I recently submitted an offer on an REO property in Olathe with an expiration so we could hear back quickly and avoid a “highest & best offer” situation due to multiple offers.

Question: I recently submitted an offer on an REO property in Olathe with an expiration so we could hear back quickly and avoid a “highest & best offer” situation due to multiple offers. Come to find out, the listing agent that received the offer from my real estate agent didn’t submit the offer before the expiration because he wanted to wait until more offers came in and present them all to the bank. Is this legal to hold on to an offer past the expiration before submitting it to the bank?
–Julie H. from Olathe, Kansas

Answer: Welcome to my world, Julie. REO and short sale contracts are not handled the same as normal real estate contracts. Typically while you still have deadlines, the banks are not required (and couldn’t care less) about meeting any deadlines you try to put on them. Trying to gain an edge to present an offer that is unacceptable to the bank will not work. The listing agent has had communication with the bank and has an idea of what the bank will accept. The listing agent will typically wait until an acceptable offer is presented. 

If you think you have been dealt with dishonestly, first communicate with the listing agents broker.

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