Lisitng agent has not responded to a counteroffer sent 2 weeks ago. This is a sfr,reo. Are we at her mercy?

Asked by Lisa, California Mon Oct 13, 2008

Two weeks ago my agent and I responed to a counteroffer from the bank. In the counter it was stated that a decision would be made on October 6,2008. Two days later my agent contacted the listing agent. She went on to say that our offer was low and she does not know if the bank will accept our offer. Why did they counter us? My agent is trying to contact the bank. Our we at the mercy of the listing agent?

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4
John Sefton, Agent, Long Beach, CA
Thu May 7, 2009
Sometimes banks' Agents will say that they are giving you a counter offer, but in reality, they are only soliciting a higher offer from the Buyer. If it really is a counter offer, the terms countered should be specific and it should be properly executed (signed).
0 votes
Linda Slocum,…, , Santa Clarita, CA
Mon Oct 13, 2008
Hi, Lisa!

In the case of bank owned homes, the bank does not always issue counter offers to buyers, although often they do. The listing agent should have submitted your offer along with any other offers that were received.

Sometimes it takes a while for the bank to authorize a counter offer, so it could be that you'll still receive a counter offer. However, it is up to the listing agent to communicate with you, so that person will remain your agent's primary contact.

Good luck!
0 votes
Carmen Di Bi…, Agent, Nyack, NY
Mon Oct 13, 2008
Lisa,

It may not be the listing agent who is not responding. Banks, loss mitigation, and asset managers are overwhelmed. It is not unusual in this market to have a delayed response. Have your agent give the listing agent a gentle reminder that you are still awaiting a response.
0 votes
Laarni G. Om…, , Orange County, CA
Mon Oct 13, 2008
Hi Lisa,
I hate to be the bearer of bad news, but yes- the bank relies on the listing agent to let you know where they stand. Just ask your agent to get a straight answer from the listing agent esp. if the property is still considered as available.
Good Luck,
Laarni
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