Pat - This market is very competitive. Sometimes offering over list price isn't enough. Are you also asking for closing costs? Are you making the offer the first day or two the property comes out on the market? Are you putting contingencies in the contract that the bank would never consider?
This market is definitely trying for buyers. Your agent should be guiding you regarding offer price, etc. If you're not jumping on the property the first day or 2 its listed, you are competing against multiple offers. The bank is going to take the cleanest offer that nets them the most money. Asking for certain things from a bank can get your offer discarded or ignored.
Also, make sure your offer is complete with all the documents or prequalifications requested. If the REO wants a BofA prequal, then they will ignore your offer if it only has a Wells Fargo prequal. Are you offering enough earnest money? Too low earnest money may get your offer ignored as well.
The good news is more REOs are coming. The bad news is this market will continue this way for a while.
Also, most REOs are being listed and managed by teams. It doesn't help to bug the listing agent every day, mostly because most REOs teams don't respond to calls, they only respond to emails or sometimes text messages.
Remember, the pretty houses are getting up to 80 offers, and not all offers are good, but they still have to be waded through. Keep trying. Let me know if I can help.
Rosen & Company West