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Foreclosure Property - Why All The Delays In Closing?

We put a foreclosure property under agreement a couple weeks ago. The terms included a waiver of home inspection by the buyers, cash payment and close in two weeks.

The bank, of course, took a little over a week to negotiate price but finally we had a meeting of the minds. The buyers signed all the paperwork including Bank Addends and Disclosures prior to the bank signing anything.

The bank asked for proof of funds from the buyers and they provided it within a day even though at this point we still had no signatures on anything from the bank. Finally with four days to go for closing the bank sent over the signed paperwork.

Oh yes, you guessed it! They added a new Addendum stating that the closing is to take place on or before November 18th! What?????? We were ready to close yesterday!

You would think that the bank would take the cash and hand over the keys on time wouldn't you? I just don't get what they are thinking. The attorney says we will close mid week. What about the phrase in the contract that states "TIME IS OF THE ESSENCE"?

Are the banks exempt from following the contract terms and conditions?

Judy Tuscano, REALTOR

Your NH Real Estate Professional

Prudential Verani Realty

603-498-2263 cell phone

jude1220@yahoo.com

If you are thinking about purchasing a foreclosure property, be sure to hire a REALTOR to help you navigate through the process.

Posted by Judy Tuscano, NH Real Estate Professional on 10/11/2008 09:04 PM

Comments (8)

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8 Comments on Foreclosure Property - Why All The Delays In Closing?

OCT

2008

Judy- Breathe. I just went through the exact same thing. It can cause an onslaught of gray hair. It is disturbing to know, as Realtors, that we are going to be doing these more and more.

yes, banks are subject to the same terms and conditions of any contract and could be found in breach. However, in this market, there is little , in most cases, that can be done. It's Like our parents used to say about dealing with the devil :) - glad you have a closing!!

Judy one of the big problems that I see around here is that there are only a handful of Attorny's handling these things for most of the banks and that slows things down a lot. This whole foreclosure and short sale system is messed up big time and needs to be revised.

That is so frustrating Judy. I don't understand why the Banks can't act faster. No reason for it!

OH Judy...I've been in this EXACT situation...and I just don't get it. I had cash buyers who wanted to close in 7 days...and the bank took three weeks to respond to us. Someone needs to go to the banks and teach them how to get it done. I pray it closes soon for you, darling! GBU!

OCT

2008

Cheramie - I realize I am not alone here - I have read and am hearing some horriffic stories. It makes me wonder - do the banks really want to get the money?

James - I didn't realize you had a law degree? lol... I have not had a closing yet on this and the buyers have now decided to lower their offer to the bank so the saga continues.

George - Perhaps it would help if the banks assigned closing agents in the state where the transaction actually is to take place. On this one the lawyer is in RI and the property is in NH??? Go figure.

Monika - There really is no reason because as I understand the deed is in the hands of the attorney and he is just stalling - why?????? who knows???

Elizabeth - Thank you for your prayers - it seems that there have been far too many roadblocks for us these days. Blessings to you.

Judy, you and I are on the same page. I'm always in shock at the stupidity of the banks. I got an executed contract 1 week before close and apparently an asset manager changed who had signed a price reduction Addendum and the new asset manager didn't know. Almost lost my buyer's locked in rate but it all came together in the last 4 hours. Talk about going to the ninth hour!!

I think between the two of us we could write a book on all the horror stories with the banks!

OCT

2008

This foreclosure mess is really crazy. We have deal where the lender foreclosed and there still were liens, including an IRS tax lien. Now, the lender found out about these liens after they approved the buyer's offer. They have had a problem removing this lien and a couple of other liens. So, they sent something to the title company asking the buyer to close and RELEASE the lender from all liens What???? JUST SAY NO!

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