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Old 03-20-2009, 05:20 AM
 
38 posts, read 201,744 times
Reputation: 29

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Quote:
Originally Posted by fallingwater View Post
I used to be quite savvy with real estate yrs ago. Now, I dont know if IM coming or going. REO's are a big problem from where Im from so I was bit surprised that the REO's here are not bargaining. Back home, it was expected offers would be at least 20% lower than asking. We put an offer on a REO here and gave them exactly what they were asking. They countered back and said "What's your best best offer?" We were pissed and said that was it and walked away. I hate games. Talk to your realtor. 105k might offend but who knows. I cant make sense of anything here. Good Luck!
ughh, it makes me so mad that your agent did not explain to you that it is normal for them to ask " is that your best offer"
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Old 03-23-2009, 02:54 PM
 
5 posts, read 23,017 times
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Quote:
Originally Posted by winters816 View Post
Hi I have made many bids on banked owned homes. Your bid was probobly fine, they always come back and ask you to make sure it is your best offer, it is a tactic. I hope you still put in your offer. You need to make sure you work with an agent who has experience in making banked owned offers, it makes a HUGE diff. I have been investing in real estate for many years and the best advice I can give you is if your not embarassed by your first offer then your not offering low enough. Keep trying it will happen!! There is no limit on the number of offers you can make if you feel your agent is not comfortable then shop for a new agent they get paid to work for you. Legally, you can ask to be present at time the offer is made, and if you have a timid agent then do that! These steps can save you thousands! Good luck!
Well, we went ahead and placed the bid on Friday morning. Friday evening the listing was changed to Contigent SI but we had no word...either that there was another offer placed or that ours was declined, countered or accepted. Sunday evening our realtor checked in with us and said that he still was getting no responses to his calls or emails but that it was likely that someone else bid on it and got it and they just didn't bother to tell us when we placed our bid. Now, they had until today (the 23rd) to let us know, its going on 4pm and we still have no word. I checked the MLS and NOW it is still listed as contigent but the price has gone UP!!! What?! what does that mean? did someone actually offer higher than the asking price??? This is unbelievable....it's one thing to not have gotten the house but I find it totally rude that they simply cannot call or email our agent to let us know! Is there no such thing as common courtesy anymore???
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Old 03-24-2009, 05:37 AM
 
38 posts, read 201,744 times
Reputation: 29
Well if you designate a time frame on your offer they must respond. I usually give 24-48 hours for them to give a response. I hope you find something.
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Old 03-25-2009, 02:08 PM
 
5 posts, read 23,017 times
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Well, we didn't get it...duh! Does anyone know how long a Contingent SI house usually stays that way before moving to Pending or Sold? One of the first ones we bid on (and we still kick ourselves for) is still listed as Contingent SI---we were told it was a cash offer (for 1000 less than our bid).
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Old 03-27-2009, 07:55 PM
 
Location: Elkhart, IN
311 posts, read 915,924 times
Reputation: 269
Default granger?

Quote:
Originally Posted by twiggers View Post
Thanks for the words of comfort jody! We just lowered today by 5K, we're hoping that helps to bring in some buyers! It's our first drop in price since we listed on 11/1....we didn't drop prior to this because we knew winter was just a bad time of year. So we'll see :-)

Hey Twiggers,

How are things going in Granger? Have you had any action on your house lately? Things are ticking along over here in Elkhart. I have been off the forum for a couple of weeks, just curious as to how you are doing~
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Old 03-27-2009, 07:59 PM
 
Location: Elkhart, IN
311 posts, read 915,924 times
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Quote:
Originally Posted by winters816 View Post
Well if you designate a time frame on your offer they must respond. I usually give 24-48 hours for them to give a response. I hope you find something.
That usually doesnt happen on short sales/REOs, at least in this area. I know of an agent in our office that has had an offer on a short sale house for over 3 mos and they still dont have an answer from the bank. Some banks are getting MUCH better at this and I have heard of some going through in as little time as a 10 days, unfortunately they are still in the minority.
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Old 03-28-2009, 07:06 AM
 
Location: Fort Worth, TX
168 posts, read 614,775 times
Reputation: 43
Jody....thanks for asking! We had an open house a couple weeks ago and only 1 person showed up. Other than that...nothing :-( We're getting ready to lower the price again!
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Old 05-01-2009, 07:32 PM
 
Location: Northwest Indiana
13 posts, read 70,569 times
Reputation: 30
Default Be patient

Quote:
Originally Posted by winters816 View Post
ughh, it makes me so mad that your agent did not explain to you that it is normal for them to ask " is that your best offer"


You all have to realize that the banks are trying to get rid of properties.
If there is a problem most of the time it's the agents fault. Brokers are the ones who set the values of these homes for the banks in the first place. The banks sends a BPO(Broker Price Opinion) request to the broker's to determine a listing price. A good REO broker would know where to list the property initially before it hits the market. Most BPO agents think that if they give the bank a high value, they eventually will be able to get the listing for themselves. I work for an REO broker and we price our homes to move quickly. The banks are interested in brokers who sell homes quickly. There is a video post in another thread showing where banks are actually tearing down brand new homes because of the holding costs. There are plenty of clean REO's in move in condition on the market. Find yourself a good REO broker to assist you.
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Old 05-01-2009, 09:52 PM
 
5,696 posts, read 19,144,742 times
Reputation: 8699
Default wheew

Quote:
Originally Posted by winters816 View Post
ughh, it makes me so mad that your agent did not explain to you that it is normal for them to ask " is that your best offer"
All is good. I havent been on here in a while but we finally purchased a house in Indiana. It was a stressful experience and I quickly realized our realtor was a ding dong. I will never recommend her to anyone. But hubby and I are very happy with our home. Im glad I wont be dealing with anymore home sellers!
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Old 05-02-2009, 01:27 PM
 
Location: north carolina
74 posts, read 200,266 times
Reputation: 61
Quote:
Originally Posted by fallingwater View Post
All is good. I havent been on here in a while but we finally purchased a house in Indiana. It was a stressful experience and I quickly realized our realtor was a ding dong. I will never recommend her to anyone. But hubby and I are very happy with our home. Im glad I wont be dealing with anymore home sellers!
Glad you have finally found something and I hope settling in goes well.
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