How to Check Offer Status on a Foreclosed House

Question

I have an offer on a $400,000 SFR.

A Realtor is dealing this sale with the bank.

How can I check the status myself, or make sure my offer is being considered?

What are the chance they'll be taking other offers, and consider the higher bid?

What if I got the offer from a Wholesale Buyer?

Would I be able to out-bid myself?

It's been about three months since I placed the offer.

Regards,

Gerald Harris · Answer

Wayne has a point

Why are you trying to cut out your buyer?

If you are the wholesaler, don't stress about it.   You will still make money.   Go and get more deals

Wayne Brooks · Answer

No.  The contract signed by the seller (not just an offer) is reviewed/worked until there is an approval, rejection(based on the seller's financials) or a counter.  The bank doesn't look at multiple offers/contracts.  You could do a back up, that is Not submitted to the bank.  But, why are you trying to cut out "your buyer"?

Emerson Miranda · Answer

Thanks @Gerald Harris

My Buyer placed the offer, and I would get my Finder's Fee.

But now, I want to place my offer.

And I'm in contact with the Realtor.

Should I talk with this Realtor about it?

Gerald Harris · Answer

I am familiar with this process.   I am also familiar with the area.  I relocated from Long Beach almost 3 years ago.   Its a waiting process.  Sounds like a Short sale.   If it is you may be in for a long wait.  You should contact the bank where its located.   Or have someone you know contact the bank to check on the status of the property.   Your agent representing you is your best source.    You have a contract with him/her.   I assume you put down EMD?  and you have been prequalified?  I don't see a REALTOR walking way from a 20k commission.