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Replies (13)
- Reed Rothchild, "notion"
- Contributions:47
It's in your agents best interest to get you into a home ASAP! Why would she not put in an offer for you? Besides, when your offer reaches the bank is not up to your agent, it's up to the banks listing agent who will submit them to the bank when they have a few.Â
I would think if your REA went to the trouble to prepare the offer and you signed it, well then the works been done and why would he/she hang on to it?
- Daniela Joseph, "Daniela Joseph"
- Contributions:86
Reed is right. It is up to the listing agent to submit your offer to the bank. Though your agent can ask the listing agent if the offer has been submitted to the bank.....was it a short sale? Before it can go to the bank it has be ratified, which means all parties have to agree to every part of the contract. So after you submitted the offer you should have gotten a copy back with the sellers signatures on it. This way you would know that the sellers received the offer and it will be submitted to the bank.
- Endre Barath, "Endre"
- Contributions:96
I find it ironic, that you are questioning the Realtor who is representing you. Is this an issue of paranoid behavior Or is there a reason not to trust this person? Let me be clear if I wrote up 30 pages and explained it to you and spent 2-3 hours of my time, why would I not submit the offer to the Listing Agent?Ofcourse I would submit it. If I understand this correctly, maybe your Realtor was trying to let you know that the odds are slim ( since you are submitting a low offer)that the bank will accept your offer. I have found that all buyers need to go thru a seasoning process, understanding that if a property is well priced there could be 2-20 offers.Hence they will write a few offers, before they start writing what the property is really worth and then get acceptance. Hope this helps
- Linda Strasberg, "L Strasberg"
- Contributions:2314
I am very straightforward and direct in my dealings...I could not imagine taking my "pre-qualified' and/or "pre-approved" buyer out to look at several "bank owned' properties that fit their parameters...then zeroing in on one that is best suited to their wants and needs...writing up a strong offer and not staying in constant contact with all parties to this transaction.
- GS, "AAPL"
- Contributions:47
Linda, after reading a few of your posts I have to agree with some of the others here. You come across as a nice person but your posts reek of desperation. I can appreciate the fact that you need to market yourself but for your own good tone it down a bit. I'd be willing to bet you will have much better results if users on this board start to trust your insight and knowledge rather you cramming the sales pitch down their throat repeatedly.
Would you choose to buy something from someone who was obviously trying to work the angle of a sale at every opportunity or would you choose the person that has built the reputation and trust ?
Would you choose to buy something from someone who was obviously trying to work the angle of a sale at every opportunity or would you choose the person that has built the reputation and trust ?
- GS, "AAPL"
- Contributions:47
BTW in a few cases Endre may be right but if it takes you any longer than 15 minutes to print the diclosures, addendums, contract you are REALLY in the wrong business. I'm not an agent and I could prep a FAR/BAR contract in about 15 minutes on the buyer side. on the sell side maybe 30 minutes considering I would likely have to explain the disclosures and wait for them to check the boxes.. lol.
- Frank Becerra, "Las Vegas agent"
- Contributions:84
There is a very simple way to find out. If the agent is the one representing the seller as well, you can ask for her a confirmation of receipt, say from the package that she sent to the bank. If she is only representing you, you can request the fax or e-mail copy if she scanned the offer and sent it. There are records of everything. The tactic some agents use is saying that the bank has not responded, well here's news for those agents, the bank is not selling the house, the current homeowner is. The home owner will either accept or reject an offer, agents like keeping "back ups", I have the agents either accept or decline the offer, reality is that 99% of the banks want to see only the highest and best anyway. I hope this helps.
Las Vegas Foreclosures
Las Vegas Foreclosures
- GS, "AAPL"
- Contributions:47
Frank nope. In a short sale scenario the seller signs the contract but ultimately the bank has the final say if the amount does not saitisfy the note. soOOOOOooooo....... getting the " the bank has not responded" answer is very likely reality. I had a parcel years ago which the bank took almost 120 days to respond.
- Frank Becerra, "Las Vegas agent"
- Contributions:84
True, but the offer is initially accepted by the seller, the bank will determine if the selling price coincides with the bpo or appraisal they use and if the financial need is there.
The bank does not sign the listing agreement therefore is not the seller. The person placing the offer will get a response from the seller as to weather the offer has been accepted by the seller to send to the bank. The bank will not sign on the line for seller's acceptance, nor will they sign at title.
P/S. serves to clarify that I've had some agents give me that response without ever presenting the offer to the seller which is what I understood the original question to be.
From what was stated in the original question I don't seem to see that the buyer received a copy of the signed contract from the seller which is what I was responding to.
I know the bank will issue a letter of response with a net an all, but it seems the buyer hasn't even received a response from the seller.
The bank does not sign the listing agreement therefore is not the seller. The person placing the offer will get a response from the seller as to weather the offer has been accepted by the seller to send to the bank. The bank will not sign on the line for seller's acceptance, nor will they sign at title.
P/S. serves to clarify that I've had some agents give me that response without ever presenting the offer to the seller which is what I understood the original question to be.
From what was stated in the original question I don't seem to see that the buyer received a copy of the signed contract from the seller which is what I was responding to.
I know the bank will issue a letter of response with a net an all, but it seems the buyer hasn't even received a response from the seller.
- AmericanDreamszzz
- Contributions:8
what if your realtor has another client who put a higher offer than your offer?
- Denise Tower, "neighborhoodrealtor"
- Contributions:172
In a bank owned or short sale scenario the bottom line is all that matters. Your offer may have been lower but the other buyer may have asked for seller concessions whch reduced the net amount to the bank. How do you know your agent wrote another higher offer? Did your agent tell you? For the most part you need to be realistic when making offers on bank properties - they are already discounted and unless they are really torn up you aren't going to get one at 60-70% below market value.
- Principal Realty
- Contributions:15
It is in the best interest of your realtor to submit the offer.
Can I check and see if my realtor actually put my bid in??
Is there any way I can check to see if the offer has actually reached its destination (bank) yet?
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