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Dealing with Banks.

By Matthew Zgonc

Real Estate Agent with Aksland Real Estate

December 17, 2007 08:02 AM

I am extremely frustrated with the process that I am going through with banks and getting approval. Does anyone have any suggestions to do to help make this process smoother and easier. I understand that banks are overwhelmed with the amount of foreclosures that are out on the market and many are understaffed. I have been waiting for almost 60 days, dealing with a major chain to get a response. I know banks don't want to own homes, and people are not bidding at auctions. In my area alone, 400 houses went on the auction block, with only bids on 4 of them, due to the amount owed on them. I realize there is a bureaucracy, but is there any way to help the process? Somebody please help with advice on this.

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Kevin McGrath

Long & Foster Real Estate Companies- Fredericksburg/Spotsylvania - Fredericksburg, VA

Long & Foster Real Estate Companies

It is a frustrating thing; I have gone through it as well. You put in an offer, and suddenly, nothing happens. They are too busy. They are swamped.

So - lets say I go out tomorrow and take, oh, lets say, 10 new listings. Now I am swamped too. But guess what? According to the rules of Ethics, to which I subscribe, if I fail to "actively market" the properties, I am in violation and my license could be in jeopardy. I don't think an Ethics Board would take the excuse "sorry, I was swamped."

In my book, being busy is not a license for poor performance. I think that the banks have an obligation, at minimum, of response. Accept, reject, or counter. Or at least give me a time frame. If it is 60 days, then it is 60 days. But don't leave me hanging.

Just one man's rant. Sorry if I hijacked. Squeeky wheel gets the oil in this one, I have found.

Dec 17, 2007 08:37 AM

Renée Donohue~Home Photography

Savvy Home Pix - Allegan, MI

Western Michigan Real Estate Photographer

I have no idea how to go around it also. I think that sometimes the offer gets held up with the asset manager or list agent. I have had to provide extra clarity for list agents before they could submit. Who knows!??!?!

Dec 18, 2007 03:40 AM

Matthew Zgonc

Aksland Real Estate - Modesto, CA

Realtor, CFS, CVS

Thanks Kevin, I will check out your book. It would be nice if they didn't change the time frames on us or wait an extra 30 days once they get approval.

Thanks Renee: It is nice to know that I am not alone on this island. It is frustrating, but it would be nice if there was a standard that banks were held to.

Dec 18, 2007 07:11 AM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

I wish I could help you! I'm having just as much fun on the front end. I'm having a hard getting pre-approvals and good faith estimates and going to close to see different programs and higher than expected monthly payments.

Jan 08, 2008 05:09 PM

I hear you Todd. It has taken me almost 3 months to get approval on a short sale. I understand they are overwhelmed with short sales and stuff, but most buyers tend to walk out after a month.

Jan 09, 2008 01:14 AM

Dealing with Banks.

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Matthew Zgonc

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