OK, so maybe my headline isn't entirely true...deadlines DO matter...but only if you are the Buyer of a foreclosed/REO home.

At least it seems that way.

For some reason, it's becoming more common place for many of the Sellers (banks) of foreclosed homes in Central Florida to not respond to offers within the deadline given. I've been told by many listing agents that their Seller may respond to written offers on the same day they are presented...or, they may wait for days (or weeks) to respond...regardless of the date that the Buyer puts in their offer as the time period required for acceptance.

While it is understood that sellers of foreclosed homes want to obtain the highest possible price, there is no explanation as to why they don't respond even when they receive an offer that will net them a price higher than their listing price.

Not only is it frustrating to the Buyer and their agent, but the real issue here is that deadlines are written for a purpose...to generate a response. Banks should be more proactive and respond with an acceptance, a rejection or a counter offer so that the Buyer can determine whether they want to "stay in the game" or find another property to purchase.

With a surplus of homes for sale in the Central Florida market, it's a shame that qualified Buyers are held captive by these lenders who are either too overwhelmed to handle the business or don't really care if they lose more time and money waiting for the "next best" offer.

When buying a foreclosed/REO home, it's important for Buyers to know that while their offer may have a deadline for the bank to respond, they may not get one by the date given and will then have to make the decision to either extend their acceptance period or find another home.

And yes, this behavior is considered hypocracy at it's finest, because if the Buyer's offer IS accepted, the bank will then demand that the Buyer meet all of the deadlines they are given or will state that the Buyer is in default and can cancel the contract and/or make a claim to the Buyer's escrow monies.

While this business practice is certainly not "fair", this is the system/mentality of many Sellers/banks today and Buyers need to know what they can expect so that they can decide for themselves if purchasing a foreclosure/REO home is what they want...regardless of the waiting games they may have to play.

Representing Buyers throughout Central Florida,

LaShawn Norden, PA, REALTOR, Certified Distressed Property Expert, RE/MAX Central Realty

(321) 377-0157, LaShawn@LaShawnNorden.com, www.LaShawnNorden.com