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…
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NH Real Estate Professionals Jay and Monika McGillicuddy
Jay and Monika McGillicuddy, covering southern NH and the Seacoast area. If you’re thinking of selling or buying a southern NH or Seacoast area home give us a call…we’d love to help make your home ownership dreams come true.
Jay and Monika McGillicuddy, NH REALTORS
603-944-9172 direct
E-mail Jay and Monika
Prudential Verani Realty
603-926-3648 office
About Monika McGillicuddy
Our office conversation is full of this type of situation. I suppose that the banks are so inundated that they can’t see the tops of their desks! We have acquired several irate clients who think it is our fault. And there is no way to convince them that it isn’t! Emotion gets in the way!!!
LOL..Kathy you are so right! I am sooo frustrated. My buyer won’t pay that now!
How stupid of the bank and their agent!
Moni- Oh yes I see the flames shooting out from ethical consciousness
I would be calling the Agents Broker, and if the Agent is a Brokercall anyway then I would resend the Offer and highlight the price. A fax, email, and snailmail…….leave nothing to chance.
I’m wondering when they’ll wake up and realize they have an offer for 1 k less? Or maybe they’ll never remember our offer. I still can’t believe it.
Moni – We have had similar scenarios – it just makes me wonder about the agents who represent the banks interest????
Moni:
I have had the same situation. A buyer of mine never pulled their offer, the bank/agent just never called me back.
And we wonder why the banks are in the trouble that they are in…