What reasons would a REO be taken temporarily of the market? It was first listed a week ago and I was

Asked by Firsttimebuyer, Las Vegas, NV Thu Feb 5, 2009

planning on looking at the house tomorrow.

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Answers

5
Dawn Barrier, Agent, Las Vegas, NV
Wed Feb 11, 2009
These are some great answers.
Here are a few more:
D: Some of the homes are already slated for an upcoming auction and the bank is not taking any offers until the auction.
E: The property has been “pulled” for an investor package deal of several homes and the one you want is in that package.

You can also read some more helpful info I wrote about a while ago at http://dawnbarrier.wordpress.com/2008/07/07/las-vegas-reoban…

Hope this helps you out.
0 votes
John Brassner, Agent, Las Vegas, NV
Thu Feb 5, 2009
I concur with the Ballen Group's answer--same as my experience in this market. But I have a question in turn to you: How come your real estate agent could not find out the answer? Did he/she tell the listing agent that should it become available again, you would like to see it?
0 votes
John Stimson, Agent, Oklahoma City, OK
Thu Feb 5, 2009
I have seen many instances where the lender did not complete the foreclosure properly and they need to go back and re-foreclose. The property is taken off the market and will not be put back on until the paperwork is in order.
0 votes
The Ballen G…, , Las Vegas, NV
Thu Feb 5, 2009
In our experience with seeing REO's taken off the market temporarily, the listing agents have told us that they had so many offers that they had to temporarily withdraw it while they were submitting the offers to the bank. Once they get over list price, there is no sense getting higher bids as the property would likely not appraise. We have also seen problems with lock boxes and sometimes an agent will withdraw a property for a day or two until they can get that worked out. That does not mean that's the case here, these are things we have run into. Conditions such as flooding or other damage could be an extreme case as well. In some cases, they decide to paint or recarpet, pull it off the market and put it back on at a higher price.
0 votes
Bill Eckler, Agent, Venice, FL
Thu Feb 5, 2009
There could be any number of reasons why it was removed from the market. Our guess is it may have something to do with the condition of the home or the inability to be able to convey a clear title to the new owners.
0 votes
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