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Updated about 9 years ago on . Most recent reply
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Negotiations on REO--offer is on "Hold Status"
Hi everyone,
I've been negotiating with a bank on an REO. I came in low and I'm holding pretty firm on my offer. I gave them my best offer with $500 deposit, and they countered higher with a $2500 deposit. I came back with the same offer, but upped the deposit to $2500. That was the middle of last week. Just now my agent gets an email from the listing agent. They didn't counter or accept. This is what I was told:
"No counter. Offer is in a hold status, he said that means they are waiting for the investors to get back to the bank holding the home. Sounds better then no."
So, I tried to google what an offer on hold status usually means. The only thing that came up was discussions about when a property is put on hold while multiple offers are considered. That's not the case here.
So, is the reasoning given to my agent a plausible one? I am probably reading into it too much, but I have a feeling that they may be on the verge of accepting, grudgingly, to be rid of the property, which they have had a long, long time.
The other question I have is about "the investors getting back to the bank holding home". From my research, Goldman Sachs foreclosed and currently own the property. Could they be acting on behalf of a different person/entity that held the note?
Any clarity on these questions would be appreciated. I'm pretty sure I have a good deal here, but I only have capital to purchase one property at the moment, and I don't want to be strung along indefinitely either.