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Replies (4)
- Ronald Escobar, "Ron Escobar"
- Contributions:305
No one is under any obligation to tell offerors whom they are negotiation with.
unfortunately banks handle thousands of offers, and they look at it as a process... the do not really care much about the human side of things...
best of luck!
Ron Escobar, MBA
Broker & General Contractor
unfortunately banks handle thousands of offers, and they look at it as a process... the do not really care much about the human side of things...
best of luck!
Ron Escobar, MBA
Broker & General Contractor
- wetdawgs
- Contributions:26790
Unfortunately real estate is not an open book. The lenders select one and run with it. If you wish to know exactly who you are competing with so you can respond immediately, the auctions on the court house steps are the closest.
Things that make your offer more attractive? All cash deal and higher price. Any contingencies would drop your offer to the bottom.
My Dad always told me life wasn't fair.
- Darrell Self, "Darrell Self"
- Contributions:349
The seller is not under any obligation to even respond to an offer. The only oligation in regard to and offer is that the listing agent present that offer to the seller.
- RichardReid
- Contributions:197
Banks are not open about anything with respect to offers or negotiations, and most are slow about everything.
When you enter into a negotiation with a bank in either a short sale or a foreclosure, you need to know what you are getting into - and you need an agent with experience to have a real chance.
Banks care most about net to them and a quick closing - once they decide you have a deal. They want the property off their books for the highest dollar value they can earn.
Unfortunately their delay tactics often reward them. The longer they wait to respond, the more likely they will have competing offers on the same property. This validates them in a number of ways, and it creates the most challenging situation for the buyer in almost every way. The one exception I have seen here is - once a bank has multiple offers, they do tend to choose one to work with, and they actually engage.
Don't be fooled though - they will work the one deal - if it falls through, most listing agents are just putting it back on the market with no notice to previously interested parties.
If you want a property with bank involvement you have to be diligent, persistent, and have an agent who is willing to stay on top of the process. Any piece that gets missed in this process can be very costly.
When you enter into a negotiation with a bank in either a short sale or a foreclosure, you need to know what you are getting into - and you need an agent with experience to have a real chance.
Banks care most about net to them and a quick closing - once they decide you have a deal. They want the property off their books for the highest dollar value they can earn.
Unfortunately their delay tactics often reward them. The longer they wait to respond, the more likely they will have competing offers on the same property. This validates them in a number of ways, and it creates the most challenging situation for the buyer in almost every way. The one exception I have seen here is - once a bank has multiple offers, they do tend to choose one to work with, and they actually engage.
Don't be fooled though - they will work the one deal - if it falls through, most listing agents are just putting it back on the market with no notice to previously interested parties.
If you want a property with bank involvement you have to be diligent, persistent, and have an agent who is willing to stay on top of the process. Any piece that gets missed in this process can be very costly.
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