I have been following a property for about four months now. First found this property listed with a agent. Called my agent and went and looked at the propery. Placed a bid on the property but it was rejected. When I placed my bid the property was considered a short sale (At least that is what was told) My realtor called me one day and said the property was taken off the market and it was now going to a tax sale. My realtor went and the starting bid was 117,000. No takers. My agent has been working with the finance company trying to purchase place for about month. The finance company said that we had to do provide certain paperwork to submit a bid but it had to be done within 10 days. Got all this done and the waiting process started. Finally on day 11 hear that the REO department bogh the property for the 117,000 and they are not accepting bids until the process is complete. (saying around dec. 1st) Is this how REOs work? Do I have anymore options to get a bid first? I know banks are doing weird things these days but I am feeling like I have just got a big runaround with no luck. This definetly has been a real learning experience for me. Sorry so long just trying to include all the info.
I have been following a property for about four months now. First found this property listed with a agent. Called my agent and went and looked at the propery. Placed a bid on the property but it was rejected. When I placed my bid the property was considered a short sale (At least that is what was told) My realtor called me one day and said the property was taken off the market and it was now going to a tax sale. My realtor went and the starting bid was 117,000. No takers. My agent has been working with the finance company trying to purchase place for about month. The finance company said that we had to do provide certain paperwork to submit a bid but it had to be done within 10 days. Got all this done and the waiting process started. Finally on day 11 hear that the REO department bogh the property for the 117,000 and they are not accepting bids until the process is complete. (saying around dec. 1st) Is this how REOs work? Do I have anymore options to get a bid first? I know banks are doing weird things these days but I am feeling like I have just got a big runaround with no luck. This definetly has been a real learning experience for me. Sorry so long just trying to include all the info.
Mark