CitiMortgage REO - Offer Waiting Period

[Wes S.]

I put a Cash Offer on a CitiMortgage REO Home for $30K, Asking price is $35k, needs some TLC but for the most part, it would be a sweet deal.

I put the offer on the day it came on the market with my Realtor who had to present to listing agent...My realtor followed up with the LA because of expiration and she said that the home has to be listed for 7 days in order to accept any offers....? I called her broker and they said they haven't heard anything like that...

I think its bull but what have you found in your travels? I am willing to pay full price and don't want to get beat out in the meantime...I'm also aware that sometimes they will list for Owner Occupied and then after no offers, they will accept offers from Investors..

Any help/insight is appreciated on CitiMortgage, Waiting Period, Offer. Thanks!

[Will Barnard]

Now your eyes and mind are open! You hit it on the head there.

Your first mistake - Not having a relationship with the listing broker.
Your second mistake - making an offer on MLS day one at 85% of ask price. Not sure about your local market conditions, but in mine, no bank will entertain offers (even if all cash) that much below ask price without it getting some time on the MLS.
That is why having the relationship could be your cure all in this scenario. Imagine if you did. The listing broker would have let you know this was coming long before it ever hit the MLS, and you would already have an exact repair budget quoted. Secondly, you would have know what the BPO was submitted at and had that full price offer already written and on the top of the brokers desk waiting for submittal upon BPO approval at submit price (or lower).