questions on offering ona foreclosure

[MoovanOnUp]

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.

[Bane]

It is already an REO. They just haven’t given the listing agent a price yet.

As to the other question on why I would want to offer before it is listed, I have pulled the foreclosure report and I think it is worth what is left on the first. I really like the house, so the idea is to hopefully not have to wait a long time. My thought is maybe the bank will accept a reasonable offer right away.

So far I don’t know who to contact at the bank, and my realtor doesn’t seem to know how to handle an offer directly to the bank (or isn’t willing to).

[Bane]

It is already an REO. They just haven’t given the listing agent a price yet.

As to the other question on why I would want to offer before it is listed, I have pulled the foreclosure report and I think it is worth what is left on the first. I really like the house, so the idea is to hopefully not have to wait a long time. My thought is maybe the bank will accept a reasonable offer right away.

So far I don’t know who to contact at the bank, and my realtor doesn’t seem to know how to handle an offer directly to the bank (or isn’t willing to).

[Bane]

It is already an REO. They just haven’t given the listing agent a price yet.

As to the other question on why I would want to offer before it is listed, I have pulled the foreclosure report and I think it is worth what is left on the first. I really like the house, so the idea is to hopefully not have to wait a long time. My thought is maybe the bank will accept a reasonable offer right away.

So far I don’t know who to contact at the bank, and my realtor doesn’t seem to know how to handle an offer directly to the bank (or isn’t willing to).

[Bane]

It is already an REO. They just haven’t given the listing agent a price yet.

As to the other question on why I would want to offer before it is listed, I have pulled the foreclosure report and I think it is worth what is left on the first. I really like the house, so the idea is to hopefully not have to wait a long time. My thought is maybe the bank will accept a reasonable offer right away.

So far I don’t know who to contact at the bank, and my realtor doesn’t seem to know how to handle an offer directly to the bank (or isn’t willing to).

[Bane]

It is already an REO. They just haven’t given the listing agent a price yet.

As to the other question on why I would want to offer before it is listed, I have pulled the foreclosure report and I think it is worth what is left on the first. I really like the house, so the idea is to hopefully not have to wait a long time. My thought is maybe the bank will accept a reasonable offer right away.

So far I don’t know who to contact at the bank, and my realtor doesn’t seem to know how to handle an offer directly to the bank (or isn’t willing to).

[jpinpb]

I have a question. Bane, you mention you think it is worth what is left on the first. Does this mean there is a second or third?

Questions for some experts. If there are seconds or thirds on a property, what happens to those?

If there is a short sale and the first agrees to a lesser amount and second doesn’t, then what?

Can one negotiate w/the first and first accepts, what happens to second?

If it goes to foreclosure and first accepts less that what is owed, what happens to second?

[jpinpb]

I have a question. Bane, you mention you think it is worth what is left on the first. Does this mean there is a second or third?

Questions for some experts. If there are seconds or thirds on a property, what happens to those?

If there is a short sale and the first agrees to a lesser amount and second doesn’t, then what?

Can one negotiate w/the first and first accepts, what happens to second?

If it goes to foreclosure and first accepts less that what is owed, what happens to second?

[jpinpb]

I have a question. Bane, you mention you think it is worth what is left on the first. Does this mean there is a second or third?

Questions for some experts. If there are seconds or thirds on a property, what happens to those?

If there is a short sale and the first agrees to a lesser amount and second doesn’t, then what?

Can one negotiate w/the first and first accepts, what happens to second?

If it goes to foreclosure and first accepts less that what is owed, what happens to second?

[jpinpb]

I have a question. Bane, you mention you think it is worth what is left on the first. Does this mean there is a second or third?

Questions for some experts. If there are seconds or thirds on a property, what happens to those?

If there is a short sale and the first agrees to a lesser amount and second doesn’t, then what?

Can one negotiate w/the first and first accepts, what happens to second?

If it goes to foreclosure and first accepts less that what is owed, what happens to second?

[jpinpb]

I have a question. Bane, you mention you think it is worth what is left on the first. Does this mean there is a second or third?

Questions for some experts. If there are seconds or thirds on a property, what happens to those?

If there is a short sale and the first agrees to a lesser amount and second doesn’t, then what?

Can one negotiate w/the first and first accepts, what happens to second?

If it goes to foreclosure and first accepts less that what is owed, what happens to second?

[SD Realtor]

Bane a couple of comments for you.

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?

SD Realtor

[SD Realtor]

Bane a couple of comments for you.

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?

SD Realtor

[SD Realtor]

Bane a couple of comments for you.

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?

SD Realtor

[SD Realtor]

Bane a couple of comments for you.

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?

SD Realtor

[Author]

Posts