict guidelines. Listing agents are required to present all offers to seller (unless seller has specified in writing that they don't want to see offers of xxx criteria). So chances are your offer was presented, as the REO agent would have a lot to lose if they didn't adhere to guidelines! I would double check with your agent though who should help answer your questions and ease your concerns.

Unfortunately now some buyers are losing out on deals with cash investor competition. Banks and other sellers are willing to accept cash offers even if they're lower, due to loans being tougher to perform on, and cash being a better bet.

But keep trying. See properties as soon as they come on the market and submit offers quickly! You will get something. If you need any help, feel free to contact me.

Richard Schulman
Keller Williams Realty
#1 Buyers Agent KW Los Angeles
(310) 482-0173
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