Listed on bank REO site, listing agent will not present offer

43 Replies

I found a listing on a bank REO website a couple of months ago on a property we could afford to pay cash for. it is NOT listed on the MLS. Our agent took us to view the property the day after it was listed on the website. There was not a door handle to get inside. Viewing through the windows was enough. We immediately signed a full cash offer no contingencies. When my agent called the listing agent he was rude, curt and hung up quickly. After calling him again he said it was not ready to take offers, the property is going to auction.com. My agent submitted an offer anyway... no response. A few days later the listing agent called and said send the offer over. We did. Then he says 'sorry we jumped the gun' we're not ready yet. Have to evict someone. (There was NO ONE living in the property.) Every time my agent calls, he says 'still not ready.' I have called the asset management department of the mega bank. They are limited in what they can do from a call center. Anyone else have this problem or advice? I really really want this place.

I had something similar happened with a property on the MLS. My agent told me that everybody has trouble with that listing agent. Apparently he takes these listings on a very low flat fee basis. He would not return calls and would be very rude in the hopes that investors just contact him directly, so he would get both sides of the commission. Also he hoped that his buyers would win the deal with less competition. I don't know if something fishy like that is going on here, but with agents, It is always a play for money

@Melita Costoso , if YOU owned this property, would YOU sell it for no more than your own cash Offer? Well, Banks have largely woken up to themselves, meaning, why should THEY? In fact, they are OBLIGED to sell it for what the market will pay, right?

Anything less, and there very well may be fishy goings on....

Call the bank, ask for the REO department....ask for the asset manager for that particular property using the address.

Ask that person whats the deal as there appears to be an issue with the listing agent trying to pocket list the home.  

If it is listed and you have a full price offer, it must be presented, and, if the offer to sell is accepted it's sold, you're accepting the bank's offer to sell. Send it along with a cover letter to the department of real estate, if you want to play hard ball, file a lis pendens of the offer to sell being accepted. Doesn't matter if it's a mega bank, the agent probably screwed up, if they won't sell, it's on them as well as the agent. An attorney can light a fire under them. If you have the intent to occupy the property later on, file a complaint with the CFPB, they are bigger than that bank. :) 

Originally posted by @Leigh C :

Call the bank, ask for the REO department....ask for the asset manager for that particular property using the address.

Ask that person whats the deal as there appears to be an issue with the listing agent trying to pocket list the home.  

I have called the bank and they asset managers do not accept calls. The only number available is to their call center. They put in a complaint and called the agents broker. We got cooperation for about a week or two, thus the 2nd offer, then nothing. It's still on the banks website and not on the MLS. Was thinking of contacting the Dept of RE.

 @Bill Gulley  would you go about it that way or have the agent fax the offer to the asset management department with a letter stating the agent is uncooperative? Mind you, the fax number just a number from their website.  I'm not sure it will get any attention.

 My boyfriend just reminded me our 2nd offer was $2500 OVER asking.

Originally posted by @Melita Costoso :

 @Bill Gulley  would you go about it that way or have the agent fax the offer to the asset management department with a letter stating the agent is uncooperative? Mind you, the fax number just a number from their website.  I'm not sure it will get any attention.

 My boyfriend just reminded me our 2nd offer was $2500 OVER asking.

Actually, my comments were geared to a listing agent that was uncooperative, lying about occupancy, they are pulling something or messed up, if you read the "Art of War" it's time to strike.

Making a higher offer now puts them in a position of collecting other offers, you didn't accept their offer, you made another offer. My offers have a time frame to accept them, usually 5 business days. Otherwise they will string you along, sometimes for weeks!

The listing agent must submit the offer at full price or more. Yes, if the agent is dragging their feet, by all means, bypass them with a cover letter explaining their agent isn't being cooperative, I'd put a cc on that cover letter to the RE Commission and my attorney. A courtesy copy can be mailed but no action has to be requested, it usually gets their attention. :) 

@Bill Gulley I am of the same mindset you are.  Does not take me long to figure out what the real deal is.   My boyfriend is much more passive.  

When we put in the 2nd offer at $2500 more, we were expecting there to be other offers.   This will be our third offer.  I totally agree with not going over the full asking price.

I hold a license in another state and generally put 48-72 hours for acceptance, depending on who (entity or person) is the seller.   Quick responses are best.  

Originally posted by @Melita Costoso :

@Bill Gulley oddly enough, the agent in question has a profile on this site.  Not much info, but a profile nonetheless. 

48 hours is good for an individual, I go up to 5 days on REO to the large banks, but that too depends.

Well, maybe he will chime in and explain what's up for you! LOL

Good luck :) 

In Texas, the frivolous filing of a lis pendens can be a big problem -- the filing entity must have a bona fide interest in the property and the title to the property must be in dispute. I don't know Nevada law, but I would advise caution before taking that kind of step. 

That being said, you could certain file a complaint about the agent to the state's real estate commission. He is required to submit all offers. 

I think you're missing an important point, as per the agent, it's going to auction.com. You said it's not even in the MLS, then it's not offered for sale? Where are you getting your "asking price"? Usually properties headed to auction.com get listedby a local agent, at a low ball teaser rate-which is the "starting bid" of the auction, that is no where near the price the bank will actually accept. This is just to drive traffic to the auction.

Hi @Melita Costoso ,

The agent could have sent an offer in and not heard from the bank. The asset manager he works with could be on vacation or retired etc. There could be another problem like the bank is having a title issue that popped up. If that agent disclosed that sort of information to yours it may put you in a better bargaining position. Sometimes it is better for them to say nothing. 

I believe that a response of "Thank you for the offer, the deal is currently being reviewed and we will let you know once a determination has been made" is a much better strategy for them than not responding at all. A two line email from their agent to yours when he asks is at least polite "Thank you again, the seller still has not made the full determination at this time, Your offer was presented through the channels and we are working on moving it forward" (takes 10 seconds and he can have it in notepad to copy and paste), but I don't think it is criminal or shady (it could be).

I will say though that listening to @Bill Gulley would always be a smart choice in my opinion. I wouldn't doubt he has something to show me where my thinking is wrong.

Good Luck!

Mike I agree with you, that too can be the case, my gut reaction pretty much hinges on the listing agent making excuses like going to eviction, lies often cover up bigger lies. When people begin lying, I step up to the pitcher's mound for some hard ball. 

But, the listing agent could just be covering up his own ineptness too. :)  

If the property is on auction. Com, then submit your offer directly. You don't need an agent to submit your offer. Listing agent probably had his own interest in the house and wants his or his buddies offer accepted. 

Has your agent's broker contacted the listing agent's broker?  This is really the first step before going to GLVAR or Nevada Real Estate Division.  

Keep in mind, it's likely you were trespassing when walking the property, so tread carefully in your fight.  You're probably lucky there was no way to enter the property at the time you visited.

Looking at this with an open mind, it's quite possible the house, after you viewed it, was taken over by squatters.  This happens a lot.  

It's also possible, this agent was instructed by his client not to present any offers outside of the auction site.

As I understand it auction. com properties offers do need to done via the online system. However, if you do feel that there is something unethical going on I would contact your local dept of real estate. 

@Mike Cumbie @Bill Gulley @Erick Burgos @Phillip Dwyer
I think I left out a couple of things... I contacted auction.com the second he said that.  They were given the property info in June and the bank pulled it back.  Then a second time in October and it was pulled again by the bank.  It was posted on the bank website after.  

There is no reason it shouldn't be on the MLS.

As for the listing agent, I contacted the bank, who contacted his listing agent.  That's when we got cooperation for 2 weeks, then nothing.  

My personal time invested in just the first 2 weeks are over 40 hours... mostly to phone calls to the bank in an effort to get the real story.  The customer service agents also found everything he said as 'odd.' Our agent has spent quite a bit of time himself.  I'm relentless.

@Drew Shirley  We might need your legal services on some land in Jackson County.  Will keep you posted.  

It sounds like, even though the property may be shown on their website, that it is not truly "for sale" at this time for any number of reasons....title issue, uncertainty as to occupancy status, internal miscommunications, etc.