San Diego

[Jean-Luc]

If an agent has the listing for an REO - but says it won't be on the MLS for another month - and I make an offer now,  would the agent show that offer to the bank/asset manager now?  Or does the agent just put the offer in a drawer, because he/she has to wait until the property is listed? 

[Nanomug]

It would depend on the agent, the asset manager and the reason the home is not on the market.

[looking4PQhome]

How did you come across the listing? It if hasn't been listed yet?

[SDNC-HomeHunter]

While I don't have an answer to your question, we did/do have one of those in our neighborhood. The agent put their sign up about a week before it officially hit the market. My personal feelings are that they're doing that to drum up interest leading up to the 'official' listing. This property went into the MLS/Redfin on Friday and was marked contingent on Tuesday. But perhaps that's only for really desirable areas, anything in my neighborhood lasts only days on the market if it's even reasonably well priced. 

[Nanomug]

Each asset manager has their way of dealing with properties.  They can be extremely busy and overworked.  We saw that some like to list the property and then on a designated day review all the offers.  Others like them one at a time.  Bank-owners do not want to accept an offer and find out that they can't close due to a title defect or lawsuit over the foreclosure.  My neighbor was foreclosed and then filed a lawsuit.  The bank could not provide proof that they owned the mortgage so the foreclosure was undone.  

Foreclosed homes show up on Redfin if you check the box on the search page.