I KNOW BANKS CALL THE SHOTS BUT...

Banks do not follow any path of logical thought.  They do things that may seem illogical from a normal buy/sell relationship but when you see how a corporation thinks, then it doesn't seem quite so odd.

Hi Paula, I HEAR you and though I did many REO and foreclosure sales in the late 80's and early 90's it's a rare occurrence toad. However, like ow I am in the middle of a short sale now. It's been as strange as folks describe but in our case the bank has just asked for a month extension for the closing. The reason being they need to figure out what they are doing ;-D. Fortunately I had counseled my buyer that anything could happen and to be patient. We are through all inspections, contingencies and now just waiting...and waiting to close...

Paula...I've sold a couple foreclosure, and to date, have avoided short sales like a plague! Lucky for ME and the Buyers I have been working with, they want to buy today, not 6 months from now when a short sale might, I repeat, MIGHT close! And I don't think it's because they are overwhelmed...I think they ARE stupid as Rick suggests!

Back to foreclosures....it really does depend on the bank. I sold one that was owned my a community bank in a suburb of Atlanta. (New Construction) My buyer and I prepared a 2 page amendment of items needing attention/repair. I advised them, we may get something, we may get nothing. The Bank repaired or replaced EVERYTHING on the list, including a new leaded glass front door! I could not believe it!

That was an exception to the rule.

I'm getting ready to attempt a short sale on my own condo (sign of the times, can't keep it) so wish me luck.

Paula, the process with distressed properties is so frustrating and sure wish it could be more straightforward.

Hi Paula, Here is another shining example of an REO property.   All cash, under 100K.  Investor purchase.  Offer was made.  We received a call the very next day saying we could win the offer IF:

1.  We waived ALL contingencies (including inspections).

2.  Could close in 7 days.

3.  The bank won't be delivering the counter until Monday so have the weekend to get this done - can you do it?

My buyer's knew the drill - they agreed (via email - no contracts/addendums in hand yet) and we scrambled their set of inspectors over the weekend.  My buyers were ready to close in by Wednesday of the following week. 

That was five weeks ago.  We just closed this week.  Bank could not get their act together.  The buyer's were ready in one week and the bank could not perform for five.   

Contracts and Addendums mean nothing to the banks ... unless they want it.

Paula...I liken your bank's understand of "math" with my understanding of Gravity. When you think of it this way there is no such thing as Gravity...It's just that the Earth Sucks. And Math is a state of mind, some people happen to be out of their mind!!