We all know that REO's are very particular about their paperwork and REO agents are ferocious when it comes to making sure a package is complete before submitting it. They have to be, otherwise the bank would give the listing to someone else the next time.
I understand that, but at least keep your sense of humor.
Then you have the listings that you don't even communicate with the listing agent, you are responsible for figuring out that they have specific addendums that are needed and certain procedures to be followed. That is the kind of REO listing I am dealing with.
For one thing, it never occured to me that I would have to read all those pages of instruction. Isn't that what they have a listing agent for? To gather all that "stuff"? Well, the answer is no.
OK, I am "the package". I dutifully downloaded and forwarded three different documents, one of which went to the buyer. I sent the buyer the package, the offer, the condo disclosure, the Monroe county addendum and the special addendum for the bank with the instructions to sign/initial where needed and fax back with proof of funds to......
I received the contract back and page two (signed) of the special addendum. no county addendum, no condo disclosure, no proof of funds.
I asked again and got the condo disclosure and the county addendum. No proof of funds. I followed up with a phone call.
"Can't you just send it to them and we will send them a letter from the bank on Monday."
" No, they state in paragraph three that proof of funds must accompany the offer"
"But we will wire transfer the money as quickly as they like after they accept"
"They require it with the offer"
"My Mom is a surgeon. She has the money,"
"Hey, I believe you, but the banks have gotten burned and won't look at the offer without proof of funds"
"Let me call my brother and see if he can fax something"
There were many more sentances between 5 and seven, but why bore you?
I am sharing this with the public because they need to know, it's not us, it's the bank!
People, when buying Bank owned property, be prepared to HAVE to prequalify with someone you don't want to do business with (they will try to force you to use them, under cutting the broker you have been using for years) OR providing proof of funds to close OR both!
We Realtors are your friends. We are here to help you navigate the short sale and REO waters.
Sorry, didn't mean to rant!
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