Every day, there seems to be something new to learn. And in this sea of short sales, trustee sale and REOS, there are so many new or different rules, practices.
There is an REO property that was on the market only two days before it was posted as pending. An agent in the same office as the listing agent submitted an offer the day it was activated on the MLS; the bank countered the next day, and poof! It was accepted on the third day.
Unfortunately, my client and I couldn't see it until the fourth day on market. I called the listing agent to see if I can submit an offer for a back up position. He said that the bank is not accepting a back up offer, and that his instructions are if the current escrow fails, that he is put the property back on the MLS for 3 days (only 3 days?).
Hence, he told me not to submit an offer, but to keep an eye on this property.
Is this a typical bank policy not to look at, much less accept possible back up offers? Seems odd and unwise.
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