bankowned: Banks Write Their OWN Rules
- 04/07/09 04:09 AM
Last week I helped my buyer client write an offer on a bank-owned, foreclosed property. We set the expiration of the offer at 5:00 Friday afternoon (last Friday). We wrote the offer on Tuesday (last Tuesday). The bank set the listing price. The bank should know what they are willing to accept for the property, right? This is not a short sale, so there should be MUCH LESS red tape to cut through to get the ball rolling, right? That was my thinking when we wrote the offer. Well, here it is, Tuesday, seven days after we made the offer. Two … (5 comments)
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Last week I helped my buyer client write an offer on a bank-owned, foreclosed property. We set the expiration of the offer at 5:00 Friday afternoon (last Friday). We wrote the offer on Tuesday (last Tuesday). The bank set the listing price. The bank should know what they are willing to accept for the property, right? This is not a short sale, so there should be MUCH LESS red tape to cut through to get the ball rolling, right?
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