Bank Owned Bid
If a submit a written bid thru my realtor on either a bank owned property, or a private party for that matter, Do they need to submit there rejection in writing?
Reason for the question: Sumbimitted an offer on a bank owned property a couple months ago through my realtor. We waited two days before he called the other realtor to find out where the offer stood. He told him that the offer would have to be $20k more for the bank to consider it. Question on this: is it typical for a bank not to counter?
2nd offer was to an individual, the listing price was $72,900 4 bedroom needed $7-$10k in rehab. Comps showed resale around $110K. My offer was $68k as is no inspections. Again it took my realtor to call the other agent to get info. There was no counter offer, that the owner would not be interested in the offer. How do i know if they even submitted the offer to the them?
Quote:
On 2004-11-11 11:13, Ronald870 wrote:
Question on this: is it typical for a bank not to counter?
Yes, Often a lender will instruct the listing agent not to submit any offer less than X.
Quote:
2nd offer was to an individual, the listing price was $72,900 4 bedroom needed $7-$10k in rehab. Comps showed resale around $110K. My offer was $68k as is no inspections. Again it took my realtor to call the other agent to get info. There was no counter offer, that the owner would not be interested in the offer. How do i know if they even submitted the offer to the them?
I would have at least expected a counter offer on something this close.