We made an offer two weeks ago to a foreclosed house and we haven't heard anything from the listing agent

Asked by Bea, Virginia Beach, VA Thu Aug 6, 2009

yet. Numerous attempt has been made to this agent by our agent with no response. What do we do?

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7
Alison Cream…, Agent, Virginia Beach, VA
Fri Aug 7, 2009
BEST ANSWER
Buying a REO or a short sale can be extremely frustrating. Our team currently holds over 60+ of these kinds of homes in our inventory. I have been on both sides for these types of sales. YOU ARE CORRECT in your frustrations inrespect to the communitcation on the offer. I agree with the replies that you need to talk with YOUR agent and continue to stay in touch with them. They can communicate effectively to the listing agent your level of concern. If you are not working with 2 agents who are used to these transactions it can be more frustrating than needed.I think it is very important to set the level of expectation from day one. Its important to educate my buyers and sellers of this process and how it can take weeks even 1-2 months to get a reply from the bank. I prefer to set up in advance a communication expectation. I try to tell the buyer agent they will hear from me once a week during any negotiations with respect to bank owned homes or short sales. The listing agent might not know anything and there for not be able to communicate any replies to your buyers agent. I would say if its a great home hang in there and expect it to be a drawn out process. In return you will most likely have a great home with god equity as a reward. Best of luck and I hope you end of with a GREAT HOME.
Alison Creamer
@bzibee
0 votes
Ed Graybill, Agent, Virginia Beach, VA
Thu Aug 6, 2009
I agree with Fred!

It doesn't matter if the bank hasn't responded to your offer yet. The list agent should be professional enough to keep you in the loop whether there has been a response or not.

Call the list agent's Broker and I'm sure you'll get some word! Also, your agent should step up his/her game as well. Be proactive!

Ed Graybill
Sales Associate,
Wainwright Real Estate
757-201-0178
EdSellsVaBeach@cox.net
1 vote
Fred Griffin, , Tallahassee, FL
Thu Aug 6, 2009
If you have not heard from the LENDER, then ditto that it may take a long time, be patient, etc.

But if you and/or your agent have not heard from the LISTING AGENT, then call that Agent's Broker. They should be professional enough to notify you/your agent that the Lender has not yet responded.

Best wishes,
Fred
1 vote
Shawn Full, , Alamogordo, NM
Fri Aug 21, 2009
Reo properties are long transactions. From start to finish there are many "middle men" so to speak. The offers are posted on a website like reotrans, these companies represent the seller and negotiate every aspect of the property from listing to sale. It does take a long time but still I think that a simple phone call letting you at least know that they have not heard an answer would be a nice gesture.
Web Reference:  http://www.erasimmons.com
0 votes
Jennie Sawyer, Agent, Virginia Beach, VA
Thu Aug 6, 2009
If you are working with an agent, I strongly suggest you talk to him or her first. Your agent has the know how and the ability to handle the situation without being personally involved. Clients can form a strong bond with their agents and this will allow your agent to do what they do best. I am sure they will either contact the listing agent directly or know other avenues to get the answer in a positive manner. It is a bit slack on the listing agent not to respond or at least let you know she received your offer but not all agents are alike. Just follow through with YOUR agent. That is why you have one.
Good luck and I hope you get an accepted offer soon.
0 votes
KK German, Agent, Virginia Beach, VA
Thu Aug 6, 2009
Was it a 'serious' offer? I had a buyer in the spring offer a very low offer (20% off of list price) and could not even get a response from the listing agent that the offer had been RECEIVED. I finally DROVE over to the listing agent's office and talk with her personally, only to find out that supposedly the day we had submitted our offer another offer had come in which won out over our offer, but the listing agent had not had the courtesy to respond to my repeated phone calls.
I analyze market trends and currently the average winning offer for VA/FHA loans is about 1% off of (less than) list price, and I would presume the winning offers are asking for closing costs.
Hope that helps.
0 votes
Christine Ca…, Agent, Virginia Beach, VA
Thu Aug 6, 2009
Well, hang in there. We as realtor's joke that they can be long sales. As you might know the bank takes is very own sweat time to get back to you. Just be prepared to wait.... and wait and wait. If you have not heard something in about a month and you have to have an answer, you might want to consider finding something else that will not take as long. Good luck.

Christine Cahoon
0 votes
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