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  • April 30, 2008 at 2:03 PM #12604
    Bane
    Participant

    WE found a house that has been foreclosed, it has a Prudential sign in front of it. It is not yet on the MLS, and Prudential’s recording says they have not yet received a price from the bank. I am interested in putting in an offer on this house. The listing agent says the bank (HSBC) will not take any offer submissions until the property is on the MLS.

    Is this a common practice by banks? Is it possible to offer directly to the bank?

    Anyone have any advice?

    Thanks

    April 30, 2008 at 3:21 PM #196771
    Eugene
    Participant

    Why would you want to make an offer before you know the price?

    April 30, 2008 at 3:21 PM #196804
    Eugene
    Participant

    Why would you want to make an offer before you know the price?

    April 30, 2008 at 3:21 PM #196830
    Eugene
    Participant

    Why would you want to make an offer before you know the price?

    April 30, 2008 at 3:21 PM #196891
    Eugene
    Participant

    Why would you want to make an offer before you know the price?

    April 30, 2008 at 3:21 PM #196852
    Eugene
    Participant

    Why would you want to make an offer before you know the price?

    April 30, 2008 at 3:38 PM #196862
    recordsclerk
    Participant

    Have the listing agent call you the day he’s going to put it on the MLS. I’m sure he would be more then happy to know that you are interested in making an offer. Banks are so busy that they just don’t care about accepting offers until they have a BPO done and are ready to list the property. Be patient because this could take awhile.

    April 30, 2008 at 3:38 PM #196901
    recordsclerk
    Participant

    Have the listing agent call you the day he’s going to put it on the MLS. I’m sure he would be more then happy to know that you are interested in making an offer. Banks are so busy that they just don’t care about accepting offers until they have a BPO done and are ready to list the property. Be patient because this could take awhile.

    April 30, 2008 at 3:38 PM #196840
    recordsclerk
    Participant

    Have the listing agent call you the day he’s going to put it on the MLS. I’m sure he would be more then happy to know that you are interested in making an offer. Banks are so busy that they just don’t care about accepting offers until they have a BPO done and are ready to list the property. Be patient because this could take awhile.

    April 30, 2008 at 3:38 PM #196815
    recordsclerk
    Participant

    Have the listing agent call you the day he’s going to put it on the MLS. I’m sure he would be more then happy to know that you are interested in making an offer. Banks are so busy that they just don’t care about accepting offers until they have a BPO done and are ready to list the property. Be patient because this could take awhile.

    April 30, 2008 at 3:38 PM #196781
    recordsclerk
    Participant

    Have the listing agent call you the day he’s going to put it on the MLS. I’m sure he would be more then happy to know that you are interested in making an offer. Banks are so busy that they just don’t care about accepting offers until they have a BPO done and are ready to list the property. Be patient because this could take awhile.

    April 30, 2008 at 6:45 PM #196871
    MoovanOnUp
    Participant

    Hi Bane
    I will give you an idea of the hassle I have been through and then maybe someone like SD Realtor can give you some advise. I went into a foreclosure with my agent and decided to make an offer. I low balled and made the offer right before they were to receive the NOT. The bank said no… they wanted to get around 90% of the BPO (Guess). In my case I had an agent who had never worked with short sales and a broker who said he would work with me, only to have him send me a threatening email when I contacted the listing agent to find out about the BPO. The house has interior unfinished construction and I wanted to know if the bank had photos and knew the extent. They postponed the NOT and we are just sitting with a new offer at the bank. In the end I think it might have been better to wait and buy as REO, but the current owners are living free for almost a year.
    Therefore, if it is already an REO you might be better off.

    April 30, 2008 at 6:45 PM #196838
    MoovanOnUp
    Participant

    Hi Bane
    I will give you an idea of the hassle I have been through and then maybe someone like SD Realtor can give you some advise. I went into a foreclosure with my agent and decided to make an offer. I low balled and made the offer right before they were to receive the NOT. The bank said no… they wanted to get around 90% of the BPO (Guess). In my case I had an agent who had never worked with short sales and a broker who said he would work with me, only to have him send me a threatening email when I contacted the listing agent to find out about the BPO. The house has interior unfinished construction and I wanted to know if the bank had photos and knew the extent. They postponed the NOT and we are just sitting with a new offer at the bank. In the end I think it might have been better to wait and buy as REO, but the current owners are living free for almost a year.
    Therefore, if it is already an REO you might be better off.

    April 30, 2008 at 6:45 PM #196898
    MoovanOnUp
    Participant

    Hi Bane
    I will give you an idea of the hassle I have been through and then maybe someone like SD Realtor can give you some advise. I went into a foreclosure with my agent and decided to make an offer. I low balled and made the offer right before they were to receive the NOT. The bank said no… they wanted to get around 90% of the BPO (Guess). In my case I had an agent who had never worked with short sales and a broker who said he would work with me, only to have him send me a threatening email when I contacted the listing agent to find out about the BPO. The house has interior unfinished construction and I wanted to know if the bank had photos and knew the extent. They postponed the NOT and we are just sitting with a new offer at the bank. In the end I think it might have been better to wait and buy as REO, but the current owners are living free for almost a year.
    Therefore, if it is already an REO you might be better off.

    April 30, 2008 at 6:45 PM #196920
    MoovanOnUp
    Participant

    Hi Bane
    I will give you an idea of the hassle I have been through and then maybe someone like SD Realtor can give you some advise. I went into a foreclosure with my agent and decided to make an offer. I low balled and made the offer right before they were to receive the NOT. The bank said no… they wanted to get around 90% of the BPO (Guess). In my case I had an agent who had never worked with short sales and a broker who said he would work with me, only to have him send me a threatening email when I contacted the listing agent to find out about the BPO. The house has interior unfinished construction and I wanted to know if the bank had photos and knew the extent. They postponed the NOT and we are just sitting with a new offer at the bank. In the end I think it might have been better to wait and buy as REO, but the current owners are living free for almost a year.
    Therefore, if it is already an REO you might be better off.

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