I made an offer on an REO, the listing agent told me to get it in by Wednesday a.m. so that she would submit all five that morning. Well I got my offer in, tried to get a hold of her for a couple of days w/no luck. I finally got her yesterday, Monday, & she said she had not submitted the offers because the system had been down (yeah right), now she has 13 offers! I was so upset...I hate dealing w/agents like that & I guess there are plenty of them. I don't think my offer will be accepted cause it was not too high & I am sure she has gotten plenty others much higher.

If you knew there were five offers already and your offer was low why are you annoyed?

The web site/portal might well have had issues.

If the property was attractively priced (and liable to get multiple offers) why would you not put in your client's highest and best to try and get the property first time.

I hate agents who screw around with crappy offers and whine and complain when they don't get the property.

The asset managers control acceptance and the agent has little to do with it being just a method of uploading offers to the offer management system.

If you can't delivewr a sensible offer in a multiple offer situation let's not hear the whining here.

Nigel

The banks I deal with have been streamlining the offer and acceptance process in a major way. Some won't even spend time to wait for all the offers to come in, and when more come in, they just say tell them its sold and keep it for a backup.

Well the property is listed at $224k and my buyers offer is $180k, that is all they qualify for. I tried getting $200k but they did not agree on the price. That is all that I can do, & I am just saying that if the agent hurried me to place my offer in by Wednesday morning because she was going to submit them that same day, that is what I expected. Also, I left her a couple of messages & she did not return my call.
The REO that I closed a couple of months ago went very smooth, but I know all agents work differently.
As for your comments, I have a right to express my feelings and all listings get different offers wether high or low. I am not whining I am just saying what has happened. Wether or not I have the right offer, I know an agent has a certain time frame to submit all offers not hold them for days.

If you can't whine among friends, what good are they? Whine all you want, Zoila!

We should be able to appreciate the highs and lows and counsel each other productively. There are better ways he could have delivered some tough love, but I am not sure there is any love!

Thanks,
I appreciate your words. I always get good info from all of you, that is why I post.

Unlike dealing with home owner when submitting an offer, REO houses take more time and patience: Asset managers have hundreds of REOs to supervise and respond to all offers, but they work regular hours, and the volume of offers is so beyond of what normal human can do. And don't blame a listing agent for being late or not presenting the offer the same day that it was received, again it's not an owner occupied property, and multiple offer situation happens very often, so the best offer will be selected from the pile of low-ball ones, also she isn't required to return every phone call regarding the offer or its status either due to volume of her inventory.
It is always a good idea to inform your buyers about placing a fair offer on REO, and many agents should learn more about submitting offers on REOs just to be aware what can happen next. Sure, we all have a fiducary duties to our clients/buyers and try to get them the best possible price, but sometimes just agains our better judgement, we allow our clients to manipulate us and submit a low offer regardless of accurate CMA/BPO and current market condition which show that particular REO is already deeply discounted, so better to make a good offer. I sold and listed many REOs, and just wanted to share. Thanks for reading!

You think that's frustrating then you should try investing.You have to look at alot of DOGS and overpriced CRAP to find a good one.When you do find a good one you have to get it at the right price under contract before multiple offers are presented.

Lost one today that someone outbid me cash on.What can you do??

Nothing you just have to move on and another day someone else will win out.With offers you win and lose some.

Not cool that we held on to the offers. I am sure that we were too busy and just finally got around to putting the offers in the system. Typically that is the issue with one of our Big Wigs here. If I can avoid it, I don't even show theirs. I had them have the gaul to say, oh we have a past due balance of over $1,000 on our electric bills so they just happened to pick to close a few of our electric accounts, can you have your buyer put the electric in their name for inspections. So I went ahead and asked the buyer, he did, didn't like inspections, walked and of course he bought through another agent b/c I told him that short sales usually took 3-4 weeks to get an answer back on offers, he didn't believe me!!! This company does NOT service their clients, I have gotten a few properties reassigned from them and I am surprised that the banks have not gone after them for negligence and FRAUD. Not going any further.

Sorry to tell you this but if the "system" was down, offers can't be submitted. Why do buyers' agents think some big conspiracy is going on? REOs are a different kind of animal. Everything has to be done through whatever "system" that bank uses. If it's down, most of the time, the asset manager tells you to wait and submit when it's back up and running.

Even if your offer was the highest of the bunch, it is probable that you'd get a counter because the property is "hot". If they can't go any higher, you probably don't have a deal anyway.

Hey all I do are list foreclosures and I have NEVER had a "system" down where I couldn't submit offers for days! There is NO way a system was down for 5 days. (and if it was they should have been submitted via email) She was busy and didn't get her butt on the computer to submit the offers OOOOOORRRRR she was waiting until her own buyer got their act together to get their offer in so she could get both sides! (notice that the agent didn't get a return call) Seems to me that this was a person that was too busy....Hey word gets around when you jerk agents around and then they don't show your properties. Yes maybe her offer was low but that doesn't mean we need to tell fibs and not get back to people at least pop them a quick email.

I had an issue with systems being down just yesterday, not 5 days by any means, but it does happen...

Well, if the listing agent is anything like me, they probably didn't check it over the weekend. If you look at it that way, they missed 2.5 business days. Definitely a long time for a system to be down, but it's happened before and is happening right now for some of my clients (Ike).

My bigger question is to the buyer's agent. Why are you showing people homes that are listed at $224K when they are only approved for $180K? That's a complete waste of time.

Well I do check offers, answer, return calls over the weekend and those offers were supposed to be submitted on Wed...when did the offers start coming in the week before???
Yes well Ike a HUGE hurricane she didn't mention that could possible be a problem.

PS yes I cannot stand when the reasoning that the buyer offered WAY below the asking price is b/c that is all they are approved for. PLEASE remember!!! To all buyer's agent: REOs are now being priced reasonably and they are not (typically) going down on their pricing! They are priced well and typically are going for close to their asking price. Also keep in mind that everytime you present a LOWBALL then the seller either declines the offer or they come down $900 on their counter offer!!! It is honestly a waste of everyone's time to throw a low ball offer ESPECIALLY if the buyer has never seen the property, just throwing numbers out there assuming something's gotta stick!!!!!!!! Please not only value your time but also the listing agent's time. Thank you!

Oh this is getting good, hey would someone pass the popcorn.