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asking price is 179,900. The assistant asked for highest and best offers today and said she would be submitting both offers today at 4pm. Hopefully she did and we will hear back soon. Does anyone think the amount of earnest money makes a difference?
Bank Owned (REO) properties and Short Sales take longer than a normal sale. An REO may only take a few days or a week to respond. If it is new on the market, the bank may have set a certain period in which they will collect offers and then respond. The listing agent should be able to give your agent some idea as to the direction of the offer process for that bank, but then again, some of these listing agents are very vague and not helpful.
Short Sales are another matter. They can take a few months sometimes. Last summer I worked on a deal where the offer was made in early June and the deal was not closed till end of October. I am working on one right now where the offer was written in Feb, and there are so many stumbling blocks on this one we still do not have a response.
As an agent I would always prefer to work with an REO instead of Short Sale, as it is almost always a smoother process and usually puts much less stress on the buyers.
The bank came back today and counter offered at 174,900 closing in July. We thought about it for an hour and then contacted our agent and accepted the offer. Our agent tried calling the assistant back but of course she got voicemail! Our agent has left two messages saying we would like to accept the banks counter offer but hasnt heard back from the assistant. Think its really ours?? Why hasnt she returned our agents calls? This gal is so hard to get a hold of! I dont want to miss out on it b/c we were unable to get our acceptance through to the assistant! Also I took my Grandma over to see the house tonight (just the outside) and while we were there another agent and a couple came to look at the house! Why are they still scheduling showings if we accepted the banks counter offer?
Why are they still scheduling showings if we accepted the banks counter offer?
As your offer hasn't been officially accepted yet, technically the property is still considered active.
Even once it's pending, as long as the deal isn't closed, others can still view the property. Whether it's other agents considering backup offers or inspectors whom need to gain access, it's not "off-limits" until the keys are handed over.
Wow, I guess my client got lucky. We submitted an offer $20K below list price, no contingencies, 30% down with a conventional loan and half percent for earnest money. It was accepted in 24hrs
I'm on a similar boat and totally confused. I submitted 2 offers yesterday because I was one of other 10 offers!! My agent said I was the highest but that the RE company said they were accepting the best highest offers by 5PM yesterday to submit to the bank and the bank will choose the highest bidder. Well, I decided to come back and offer 20K higher than my first offer in case. Today I drove by the house and although the sign is now gone, the door was wide open and it looked like they were showing the house, what's up with that?! Anyways, I'm hoping to hear back by Wednesday (realtor said she does many REOs and that's more or less how long they take to get back to us here). I'll let you guys know how it went!
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