First off, it is now common practice for many an REO listing to get some form of marketing prior to pricing. The listing agent cannot put it on the MLS because he doesn’t know the price yet. The bank will not let him set the price, apparently they will not establish a price until the BPO is completed and they complete their own analysis. Thus, the agent can go ahead and put a sign out. In fact I have seen more and more of this.
This does present a dilema. You (or your agent) can give the listing agent your contact information and trust that they will call you the minute the get the BPO and price the home. Better yet, but more of a pain in the ass, you or your agent should pretty much call the listing agent every single day and once pricing is established, send your offer in. If this is a desireable home then I hate to say it, there will be more then your offer so be ready for a bit of activity. In all likelihood the listing agent will come back and say, okay we have x offers. The lender is now asking all buyers to come in with the best and highest offer. You can choose to respond in whatever manner you like. I am not saying to do this or to do that, that you should or should not buy, I am only telling you how I have seen things play out for REO properties that are more desired or priced uber aggressively.
Unfortunately, (and not meaning to be harsh) it doesn’t matter what you think the house is worth, nor is it worth your time trying to submit to the lender. The fact is that the lender has already employed Prudential to represent them for this listing. There is no alternative here. Thus either you or your buyers agent get cozy with the listing agent, and politely pester them daily until they get pricing, and then act or don’t act.
Again, your realtor has no say in sending something in straight to the bank. The listing is a Prudential listing. You kind of see what I am saying?
