I received a REO Listing that was set to go to REDC Auction. The auction came and went, and it was not purchased at the auction. I received an email from the Asset manager, saying that the home was out of her hands now, and I should go and remove my lockbox, and if the bank wants me to list the home, they will contact me.

I went out this weekend to remove the lockbox, and was met by an investor that was there and was interested in buying the property.

I have not been contacted by the bank for me to relist the property…and I guess it is in limbo. What should I do?? The potential buyer has contacted me about 5 time today already in hopes of making an offer on the home. Should I send the offer to the old asset manager?? Should I send the offer directly to the bank?? If i send it directly to the bank, I do not even have a contact to send it to :-(

What should I do??

MIKE BOULWARE
mcavreo@gmail.com

Ask Jeeves.

You should call the BANK today and have the file number handy for the property and ask for a supervisor. Tell them what happened and that you have a buyer interested and your being left in the dark here and are they going to send you a new listing agreement to get it sold or a compensation agreement for the offer from the buyer.I would hurry up and talk to them before they assign to someone else. It sounds like the bank listed it with you through an assett company and it didn't sell,tried to sell at auction and it didn't sell so now they are weighing the option unhappy with things.

The issue is is the bank realistic on price??? Have your other offers before auction been shot down?? All you can do is call and try..good luck

Thanks Super realtor.
I originally received the property as an Auction property, through GRC. It was previously on the market with another realtor and the pricing was outrageous. That realtor actually did not want to deal with it anymore when it went to auction, and they passed it over to me.

GRC is typically easy to get ahold of..Yeah I would try to contact the prior AM ASAP!!!!!!!!!!!!!

I would get the official offer in writing in my hand and contact the previous AM; then negotiate your butt off with the AM why they should accept this offer even if it doesn't meet their financial parameters. Especially, if you had previous offers that were not accepted and since it didn't sell at auction.