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June 9 - Same REO property price drop to $180K (according to listing agent and posted on MLS)
June 11 - I offer $170K & Bank counters at $187K
June 12 - MLS updated to $190K - Listing agent tell me that the price was increased at the same time that I made my offer. I get fed up and walk.
July 13 - Listing agent notifies me that the price has been dropped "for real this time" to $180K. I'm not interested.
August 6 - Same REO property re-listed with new RE agent for $169,900
To summarize, I offered the bank more than their current asking price.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,317,496 times
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I have had that happen to my clients twice in the past 6 months. One we left the bank with a good until revoked offer and they still lowered the price 5K below our offer. We took it at their asking price.
It had to be Countrywide. They are so messed up right now they have no clue what's going on. We had a short sale with an offer at $380k. They jacked around for 4 months, that buyer walked and they had to accept an offer $60k less.
I think you should have stayed in the game and like DMenscha said, offered them less.
There is no pride in these transactions, it is all about grinding the best deal.
Wells Fargo is actually worse than C-wide IMO. We have a better one, not mine but my office had is listed and different agent sold it.
1-listed at 59k at end of listing period after several reductions
2-pulled and listed with different company for 90 days at 75k.
3-given back to my company at 49k
4-dropped to 42k
5-full price offer made at 42k no closing cost
6-bank counters at 39k/buyer accepts and closes
Well my situtation wasn't a REO, but it was a short sell.
Short list was 650K. (the owners purchased for 632K in 2005, and owed 700K on mortgage....?option ARM? maybe).
Anyways, we offered 580K first, bank refused. Than we raised offer to 600K, bank still refused.
We moved on, purchased another home.
Two months later, we found bank finally accepted offer of 560K. WTF? I just don't get how banks deal with solid offers and reject them only to go with lower deals.
Guess they feel like they have the government bailout loans to keep them afloat for as long as they want.
Rather than assume that the bank is shady, I think what actually happened is the bank didn't have good information from the agents they hired to do BPOs. I do a lot of BPOs and I'm a trained AND experienced foreclosure agent. I have NEVER had my client (one of several banks) come back and tell me to INCREASE my list price.
Banks are not necessarily looking for high offers! Just like fair market sellers, they want to work with the buyer with the STRONGEST OFFER. What type of financing were you using? How much of your own money were you putting in to the deal? How many contingencies were in your contract? How far out was your close date?
The guy who offered less and beat you out probably put up a lot of his own money, may have had a stronger credit history, and probably didn't submit a contingency-laden offer.
Quote:
Originally Posted by aneftp
Well my situtation wasn't a REO, but it was a short sell.
Short list was 650K. (the owners purchased for 632K in 2005, and owed 700K on mortgage....?option ARM? maybe).
Anyways, we offered 580K first, bank refused. Than we raised offer to 600K, bank still refused.
We moved on, purchased another home.
Two months later, we found bank finally accepted offer of 560K. WTF? I just don't get how banks deal with solid offers and reject them only to go with lower deals.
Guess they feel like they have the government bailout loans to keep them afloat for as long as they want.
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