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Buying Bank-Owned Property |
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My husband and I are currently looking for homes. we were shown a foreclosed bank owned home by an agent a month ago and the house was listed at a high price and in horrible condition, my husband decided to put in an offer that was way lower than the price being asked, which at the time the bank denied us, and accepted a higher offer. About a week ago the same agent contacted my husband to let him know that the bank called him several times to see if my husband was still interested in this house and they would except his low offer if he submitted a proof of funds which he has, and he submitted the same day. The agent then informed my husband that he would let him know the results of if we got the house the following week, we never received an answer. This week my husband contacted the agent again and now the agent is basically telling us that were still being strongly considered but the bank wants to see if they receive a higher offer than ours. My question is to you is this fair to my husband and I as homebuyers? |
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Many people have written me that it's frustrating to try buying bank-owned (REO) properties. That's because you're probably dealing with committees, because banks have an obligation to stockholders and bank examiners to get the best possible prices, etc. You could have put a time limit on your offer, after which you'd be free to try buying something else. But if you do want that house and are willing to wait around, all I can offer you is sympathy and the advice to stay patient. |
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Edith
Originally published on January 25, 2008 |
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