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44 Comments on Bank Owned Offers ... Ughhh!
Working with the Listing agent to find out what is going on is the key, Banks do move at their own speed and by their own rules.
patience is the key although most counters that you sign say it is not in effect until you get the signed counter in hand so you don't have a contract until everything is signed.
the banks i work with get everything signed within 24-48 hours.
"One thing that worked for me once was to show up at the bank at the beginning of a work day
this is from a earlier comment, in my area the homes are not listed by the bank but through real estate companies, there is a agency relationship in place and i would respectfully suggest not going around the agency relationship, remember that in talking with the Asset manager directly you are talking to the seller without going through the agent which in my area is grounds for a conversation with the Department of real Estate.
I always talk the buyers agent through the process, let them know what to expect, how the banks work. My goal is to get the property sold.
Well, the bank is Country Wide and their REO Dept is in California, so a trip from MI to their doorstep is kind of out. If they were in MI I would have already been there! Good suggestion.
I do have something from the bank that came with the addendums that states our offer was accepted. I have only spoken to the actual listing agent once throughout the entire process which is now going on over 2 months+ taking into consideration when we first made our offer.
I'm only getting assistants and it's extremely annoying becasue there seems to be no real sense of urgency or understanding on their part that this deal could very well fall apart if they don't start hounding the bank or do whatever it takes to get what's needed. Today is the day I will no longer speak with assistants ...
It's been kind of a weird deal. First, the listing has a address that no longer exists and they didn't take the time to put any properrty ID on it except for "1111111111". It was a real treat trying to find the correct house let me tell ya! Before I made the offer I went to the township and got as much info as possible to make sure I make the offer on the right place. Put the offer in with the CORRECT address and even made reference to it on the addendum. So, I suppose this could be the issue.
Does anyone know what the banks do once they accept the offer and need to sign the addendums?I'm thinking they just need quickly review it since they've seen it once already and sign it? Am I Wrong?
THis is my first bank owned deal so I'm learning as I go ... thanks for the help!
Good luck. Real Estate is an emotional thing for many. This helps the "motivation" and thus the reaction and response time. When you replace "emotional human sellers" with a guy at a bank that has dozens of files on his desk - there is little motivation.
I always warn my buyers about bank owned (after a couple deals that drove me nuts!). GOOD LUCK !
I would have to disagree on the motivation of the banks to sell, I currently deal with over 10 different banks here in Phoenix metro area and my response to a offer is usually within the same day and almost always within 1 business day.
Many times that a offer takes a long time to be responded to is that the offer is too low, that the buyer is trying to steal it or the buyers agents don't take the time to ask the listing agent about the process.
As a example.
I currently have a home listed that is listed at $335000, an agent submitted a offer at $299000 and asked for over $10000 in seller concessions, now she is on the phone to me, sending me emails about why her offer is sooooooooooooo reasonable and that the bank needs to give it to her clients, by the way this home is 30K below comps at list price, is not falling down, is all but move in ready and has been on the market for a week. why should the seller rush to respond to this.
The problem Andrew is that my offer has been accepted. I've been waiting for the banks or their attorneys or whoever the hold is with right now for over 4+weeks. I have no executed documents. The only answer I get from agents office is that the bank is too overwhelmed or simply they don't have it yet.
I asked for bank info and all they gave me was the website. So, tomorrow morning I'll be hunting around trying to find the person responsible for the file and see what I can get out of them. It's complete insanity that it's taking this long to get something as silly as a sign-off on the final docs.
I've been pulling my hair out.
Lisa,
A few ideas- Does the listing agent have anything other than a verbal that the offer was accepted, like an email or fax? We just had one close last week that we did not receive the signed repc until the day of the closing. The banks are all getting further and further behind and the listing agent should be able to give you a good feel for what this particular lender normally does. Also, in regards to earnest money, in Oregon we are able to check a box on the repc that states that until we have a written acceptance by the sellers, that the earnest money will be held by the buyers agent. If that is not available in your state, I would recommend making that part of the written offer to the bank to put your buyers more at ease. Hope that helps.
Well, after 5+ weeks of hounding the listing office they gave the # to the bank to call myself. I was relieved on one hand to have SOMETHING, but annoyed that I was the one calling. So, get this, when I call her she was all confused because the executed documents had already been sent over to listing agent via email. She kindly forwarded me the email and sure enough they were sent over in 11/16 this was last week when I talked to her.
Again, I was SO annoyed but glad to finally have something to move forward. My clients are happy and we have a tenantive close date of 12/21!!! Yah! :-)
Yep, it was the listing agent. Worst still was when I forwarded the email I received which was a forwarded email to him, he still denied ever seeing paperwork until that day. I must have "STUPID" written all across my forehead or something.
I certainly look forward to this deal being finalized especially for my clients, but have this weird feeling of what will happen next.
Happy Holidays everyone! :-)
Just a quick update ... this deal just closed Friday 2/29/08. Oh boy, was this one something else. I'm so glad it's closed, so glad my clients are happy and so glad it worked out! Whew!
This is a funny trick I heard from a real estate investor who was actually dealing with a short sale, but he needed some ACTION from the bank. He started sending a fax to the bank over and over and over, every minute, for over an hour. FINALLY, the bank called him and said "stop sending us faxes!" He apologized and said that his fax machine must have broken and sent them a fax over and over...but while they were on the phone, would they be able to give him an update on his short sale? :)
Great job Lisa. Persistence can pay.
Funny story Tiffany. I hope I never have to resort to the broken fax tactic.