I would encourage you to have your Realtor place multiple offers on REO's. I would not get attached to just one house or get emotional over one offer. I advise my client's that in all likelihood many of the offers that I will be placing will receive multiple offers, especially if the home is in turnkey condition. Many of these REO listing agents have multiple bank owned properties, some have over 100 properties under their license and it's very easy for some of these agents to lose track of offers. Your agent must also be persistent but please be patient, sometimes these things take time.
All these channels the banks are having to go through to close an escrow is or can be just as tedious as the approval process necessary to even begin escrow. I really have to stay on top of these guys or I believe my escrow could just as easily fall on the wrong desk or worse, in the big round file (trash).
I'm still hopeful that this new procedure will help roll things along quicker and not just become another of many procedures needing attention before we can actually close escrow.
The escrow company is headquartered in Redlands on Orange Tree Lane but my escrow officer is located in Mission Viejo on Puerta Real Drive.
Now I don't know if I helped you after all. But thanks for the feedback! Advise to you, hang in there! And squeak!! Squeaky wheels always get the grease? Corny, but it's worked in the past.
As of Friday, September 5th I was phoned by a "processor" from an REO division of Wells Fargo informing me that they have formed a new servicing division that will be in place to help facilitate these thousands of REO properties from the point of acceptance to close of escrow. This should alleviate a good portion of the paper shuffle that many buyers and their agents have to wade through in order to get an answer or information on their offers. Looks like some of the lenders are finally stepping up and dealing with the tremendous overload of vacant and foreclosed properties in a more efficient manner.
Good luck! Diane Wheatley, Broker