Hi there,

 Thought I might as well ramble to someone other than my poor husband about this subject.  It seems to be one many read about but not as many (as should) know about.  Here is my attempt at describing my first experience of guiding a Buyer through the foreclosure purchase process.

 Did he know the property was a foreclosure?  Nope.  No mention of "bank owned" or "third party approval required" or "as is" anywhere in the listing.  My first clue that it was "different" was when I called to request the disclosures and I was told "you'll get them when the contract is accepted".

 Did I mention the Realtor I am working with is jaded beyond belief??  That doesn't help, either.  Call it naiveté, call it optimism -- call it whatever you want -- I am still very happy that I can help people through these huge purchases - it's not every day you plunk your signature down on a big document that says "you're  borrowing lots, but oh boy, are you paying LOTS more!" - they want reassurance, guidance and someone who is looking out for their best interests.  To do this successfully, I feel that you've got a much better chance of succeeding if you actually cooperate with the "cooperating" agent on the other end.  This doesn't mean bend over backwards, but it does mean try to be understanding and do what is reasonable to get the deal to go through.  The jaded Realtor does not carry this belief.  If they do, it is a small, shriveled kernel somewhere near their core (think the Grinch's heart here -- two sizes too small).

 Oh, and did I also mention - first time homebuyer, a little on the nervous side?  We'd been at this since oh, March of 2007.

Here is a general timeline of my first experience:

1. Submit offer on 2/8/08 - follow up of course with a phone call and an email.

2. Wait.

3. Call to find out progress.  Wait.

4. Get voice mail (2/20), "give me a call".

5. Call (2/20). Leave message (more about this a little later on)

6. Next day (2/21), 26 hours have passed - call again.

7. Find out the "bank" (what bank?!) has accepted your Client's offer.  "Addendum in your inbox". Unfortunately, reading a PDF on your Blackberry is impossible.  Actually open and see addendum on 2/21 @ 9:00pm.  Said addendum is actually a "Real Estate Addendum" dated 2/19 (!?). Talks a lot about the "date of Financial Terms Acknowledgement". Said date was 2/19. Client has three (3) days to (1) sign the addendum and (2) have the check to the listing office. Third day is 2/22.  We got it all on 2/21. Easy calculation here - 24 hours to respond (and 2/22 is a Friday -- of course). 

 Reading that addendum was unreal to me, the unjaded, ever optimistic Realtor.  Seller chooses title company? Buyer pays all transfer and recordation taxes??

 Time to call a lawyer.  Thank goodness for Tod Salisbury of Salisbury & McLister (Frederick, MD - shameless plug for an awesome title company a.k.a. Frederick Title).

...More to Come as we end Chapter One!