San Diego

[Katie13384]

I'm interested in bidding on an REO property, but the listing agent says that several offers have been submitted to the bank already and the bank just hasn't made a decision. The Bank had accepted an initial offer 10 days after the property was listed, but the buyer backed out. Home was relisted Jan 12, and still sits in Active status. There are some pool issues that I was planning to use an FHA 203k loan to fix.

Is it worth following up and putting in an offer? Would there be any chance of an FHA 203k offer being accepted against all cash if the offer price was higher than the cash offer? 

[Nanomug]

Anything can happen.  No way to know what the asset manager wants or is willing to do. When was the home originally listed? If its been more than 30 days they might negotiate.  I

Have your agent submit a new offer.  It doesn't take much time and you might get lucky.

[Katie13384]

It's been listed for 34 days. I figured the same thing. We keep getting outbid in one way or another, so it wouldn't be a new thing I just thought it was strange since the original offer was accepted in a few days, but since it's been relisted it's just sat there for almost a month.

Thanks!

[Nanomug]

Sometimes an inspection uncovers some horrible defect that the bank-owner has to determine whether to lower the price or fix the problem.

Sometimes the assett manager for the REO goes on vacation and no one else will deal with it.