Over full price offer on the first day not accepted??

I have seen that too. It's my listing and we have been offered more than the asking price.  It's a short sale and the bank has not responded yet.  It's been more than a month. 

That is rediculous..but that is the policy of these banks...it is designed to get the highest offer..but in this case...I think they got it.

Jim, if this is a short sale hang on. I had one that lasted several months. On the other hand the banks need to get proactive in the process.

Is it me or are banks making this job even harder then it is. I had a buyer who is building a home they put $80,000 down and $15,000 for three months after. The lender came back with the buyer needed to put $87,000 and $15,000 for three months. The banks are running scared from people right now.

It is easier to pull eye teeth than to get any buyer today to offer over list on a cash offer.

The bank loss mitigation department ought to be fired.  The personnel at loss mitigation have a habit of loosing good offers and then later having to reduce the price to get rid of the property.

Banks do NOT know how to sell real estate.

That's okay.  I made an offer on an investment property and the listing agent never got back to me after receiving the offer.... when I say "never" I mean "NEVER".  The bank ended up withdrawing the property and I have yet to hear anything from the agent.  (it's been about 3 months now).

Jim, Here in California it takes months for a short sale to get accepted - The bank likes to list low, get multiple offers which may take months before accepting any offer - Check out new home communities, they are making deals.

This is what CONGRESS should be investigating!  A full price, over actually, all cash, what else do they want?  No wonder we had to bail out the banks for the tune of $700 BILLION DOLLARS, and yes I'm still miffed at that!  Especially when I read about this type of action by a BANK on a daily basis here in the RAIN.

Banks are taking eons to respond to offers and now this!  Just think that they wanted to get in on the real estate business a few years ago - unbelievable that in this market they didn't sign immediately and send you boxes of candy.

Frustrating but I have dealt with the same type of situation. 

Having submitted offers on several REOs for buyers I can only say that the banks just dont "get it."  And sometimes they end up shooting themselves in the foot because of the greed.

Jim, This is very normal for a REO property. The lender wants to make sure they are getting the best price for the property and almost always require at least 5 days on the market before they will accept an offer. Some of these guidelines are coming form the lender and some are coming from PMI companies. fannie mae, freddie mac and other investors. As much as it sucks...it's the nature of the beast.

You ought to forward that offer and response to your congress person. It's ludicrous what these banks get away with and we just sit here and take it.

I understand your frustration but doesn't the bank have the right to see what the market will bear, the price could have been too low or  they were pricing it to get a bidding war going,