Negotiations on REO--offer is on "Hold Status"

[Jason Krick]

Hi everyone,

I've been negotiating with a bank on an REO. I came in low and I'm holding pretty firm on my offer. I gave them my best offer with $500 deposit, and they countered higher with a $2500 deposit. I came back with the same offer, but upped the deposit to $2500. That was the middle of last week. Just now my agent gets an email from the listing agent. They didn't counter or accept. This is what I was told:

"No counter. Offer is in a hold status, he said that means they are waiting for the investors to get back to the bank holding the home. Sounds better then no."

So, I tried to google what an offer on hold status usually means.  The only thing that came up was discussions about when a property is put on hold while multiple offers are considered.  That's not the case here.

So, is the reasoning given to my agent a plausible one?  I am probably reading into it too much, but I have a feeling that they may be on the verge of accepting, grudgingly, to be rid of the property, which they have had a long, long time.

The other question I have is about "the investors getting back to the bank holding home".  From my research, Goldman Sachs foreclosed and currently own the property.  Could they be acting on behalf of a different person/entity that held the note?

Any clarity on these questions would be appreciated.  I'm pretty sure I have a good deal here, but I only have capital to purchase one property at the moment, and I don't want to be strung along indefinitely either.