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Replies (7)
- David Barr, "dpbarr2000"
- Contributions:280
The seller can sell to whomever it wants. If they deem the intangible value of donating the property to a non profit entity to be greater than the cash value in a sale, they can sell to them. Just because you make an offer does not mean a seller is bound by law to sell it to you.
- John Stewart, "nwhome.us"
- Contributions:2166
Bank Owned Real Estate is usually listed with the stipulation that their cover page, check list, is signed and submitted will all offers. The cover page usually includes language to the effect that they don't have to respond to anyone until they have made up their mind and that they can take as long as they want to do that. They simply wait until the right offer comes in and then accept it.
Welcome to the REO world.
Welcome to the REO world.
- 338lapua
- Contributions:3
David & John,
thanks for taking the time to reply to the post here.
David,
I didn't think that they had were bound by law to sell to me, afterall they didn't accept my offer yet. If they did accept the offer, then back out of course that's entirely a different story... but just not this case.
John,
I have no idea what the stipulation was, to be honest the property came on the market and we pounced on it quickly. The listing agent (on his end) is looking into the stipulations, since i'm not dealing directly with him and working with another realtor i get spotty info at best. Yes banks can do whatever they want, whenever they want. As for waiting for the right offer, we'll simply put they aren't even accepting any offers from the selling agent at all so I do not believe that could be their current strategy. One would think if that was the case, that they would be accepting offers, and or perhaps a cash sale for full asking price would have been acceptable to them.... but then again, banks are defying logic these days in the first place.
thanks for taking the time to reply to the post here.
David,
I didn't think that they had were bound by law to sell to me, afterall they didn't accept my offer yet. If they did accept the offer, then back out of course that's entirely a different story... but just not this case.
John,
I have no idea what the stipulation was, to be honest the property came on the market and we pounced on it quickly. The listing agent (on his end) is looking into the stipulations, since i'm not dealing directly with him and working with another realtor i get spotty info at best. Yes banks can do whatever they want, whenever they want. As for waiting for the right offer, we'll simply put they aren't even accepting any offers from the selling agent at all so I do not believe that could be their current strategy. One would think if that was the case, that they would be accepting offers, and or perhaps a cash sale for full asking price would have been acceptable to them.... but then again, banks are defying logic these days in the first place.
- ConnieK_Oklahoma
- Contributions:2899
I had something similar happen to me - I was the listing agent, I had a hard to sell REO property for a while, the bank wouldn't mow the yard, they wouldn't return my phone calls/emails. I received an offer, put it in the system and nagged at them for a response for a few days and then received a call from some other contact at the loan servicing company that the offer was cancelled and the property had been donated and the final papers for the donation were in order, then they sent a thank you check to my office for $200 and it was made out to some other company.
I don't try to make sense of things REO companies do.
house still sits there vacant. REO company had it advertised on their site which I can't edit for another month and I continued to get phone calls asking about it.
Sometimes they have reasons for decisions that they make, sometimes it is a lack of organization within the organization. Dont' know- (had 3 more odd listings with same company before I notified them to take me out of their list).
I don't try to make sense of things REO companies do.
house still sits there vacant. REO company had it advertised on their site which I can't edit for another month and I continued to get phone calls asking about it.
Sometimes they have reasons for decisions that they make, sometimes it is a lack of organization within the organization. Dont' know- (had 3 more odd listings with same company before I notified them to take me out of their list).
- Cindy Quinton, "Cindy Quinton"
- Contributions:1322
With crazy business practices like this eventually the banks are going to be all over the front pages of the news being painted as villians, worse yet they might need the tax payers to bail them out....
Oh wait a minute...
Oh wait a minute...
- Michael Emery, "MikeEmery"
- Contributions:7298
I can't speak for JPMC but I have seen that kind of language on MLS. Often the lender is considering bundling the home into a package of homes that will be sold or donated to a non profit for rehabilitation and resale. There's probably some tax advantage to JPMC that they wouldn't attain if they were to sell it outright.
I don't think they're stalling your contract so they can relist at a higher price.
I don't think they're stalling your contract so they can relist at a higher price.
- 338lapua
- Contributions:3
Michael,
Thanks for your advice, it's actually not even a home. It's just 1/2 acre of raw land, nothing more.
Who knows that JPMC is thinking besides JPMC.
Connie,
Thanks for your input too, I know REO stuff is tough to sell from a realtor aspect. I guess this situation would be unique from your situation a bit. The property went on the market on Satruday, within 36 hours of it being listed on the market I made a CASH offer for full asking price, no contingency, and submitted a verification letter (and account statement) of available funds, with a copy of a certified check for $1000 in earnest money payable to the title agency here.
All in all were not talking millions of bucks here, or hundreds of thousands... honestly it's in mid $20k range, so not sure what tax advantage can be attained with a $20k chunk of property.
Thanks for your advice, it's actually not even a home. It's just 1/2 acre of raw land, nothing more.
Who knows that JPMC is thinking besides JPMC.
Connie,
Thanks for your input too, I know REO stuff is tough to sell from a realtor aspect. I guess this situation would be unique from your situation a bit. The property went on the market on Satruday, within 36 hours of it being listed on the market I made a CASH offer for full asking price, no contingency, and submitted a verification letter (and account statement) of available funds, with a copy of a certified check for $1000 in earnest money payable to the title agency here.
All in all were not talking millions of bucks here, or hundreds of thousands... honestly it's in mid $20k range, so not sure what tax advantage can be attained with a $20k chunk of property.
JPMC changed property's status after listing a property and I made an offer prior to.
As of this morning the selling agent had forwarded it onto JPMC for consideration (entirely clean, no stipulations, cash sale). About 6 hours later the agent at JPMC responded with this:
"JPMC is considering this asset for sale or donation to a nonprofit buyer. Offers will not be negotiated until determination."
My agent (sellers agent) and the listing agent are entirely baffled by this. My selling agent has been selling property for 25+ years and has never, ever seen anything like this before. We have no idea what they are thinking here, are they trying to "stall" to let my offer lapse so they can relist it for more money???
Does anyone here have experience with JPMC on stuff like this, or have you seen anything like this?
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