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Agent Refused Offer |
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I recently made an offer on a REO that was rejected by the listing agent becuase I had preapproval from a correspondent lender as opposed to a direct lender such as Countrywide, BOA, etc. My cash deposit and earnest money were well over 20% the price. (When I say rejected, I mean the listin agent wouldn't even present the offer to the lender that currently owns the REO.) My credit is excellent and I have a great income. This is the first time I've heard of this practice. Is this normal with REO's? |
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Agents are required by law to present all written offers promptly to the property owner. Failure to do so should be reported first to the managing broker in that office, and then to the state licensing authority.
Of course there's always a chance that the bank that owns the property gave instructions that they didn't want to see any offers like yours, and that the agent had a right to refuse them. That's not likely, though. Talk directly to the lender/owner about it.
Let me know what happens; I'm interested. |
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Edith
Originally published on August 4, 2008 |
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