I'm looking at a property here In Honolulu, HI that is a forclosure. The listing has been withdrawn and re-instated 4 times in the last 4 months and in and out of escrow twice. I finally got my pre-approval letter to put an offer in and not an hour after my realtor contacted them for lockbox information, they withdrew the listing again. Everytime, it comes with a price drop when they re-instate it.
I've had experience with the listing agency in the past as a renter of a property they manage, and know first hand that they are as shady as they get. My first inclinatiopn and gut feeling is that they are somehow trying to pursue the property for themselves as a "buy and hold" investment so they can rent and manage it. I can't seem to see their strategy by withdrawing the listing over and over when someone shows interest. Does anybody have experience with this and see some sort advantage they would have with their client, the bank that owns the property, by doing this? Due diligence or time on market or something? I'm thrown for a loop on this.
Any help is greatly appreciated. Mahalo, Chris
