Follow The Offer IV

August 12, 2010 · 3 comments

I’ve love to say I had a status on the offer we made last week that I’ve been posting about

But, unfortunately, still no word. We called the listing agent yesterday to ask the status, she said she’d look into it and get right back to us, and then no return phone call. It’s not too surprising that the bank is stalling — they’re hoping to get a higher offer in the meantime — but I normally expect better communication from the listing agent. Even if it’s only a phone to say, “I haven’t heard anything…”

Anyway, we’ll follow-up with her tomorrow and see if there is any new news…

UPDATE: We just found out that our offer was rejected by the bank. At this point, we’ll wait to see if there is a price drop in the near future, and if so, we’ll likely resubmit our offer.

3 responses to “Follow The Offer IV”

  1. Mike says:

    Its funny when these banks just reject the offer…like they’re so offended that they can’t even reply. I just had one do the same thing. I offered 61k on a 75k property and they rejected it then 2 weeks later lowered the asking to 65k. I resubmitted the same offer and we settled at 63k. We could’ve done that 2 weeks before! I guess they just wanted to wait to see if something better came in.

  2. J Scott says:

    Mike –

    You’re absolutely right! I’m thinking there is still a 50/50 shot we get this house. My wife is going to offer the listing agent our full side of the commission if she can convince the bank to be reasonable…

  3. steve says:

    I think it looks like banks are “playing games” more than they really are. I know they all have certain thresholds from the listing price. One asset manager we deal with can only accept 7% under the listing price without going to the manager for approval.

    So chances are if they get no action they’ll do a price reduction and eventually be able to accept your offer.

    What I don’t get is, oftentimes they counter offers back at full-price, without moving at all.

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