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Reo offers AARAGH!!!!!

I just had a first, I had negotiated a offer with a buyer through his agent, got all the buyer docs signed and submitted it to the seller for signature. We received confirmation that the offer was accepted through the on-line system and just were waiting for the signed docs to return, at the request of the buyers agent and as a gesture of good faith i put the home pending in the system and explained the time-line and process to him.

well i got the signed paperwork and told the agent only to be told we bought something and oh my word didn't matter as "you know nothing was in writing"

got to admit that was a first, I go by peoples word, maybe i got to get more cynical.

Posted by Andrew Monaghan CRS, GRI, EPro Associate Broker on 12/28/2007 12:15 AM

Comments (5)

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5 Comments on Reo offers AARAGH!!!!!

I wish more people would get to know the market they are dabbling in. Patience is a virtue if you are placing offers on REO or short sale properties. There is nothing instant about those markets, especially short sales. If you would have placed it pending for me even before papers arrived, I definitely would have been pleased as punch!!

12/28/2007 12:17 AM

by Renee Burrows - Las Vegas NV. ASK ABOUT -1st Time Buyer Down Payment Assistance! (Nevada Realty Solutions - Realtor - Estate - Probate - REO)

We'll you learned a lesson there but I would fix that broker and his client. I would not return his clients EM and I hope that the lender took one. That would fix his --- for sure!

12/28/2007 01:00 AM

by E Jeffrey Dolfinger (24/7 Realty)

I wish i could jeff but no signed contract no ability to take EM.

12/28/2007 03:02 AM

by Andrew Monaghan CRS, GRI, EPro Associate Broker (Keller Williams Professional Partners)

I wish i could jeff but no signed contract no ability to take EM.

12/28/2007 03:02 AM

by Andrew Monaghan CRS, GRI, EPro Associate Broker (Keller Williams Professional Partners)

Some of my REO clients (banks) insist that as soon as the buyer signs the REO addendum that the EMD is non-refundable, that puts a stop to this type of problem.

The number of clueless agents who have no undertanding of a non traditional transaction is very high. I take the trouble to talk them through an As-Is offer on REO and explain the whole process and they still have issues.

12/28/2007 02:09 PM

by Nigel Clarke, GRI - Homes in Northern VA (Keller Williams Realty)

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