One of my team submitted an Offer to Purchase yesterday on an REO. Our buyer clients see a great opportunity here and after asking if it was fully available and seeing it twice, we put together an all cash offer, above asking price.
We called the listing agent to let them know it was on the way no more than three hours after calling them for the second showing, and asking if it was still fully available. So you can imagine our surprise when she told us, “You are too late! We just submitted an offer of our own!” What she said next completely floored us. “Wow, more than asking AND cash! Well I’m so glad I got our offer in first then, because yours would have beaten ours for sure.”
She flatly refused to submit our offer to her REO clients, stating that the time of the offer “First come, first served” outweighed a higher, much stronger offer and that was the way it is done when dealing with REO’s.
Really? I’m putting this one out to you REO experts, (which I am not,) is this really the case. Do I have any recourse here. What would you do my fellow Active Rainers?
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