Q: I recently submitted an offer on an REO house with an expiration so we could hear back quickly and avoid a ?highest & best offer? situation due to multiple offers. Come to find out, the listing agent that received the offer from my Realtor didn?t submit the offer before the expiration because he wanted to wait until more offers came in and present them all to the bank. Is this legal to hold on to an offer past the expiration before submitting it to the bank?
?Angry Buyer, Coldwater, MI
A: REO and short sale contracts are not handled the same as normal contracts. Typically while you still have deadlines you are required to meet, the banks are not required (and couldn?t care less) about meeting any deadlines you try to put on them. You have no knowledge of whether or not the agent was following the bank?s instructions as well. I would suggest thatbyoubtalk to your Realtor and if that does not satisfy you, with the Broker forbthe other Realtor, for a clearer understanding of what the REO normal processing for that bank in your area is.
Dale Weir is a Realtor? with Coldwell Banker Gundaker in Chesterfield, MO.
A: Sellers may instruct their real estate agent to hold all offers for presentation at a particular time. If so, that information should be communicated to each of the real estate agents submitting offers from buyers on that property.
While legal requirements may vary from state to state, it is only ethical (and required in California) that all offers be presented to the Seller and on a timely basis. The exception (mentioned above) is if the Seller has specifically instructed their agent to hold offers until a particular time for presentation. On REO homes, properties often need to be ?on the market? for a specified number of days before the bank will consider offers. Check with your Realtor to see if that information was specified on the MLS.
Debra Kroon is a Realtor? with Yosemite West Real Estate in Yosemite, CA.
A: Dear MI,
This is a very common thing that happens as many agents operate in the gray area. In my book, REO BOOM I talk about this exactly. How agents use the ?3 shady offer tactics? to cherry pick which offers get put to the top. It is very important when buying an bank owned property (REO) that you use the right real estate agent from the beginning as they can make or break your dream home purchase. Nothing is worse than being physically and mentally prepared for a move when all of a sudden someone bids you out. I have an entire chapter on this called ?the multiple offer monster? which is crucial to understand when buying an REO. Generally, all real estate agents/brokers must present all offers unless their clients (banks) told them to withold offers but highly unlikely. Find out which bank was on the title of the REO and call their hotline number to see what you can do about it. Good luck.
Aram Shah is a Realtor? with Florida Capital Realty in Doral, FL.
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