My client's offer was accepted on a condominium in Fullerton. It's an all cash offer, so I thought the bank would be impressed. Boy was I wrong. We got the call that our offer was accepted on Friday evening around 5:30 on Memorial Day weekend. They refused to send it via fax, email or FedEx, so they demanded that I drive up to the listing office in Chino from Fullerton (where the property and my office are located). My client was out of town for the weekend, but that didn't stop the listing agent from informing us that the seller may cancel if the original addendum signed by the buyer wasn't submitted by 5:00 on Tuesday! What? Monday was a holiday? Not to mention we waited over a week with no response at all. I thought the transaction coordinator got it wrong, but she wouldn't even let me talk with the listing agent on the phone. After driving all the way up there, I was able to speak with the broker. According to the listing broker, this is the new bank policy. He even showed me a fax he received cancelling another deal because there was no response over the long weekend. Maybe if they would take the time to fax the contract with the addendum on Friday I would have a better chance to get things signed over the weekend. It's clear that some of the REO listing agents don't have anyone's best interest (even their own client) but their own.  If my client knew the way the listing office is acting and making unreasonable threats, I think she would just walk away. It's this type of behavior that is driving down prices. Many REO's are sitting in disrepair because of a communications gap between the agents out in the field and the asset managers calling the shots. I'm getting it signed tonight and I'll drive it back up there with the original signatures tomorrow morning. I'm sure it won't get cancelled, but why are they turning the screws on a potential buyer who is paying all cash?

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