I put a bid on a bank owned property yesterday. I made the exact offer to what the listing price was.

Asked by Lupita, Winnetka, CA Wed Jun 18, 2008

broker has called/emailed the listing agent numerous times today, but no response. I am scared that maybe the listing agent is holding off for another higher offer. Is this the case? you think? I know that in some cases, you can get an answer in 24 hours, but in my case, she is not even returning my brokers calls. He has left message after message. Is there something I can do. Please advise, I am loosing sleep.... Thank you.

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Wayne Zelenak…, Agent, Lawrenceville, GA
Thu Jun 19, 2008
Hi Lupita,
I have had the same experience with a property in our area. The problem is there are many bank owned properties and they have to be handled through the bank attorney. Sometimes it can take months before you can get an answer. The problem of waiting is that the interest rates may rise and price you out of the home.. You can call the agent as much as you like and the responce is always the same, no return calls becasue the agent does not have information provided by the attorney. Mostly, the attorney does not return calls. It is a frustrating situation.. In my situation, we also had the highest price on the table but after two months we withdrew our offer and found another home. I suggest you keep looking at other properties....
Web Reference:  http://www.WayneZelenak.com
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Annie Nguyen, Agent, Fremont, CA
Wed Jun 18, 2008
Hi Lupita,

This problem happens a lot when you deal with bank owned properties. The agent might be so busy with multiple off or she/he thinks that your offer is too low to care for even you bid on the asking price. Sometimes the property might be sold and the agent doesn't bother to update the MLS listing. I hope you hear from them soon or you should start looking for another good deal.
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The Hagley G…, Agent, Pleasanton, CA
Wed Jun 18, 2008
The listing agent may be juggling multiple offers and may not have a clear indication of which contract to submit to the bank. Also, the bank will take 24-48 hours to respond to an offer once submitted. I would ask your Realtor to contact the listing agents assistant....they will most likely have a clearer indication of what's going on. Keep in mind that those of us that handle bank owned homes sometime juggle 100 at a time.
Web Reference:  http://www.cindihagley.com
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