Why most banks are leaving millions on the table...

Banks were caught with their pants down when the foreclosure climate emerged.  My experience has been that quite a few banks receive an offer on a foreclosure and then a bunch of young bank employees in their early twenties (with no power to make a final decision) shuffle the offer back and forth among themselves for a couple of months, until the prospective buyer becomes frustrated and pulls the offer off the table.

 

Erion, banks have a tendency to be both greedy and stupid when it comes to repo's.  They won't accept reasonable negotiation, and they end up losing millions of dollars by blowing off buyers.  They might deal more intelligently if it was their own personal money on the line.

You have to look who is handling things on the banks end. Sometimes they just want things gone!

I always e-mail the REO dept. directly (better if you can find out who the Head Honcho is) to let them know my client needs/wants an answer ASAP or they are moving on to another deal.  I always state the basic terms of the offer & date the offer was submitted to the Listing Agent.  Sometimes (80% of the time) it lights a fire under either the REO Dept. or the Listing Agent to follow up, do their job & GET US AN ANSWER!  I know the banks are busy, the REO Agent is being bombarded, etc..  However, we have OUR clients to answer to and our first priority is to them.  I took this stance/approach (again) TODAY & our offer was accepted.  Closing 3/5/08.  Good luck!

I would rather see a buyer get a better deal, than the bank make more money