Is it common to lose 4 asking price offers on bankowned properties that had no offers for months? Is my broker

Question

dropping the ball? Its been 3 to 4 months & now he is contradicting himself, changing the rules, doesn't even call me to let me know about the offer until I ask, then he e-mails me that they accepted another offer. Even on his own listing that he gave me first shot at and led me to think he had it in the bag. I found one property, on the web still on the market with a reduced price, $20000, lower than my offer I hadn't heard anything about because he said it takes banks a long, long time and they will always counter offer, none have, he had to check and call me back, he e-mailed that it went back on the market and sold immediately! Should I have dropped him then? I was so comfortable with him at first, I hate having to change, I don't know where to start, its holding me up, and I'm passing my deadline I need to move. Help!

Answer 1

Actually banks typically never counter offer.

They wait MONTHS, and 4 is not unheard of to collect offers until they get one they like or at least have 4-5 to choose from.    This is very typical and your broker has no control over it, or which offer they accept.

If you have a moving deadline you need to simply avoid looking at REO or shortsale property.   Tell him to just show you straight sales, they are easier and you can more accurately predict the closing date.

Answer 2

Banks don't pay full commissions so you broker has not interest in helping you get a bank owned property. Get a lawyer to help you write offers on properties you are interested in and ditch the broker.  

Answer 3

I have had out of state bank take a couple weeks to accept or refuse an offer. I never had one come back with a counter.  

Your broker who is supposed to be helping you seems to be dropping the ball.  Tell him you want to see the written refusal of your offer.  The bank always sends it in writing.