An offer on an REO

By
Real Estate Agent with Realty Executives

Just putting this out there...my clients put an offer in on an REO listing TWO WEEKS ago today.  We still have yet to get a response back one way or another.  The listing agent thinks that the offer is going to be accepted as written and he has not received any other offers on the property either. 

We have another counter offer on an alternate REO listing that basically accepted the terms of our offer.  We have yet to get a signed contract and addendum back yet.  No other offers in on that property either.  So basically my buyers are in limbo on both of these properties. 

See, it just goes to show, purchasing an REO can be a big pain too.  Maybe a short sale isn't such an awful option for a lot of buyers.  Haha! 

Posted by

Susan Manning

Comments (3)

Colorado Real Estate - Christina
Colorado Real Estate - Colorado Springs, CO

yeah banks are usually slow at getting back with you! good luck! i am sure it will come together! :)

~Christina

Feb 27, 2008 05:21 AM
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

 

Actually, they are in Limbo on neither. Until the seller offers a signed counter, they are free to do whatever they wish. If they want one property over another, they have no choice but to wait.

Buyers need to understand that part of buying a REO property is that the banks operate in their own good time, and if they are on a short time frame then REO might not be the best choice.

Feb 27, 2008 05:24 AM
John Kim
Property Services & Short Sale TC - Irvine, CA

Hey Susan,

     As for REO property I believe that it's easier to deal with over a short sale any day.  Of course depending on the bank and the listing agent's relationship some can get an answer within two business days.  I noticed that if the property is not listed correctly in both short selling or bank owned property, then the offer will take forever to get a response.  Of course every bank's internal structure is different so you have to ask who the bank or servicer is?  Then you can guess how long it may take and usually it's accurate.  Unless, the bank does a huge overhaul like GMAC's Homecomings did... then you're screwed in every way.

     Good luck to you on those offers...

Mar 01, 2008 12:21 PM