How stupid….another bank REO story
October 1, 2008 by Monika McGillicuddy
Filed under Blog, General R.E. Information, Home Buyer tips
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…
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…
Moni – We have had similar scenarios – it just makes me wonder about the agents who represent the banks interest????
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- 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.
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!
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!!!