I recently had to deal with a bank on a foreclosure sale and the red tape and duct tape and rules and restrictions imposed by that "seller" made my buyers' first home purchase a roller coaster event.
Everyone knew ahead of time it could be rocky and that the risk is high when purchasing a foreclosure. I know myself from when I purchased my first foreclosure in 2002. However...in all fairness to my buyers, the "seller" took a very long time to respond and created such impossibly tight deadlines that my buyers were unable to meet, that we were unable to close on time. To make matters worse, the "sellers" wanted to impose late fees for not closing on time.
This is what happens when we deal with a third party who is not a living, breathing entity. Someone with a heart would understand that the buyers have shown due diligence and would take into consideration the effects imposed upon the buyers, the lender, the inspector, the appraiser, the title company from requesting such tight deadlines. Meanwhile we try our best and it appears it is still not good enough because unfair fees are threatened upon the buyers.
I showed 9 properties last week to one set of buyers. In the end, only one was not a short sale or foreclosure, though it was still a distressed seller. I look forward to returning to a market where sellers are true owners and where the heart is involved in the transaction.
Today we are faced with challenges not normally faced in traditional real estate transactions. We as agents strive to do our best but so many unexpected turns and twists arise. My hope is that my buyers will not look at this experience as a sole reflection of my service commitment to them, but that they will look at the entire picture and realize that we did the best we could with each given scenario. I wish them well, they WILL get to closing and I know it in my heart.
We're almost there!