The experience of a courthouse steps auction is one that no agent should miss. It's not so much that the agent will learn anything of great value in the practice of real estate, but hopefully they will come away with a far deeper understanding of the personal nature of the profession with which we are involved.
After struggling with Bank of America for months, my client as of the first of September finally had a reasonable offer and everything seemed to be moving forward in the Equator system. Just to be careful, Wednesday my coordinator called to verify the sale for Friday had been postponed. Customer service announced that they had "just received" a denial on the postponement request. Immediately we contacted the seller and gave them an update.
I accompanied my seller to the steps. History has shown lately that over 50% of properties purchased at auction were bought by contractors and investors. My seller wanted to see if there would be a possibility of negotiating a rental or lease agreement for 90 days. With a family of 5 kids - he needed more time than would normally be available following an auction.
At the last moment, the sale was postponed until October 26. Good news of a sort for the seller ... he got the time he needed. The bad news is that this entire family is still caught in a web of despair ... not being sure from one day to the next how the bank is going to respond, or if they are going to respond.
Next week, I'll start over again with this transaction, re-entering it into Equator, getting a new seller sign-in and upload again all the qualifying documents. Fortunately the buyer is still on board ... now if only we can get the bank on the same page ....
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