We are attempting to purchase an REO home,

Asked by Susan, Anchorage, AK Mon Feb 2, 2009

We put in a Best and Final offer, but have not had a response in 3 weeks. There were 2 bids (mine and one other) and since then a 3rd offer has been submitted, plus they reduced the price of the home. Is this normal practice?

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Kathleen Tho…, Agent, Little Falls, NJ
Mon Feb 2, 2009
It can be for that bank. Each bank has different practices. Your offer must have been too low for them to consider. Are you working with a Realtor or through the bank itself? Either way - contact your realtor or the person you put the offer in with to see if they will counter offer. You need to stay in front of them if you want the house. It can be really frustrating, but many times the last person standing gets the house. So hang in there. Good luck.
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Kristina Car…, Agent, Anchorage, AK
Wed Sep 24, 2014
This is not uncommon when dealing with banks. There are so many people involved with the decision making that things get lost or pushed back very easily. Be patient and ask your realtor to follow up with your offer and the bank on a regular basis. Once the property is actually sold, there will be a contingency for 3rd party approval and that is how you know it is no longer available. Sometimes it can take months to actually open escrow as the 3rd party approval is a very slow process. Make sure to give yourself enough time to close on a REO property and don't set your expectations too high as you have no say in the timing of the transaction. But, if you are patient and diligent it will all pay off in the end. Consider it "sweat equity."
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