Recently I sold a Bank owned REO. The offer was written and sent to the listing agent but the bank transfered the listing of the property from one Realtor to another. The agent we listed the property did not know whom the bank was going to list with and said watch for the property to come back on the market.
Called the bank and they could not find the property , so I had to wait for the property to come on the market. The property hit the mls and we contacted them quickly.
The offer was a full priced offer with a pre-approved buyer. The offer was contingent on the bank instaling a new water heater that was at least 92% efficient, which the bank accepted.
The bank was to dewinterize the property for an inspection and install the water heater. The inspections was to be coordinated with the new Realtor and bank after water heater was installed. The inspection was set, but when the buyer, inspector and I went to the property the lock box had been changed and the combo given would not work. Called the Realtor and got no answer, so we had to cancel the inspection.
What we found is that the bank changed the lock box and we had to rescheduled the inspection. The inspection was re seceduled and the listing agent made sure they confirmed the lock box combo.
The inspection occurred and found that the water heater is not a 92% efficient unit but a 80% efficient unit and the property was not dewinterized so the inspector could not inspect the water heater or plumbing or furnace. We did the inspection on Saturday and was unable to get the Realtor again.
The water is getting turned on to test the remaining items and the buyer is satisfied with the deal, just frustrated with the obstacles getting to the finish line.
So when dealing with a bank be prepared for som delays and surprises!!
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