So I have sent two offers in on a house; according to the listing agent, one has been rejected, and the other I have had no response for 2 days now, but she did inform my agent that she "has a buyer who is going to submit a full price offer, if his company does not go on strike"..

Now how the hell do I know this woman is not holding my offers until she hears from this other guy? Doesn't she legally have to submit my offer? My first one was rejected no counter offer; the second no response at all, I emailed her and called her, no reply via email, and got her voicemail

What the hell can I do? I'm going to be so fkn pissed if this realtor is sitting on my offers because she's greedy and wants the most of her 3% comission.

What can I do? Please help..

(The house is bank owned/REO by Wells Fargo/PAS)

 

IMO, selling agents will typically play the "there are multiple offers" game when dealing with a buyer. Every time I have purchased property, I've had this game played on me and every single time I've been the offer accepted....so who really knows if there was another offer on the table or not.

My bidding strategy never changed though...I have a set number that I'll pay for a property and I won't go over it no matter what pressure is applied by the selling agent w/ their stupid "multiple offers" game or my agent.

Not sure where you live, but here in the Midwest, the housing market sucks and there aren't a surplus of "FULL PRICE" offers.....those died off several years ago on hot properties.

 

The offer should have a set expiration on it (check the Purchase Agreement form with your offer). You can also send her a note saying that your offer will expire and be rescinded within 24 hours.
G/L.

 

She called my agent and told him to tell me she will not respond to my email..

 

Does that just mean that she wants you to go though your realtor? Or is she just a cunt?

 

Well I do need to go through my realtor which I understand; I called the bank and asked about the offers.. the lady said they only have one offer on the house.. which means :

1) My first offer is no longer in the system since it was rejected, and now the only one listed is my latest offer
or
2) My second offer has not been sent in
or
3) None of my offers have been sent in and she sent her other clients offer in

 

Ahh...sorry, I missed the fact that you had an agent.

No, have your agent send in the offer expiration/rescission notice.

If the house doesn't sell in the next two weeks, make an offer then-- for 5K less than your previous one unless the listing agent drops the price more.

 

Response time is v-e-r-y s-l-o-w on bank owned properties right now. You are dealing with people that don't actually personally own what is being sold. They are getting blamed for everything and don't want to make decisions which could cost them their jobs.

Combined with that, the rules are being modified on the fly. If you want the house and are fairly sure the offer will provide you value, be patient. The individuals working for the lender could care less if you cancel your offer, less work for them. If the offer is accepted, be prepared for more foot dragging. Banks are very bad at owning and selling houses. This is not something they are really set up to do.

Loan processing (approvals) through Wells are taking almost two weeks right now. The entire industry is in a funk and it is difficult and time consuming trying to get anything done.

It took me two months to get an REO sold and closed starting in December. The entire thing should have taken 14-21 days.

 

If you are waiting for a response from the listing agent rather than the bank, it could be even worse. The agents that list REO's typically have many, many listings and have to deal with the bank people from my prior post. The agents must treat their customer (the bank) with kindness and patience in order to continue to receive listings. Again, this is not the best way to do business but is a sign of the times.

 

I've got a question, to any that have been responding to this post.

Buyers in today's market, are you putting down or should you put down a nice sized earnest deposit? Is it even necessary with a formal offer being submitted?

Can someone explain to me how this works, especially in today's housing market?

thanks!

 

Earnest money deposit is just a sweetner to show the buyer that you are serious about buying. I have always recommended putting down just a token amount $500-$2000 for earnest money and having full qualification letter available. A promise to increase your down payment within 48-72 hours of acceptance makes more sense to me. You still need to be careful.

Any amount of money in escrow is at risk and out of your control should the deal fall apart. Money in escrow can be contested by either party and can't be released until both parties agree. Just my $.02, YMMV

 

Right on!! this is so true.

I'm sad that 1st time home buyers get Di*ked by realtors because of this lame strategy!!

 

I seriously disagree. Do the math. Why on earth would an agent play games with so much to risk and so little reward potential? We do have a code of ethics that most follow. But just do the math and think about what you have written. Agents are supposed to do what their client legally request. There is something called a counter offer if the seller thinks a price is too low.

This is not to say that all agents are honest but like with everything else, do stuff that makes some sense.