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Why Can’t We Get Bank to Sell Us REO?

Questionmarks wide Why Can’t We Get Bank to Sell Us REO?

Q: We have put two offers on a bank-owned home that has been vacant since 2008. The Realtor said they countered us the first time $4000 less than the asking price. The second time they said they did not budge. How do we know if the information we are receiving is true? Do banks want to hold onto the property that long? The house has had items removed and I’m not sure if the bank is aware of it or not. – Mandy in Ohio

A: In my experience selling a REO or bank owned home, I would say the bank wants to sell and may be firm on price based on a recent appraisal. I would ask the listing agent for a copy. The appraisal may note the items that are missing; if not you could note them in your offer. Could the $4,000 less than asking price counter be the determined value of the missing items?

Carol Donatelli is a Realtor® with Robert DeFalco Realty in Colts Neck, NJ.



A: As to the offer scenario, are you putting your offers in writing and is the Realtor responding with a written counter offer or rejection of your offer? Make sure everything in a real estate transaction is in writing and request that the Realtor do the same. If you have concerns you feel are unanswered, schedule an appointment with the Realtor’s Broker and see if you can get the answers your need.

My next question is do you have a Realtor in this transaction who represents your interest? If not, you may want to find a Realtor of your own to represent you as a buyer’s agent in future transactions. As to the complexities of foreclosure sales, there are many different answers and many different scenarios.

Julie Chapman is a Realtor® with Chapman Realty in Brunswick, GA.



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