foreclosure question?

Real Estate Agent with Paradise Exclusive llc

Hi everyone I am new tp posting, but am looking for some advice. My buyer put an offer in on a foreclosed property weeks ago. Have been in contact with selling agent who says he has not heard back from the bank. Last night I get an email from my buyer that in searching my web site they noticed that the price of the property had been reduced ( still more than we offered). Agent or broker is not returning our phone calls. Not sure what the bank is doing, you would think they would counter our offer or at least negotiate, Is this the norm?

Comments (5)

Chip Jefferson
Gibbs Realty and Auction Company - Columbia, SC

NOt getting an answer in that long of time is not a norm. I would find out who the asset manager is and call them myself.

Jul 15, 2008 12:44 AM
Charlie Ragonesi - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

you usually here for the other side with either a counter or take a hike. You probably should contact the agent or the broker if you cannot reach the agent. Foreclosures are just a bit less rough and tumble than short sales so you have to assert yourself

Jul 15, 2008 12:45 AM
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

I have sold multiple foreclosures in my area and everyone is different.  Do you know the lender?  Sometimes you can try a phone call to the loss mitigation department.  You can always pull your offer and resubmit a new offer and see if that jumps starts the process.  Most of the time I get responses on foreclosures within a few days so I wonder if you are dealing with a short sale and not a true foreclosure?

Jul 15, 2008 12:45 AM
Joe Virnig
RE/MAX Gold Coast REALTORS, Ventura County, California - Ventura, CA
No Ordinary Joe

Most likely your offer was considered too low to counter, but still they should just say so.  Many REO agents in my area are so full of themselves that they think common courtesy does not apply to them.

Jul 15, 2008 02:13 AM
Trey Affolter
Keller Williams Realty - Tacoma, WA
Brings HOME Results!

If its been several weeks, you should have more than likely received some type of answer; a rejection, a counter, or an acceptance. I have had some take longer because banks are quite slammed right now, but I would continue to follow up. Beacuase of the price reduction, I would guess the bank considered the offer too low. Good luck.

Jul 15, 2008 02:36 AM