Have Patience When Buying a Bank REO!

Bank Foreclosure Scenario: Here is a fictional transaction with a customer who  purchased a Bank REO (Real Estate Owned) home:
1.  I am representing the bank.
2.  Customer has no representation
Home is in foreclosure with an out of state bank.
Customer has good credit and has made an offer of  $120,000 for a home that is valued at $168,000.so you would think the bank would be all over this and fast-well, well...no.
First of all, banks do not move fast! They have a number of protocols that must be met before accepting an offer (which causes the deal to really get bogged down).
Then bank came back the first time and countered at full market value $168,000. The buyer responded with $125,000. The bank rejected and asked for the final and best offer so the buyer offered $130,000.
After waiting 10 days (the bank contact was out of town and then he got with bank committee) he was told no. He looked at other distressed properties on sites like https://www.floodproperties.com. but wanted the bank property because it was in a great neighborhood. At his point, he let it go on MLS and waited for another 30 days. The customer made the same offer ($130,000)  and got it at the price he wanted to pay!
REMEMBER...Patience pays so learn to have it, especially when it comes to buying foreclosures!!