Profile picture for terrell71

REO home listed as pending without ever being on market for general public?

I was following a REO home and contacting the bank periodically to see when the home would be put up for sale.  Well, I notice the home was eventually placed on the market, but the first day on the market had it listed as "pending".  Is this common? I was never given a chance to place a bid on the property and would it be worth contacting the bank?
  • November 25 2012 - US
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Answers (4)

Profile picture for BoulderBobGordon
Real Estate for buyers and sellers is about HOUSES.  Real Estate for Realtors is about PEOPLE.  Find an agent you trust, sign an AGENCY agreement and have someone start helping you get the house you want.  The bank is not going to deal with you - you were already in touch with the bank and they went to their agent - their PERSON - to get the house sold. Great houses are selling in hours to days in this current market.  I have been thinking about writing a BLOG on this very topic.  For me, Real Estate is definitely about people, not houses. Good luck. 
  • November 26 2012
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It is possible for a bank owned property to go into pending status the first day it is listed. However, many banks have systems in place that keep these things from happening (since as you know, it can look a little shady at best). 

I recently bought a Wells Fargo REO, which I had been watching for months. They would not accept offers for 7 days, and then they took offers on the 8th day.

They also allow non-profit institutions to purchase homes before they go on the market. If that happens, they may pre-market the home, and it would go pending the day it was placed on the market.

It might be worthwhile to get your agent to contact the listing agent and see if they will consider your offer...and/or take a back up offer. It will be difficult to contact anyone at the bank (you could spend all day trying to contact the right person and never get them).  
  • November 25 2012
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Profile picture for terrell71
Thanks Stephanie for your response - so to be clear, is it possible for a home to go into pending status the very first day it hit the market?  I would think even if a person made a cash offer day 1 there would have to be paperwork or some sort that would allow a few days from listing before becoming pending.  This property listed as pending the very first day on market.
  • November 25 2012
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Many times others follow listings the same way so they contact an agent that follows listings closely, they often find more information before listings go public and give the heads up to clients they know are looking for something in particular ahead of time. Sometimes people come in with cash offers as well and they tend to go through faster. You can still try to contact the bank and find out more information, just because it is pending it has not closed and things can still fall through.
  • November 25 2012
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