When a poker player has good cards, sometimes they slow play the hand by not betting much in the hopes of attracting more players to stay in the game. They hope the other players will put more money in than if they player with the good hand bet big early. It is a way to make more money.
The banks that are trying to sell there Real Estate Owned (REO) property are sometimes slow playing the offers they receive. I have noted that sometimes they will sit on an offer for weeks on end. I believe this is so they can hopefully attract more offers.
I think the banks would be better served by making counter offers and getting on with the deal. Slow playing in real estate is a waste of everyone's time in my opinion.
If you are an investor looking to buy REO's I suggest you get a good realtor to help you. They can identify all the listings out there and help you find the best ones. Once you have your property, find a good property manager to help you fix up the property and to help you locate a tenant and collect the rent. If you are in the greater Sacramento, Placer, El Dorado, or Yolo areas of northern California, come see me at www.HomePointe.com . We will not slow play your business.
 |
|
|
Property Management Rentals and Maintenance in Sacramento, Yolo, Placer, and El Dorado Counties from offices located in Sacramento, Roseville, and Orangevale, CA We manage residential and commercial.
Part IV REDC Auction Does the Bank Accept or Reject?
What can a security deposit be used for (in California)?
What part of a security deposit can be non refundable in California?
Sex Offender Notice Required in California Rental Agreements
When is the Rent Due and When is the Rent Late?
It's 100 Degrees, Should I Put Central Air in My Rental Unit?
West Nile Virus and Sacramento and Yolo Counties Part 2
West Nile Virus and Sacramento and Yolo Counties
How Does a Foreclosure Affect the Tenant (in California)
Rental Housing Inspection Program City of Sacramento Property Management Executives ONLY
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
Just when you think banks have learned their lesson, bam they go to sleep on you. I know exactly what you mean.Weeks go by and still no reply. Maybe I should do the listing agents job and contact the bank myself.
Most banks are out for the bank, I don't care if you have had a 30 year relationship with them. You are only as gaood as your last transaction.
Very true - getting a Realtor who can identify which banks are quick and easy to work with (relatively speaking) can make all the difference!
What a good post. The games they play are endless. I sold one that had a bonus and lo and behold the contract they sent back they scratched it out. I would never want to work to sell one of their listings ever again.
Out of all the REOS I have written this year, only one bank has been really slow to respond to an offer. Generally, they get back with a response within 24 hours, three days at the most. Maybe I've just been lucky.
Elizabeth, I have had some respond quickly and some not. But most have been more that 48 hours, even a week or two. I think it boils down to the banks workload at the time the offer comes in.