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I've written and offer on an REO and of course, late last night, after calling the listing agent, we get the response that the lender wants all offers resubmitted with "best and highest" and wants them all by 3:00pm Sunday.
I understand that the lender wants as much as they can get.
Why 3:00pm Sunday, when the lender isn't even going to be available?
I've contacted my clients and shared the request by the lender, but I too wonder if it's really in my clients best interest to rewrite the offer. I've informed them of the situation, asked them to think about how important this particular house is to them, have done the calculation on the difference in mortgage payment, providing information on comps and current listings, and am giving them as much information as I can, so that they can make an educated decision.
Has anyone else rewritten an offer on an REO?
WHY?
Would anyone want to comment or share an experience?
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