Asked by Mc, Sacramento, CA • Tue Mar 10, 2009
I read the comment below on another thread. Is this statement apply to the Sacramento, CA area?
"You should know that submission of offers on REOs does not occur until 5 days after the listing date (and MLS entry). This is to allow enough market exposure so that all parties initially interested have a chance to view the property and submit offers. The bank then also has an opportunity to consider fair market value based on possible multiple offers. Even after the first 5 days, many REO asset managers (the bank representative managing that property sale) ask the listing agent to wait to submit after another weekend in order to drum up possible additional offers."
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