How stupid….another bank REO story

okay… I’m venting (again)… can’t help it.

How stupid….another bank REO (real estate owned) story! Bank owned property listed at $189,900 in June. My buyer client and I prepared an offer based on comps and condition. We offered $144,900 with a 30 to 45 day close.

After a week or so we got a counter offer from the Owner/Bank of $184,900. My client went up to $148,000 and waited and waited. In July we were notified that the bank was staying firm. We increased our offer to $151,900 with $3 k back and a few days after that we saw a price reduction posted in MLS to $174,900. I called the listing agent to remind him that we still had strong interest in the property and that our offer was still on the table. No response…not a surprise really.

No response to my e-mails stating we were still interested

Oh well…what is a good real estate agent to do? I follow the rules but sometimes I just want to jump the sign and call the Owner/Bank directly. But I follow the rules…

Guess What??? Price reduced

Yeah, thats right… price reduced to $149,900 and you know what… we never pulled our offer off the table! Go figure…