I KNOW BANKS CALL THE SHOTS BUT...

By
Real Estate Agent with Dunnigan, Realtors, Sacramento (916) 425-9715 CalBRE # 01188158

I will be the first to admit that I don't do a lot of foreclosures...in fact, I am in the middle of my first one.  No, I am NOT going to answer any questions on how in the world I have accomplished this remarkable feat!  Being a rookie at foreclosures, but not uninformed, there have been few surprises. The bank shortened up the removal of all contingencies to 10 days (and we all know how well the banks do at moving things along in a timely manner).  We had to promise that there would be world peace...okay, maybe not, but it felt like it!

Anyway, we have been hustling to get everything done in the 10 days we were allotted.  My clients signed the final counter from the bank on the 19th, so we have until Monday to remove our contingencies....you would think!  I received a call from the listing agents assistant explaining the error in my math.  You see, the BANK  signed the counter offer THEY wrote on the 16th, so add 10 days...and yep...the contingencies were suppose to be removed today.  Now, some sane person may ask if we were in contract on the 16th and the reasonable answer would be no, since my clients hadn't agreed to their counter yet.  The assistant kindly explained to me that the date that my clients agreed to and signed the counter really didn't matter. Hmmm....

This being the case, the next time I receive an offer on a property I have listed, I am just going to assume that the buyers have agreed to it and go forth and prosper!

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Rainmaker
262,842
Paula Swayne
Dunnigan, Realtors, Sacramento (916) 425-9715 - Sacramento, CA
Realtor-Land Park, East Sac & Curtis Park -Dunniga

Hi Rick!
No...I think they are just stupid...all of them! But then, let's see....we loan them money, they use it to give bonuses or take trips, they manage to make themselves the exception to most of the new regulations...maybe we should rethink this stupid stance! But thanks for the laugh!

Feb 26, 2010 05:56 PM #2
Rainer
47,974
Kevin Dunlap
Trident Investments Group - Las Vegas, NV

Banks do not follow any path of logical thought.  They do things that may seem illogical from a normal buy/sell relationship but when you see how a corporation thinks, then it doesn't seem quite so odd.

Feb 26, 2010 06:03 PM #3
Rainmaker
516,588
Russell Lewis
Realty Austin, Austin Texas Real Estate - Austin, TX
Broker,CLHMS,GRI

Hi Paula, I HEAR you and though I did many REO and foreclosure sales in the late 80's and early 90's it's a rare occurrence toad. However, like ow I am in the middle of a short sale now. It's been as strange as folks describe but in our case the bank has just asked for a month extension for the closing. The reason being they need to figure out what they are doing ;-D. Fortunately I had counseled my buyer that anything could happen and to be patient. We are through all inspections, contingencies and now just waiting...and waiting to close...

Feb 26, 2010 09:56 PM #4
Rainmaker
770,669
Thom Abbott
MyMidtownMojo.com |770.713.1505 | Intown Atlanta GA Condo Living - Atlanta, GA
Midtown Atlanta GA Condos For Sale

Paula...I've sold a couple foreclosure, and to date, have avoided short sales like a plague! Lucky for ME and the Buyers I have been working with, they want to buy today, not 6 months from now when a short sale might, I repeat, MIGHT close! And I don't think it's because they are overwhelmed...I think they ARE stupid as Rick suggests!

Back to foreclosures....it really does depend on the bank. I sold one that was owned my a community bank in a suburb of Atlanta. (New Construction) My buyer and I prepared a 2 page amendment of items needing attention/repair. I advised them, we may get something, we may get nothing. The Bank repaired or replaced EVERYTHING on the list, including a new leaded glass front door! I could not believe it!

That was an exception to the rule.

I'm getting ready to attempt a short sale on my own condo (sign of the times, can't keep it) so wish me luck.

Feb 26, 2010 10:41 PM #5
Ambassador
1,895,205
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Paula, the process with distressed properties is so frustrating and sure wish it could be more straightforward.

Feb 27, 2010 02:04 AM #6
Rainmaker
108,871
Cathy McAlister
Cathy Ashley McAlister, GRI CDPE - Broker / Sacramento - Sacramento, CA
Sacramento DRE#00648507

Hi Paula, Here is another shining example of an REO property.   All cash, under 100K.  Investor purchase.  Offer was made.  We received a call the very next day saying we could win the offer IF:

1.  We waived ALL contingencies (including inspections).

2.  Could close in 7 days.

3.  The bank won't be delivering the counter until Monday so have the weekend to get this done - can you do it?

My buyer's knew the drill - they agreed (via email - no contracts/addendums in hand yet) and we scrambled their set of inspectors over the weekend.  My buyers were ready to close in by Wednesday of the following week. 

That was five weeks ago.  We just closed this week.  Bank could not get their act together.  The buyer's were ready in one week and the bank could not perform for five.   

Contracts and Addendums mean nothing to the banks ... unless they want it.

 

 

Feb 27, 2010 02:42 AM #7
Rainmaker
1,059,072
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Paula...I liken your bank's understand of "math" with my understanding of Gravity. When you think of it this way there is no such thing as Gravity...It's just that the Earth Sucks. And Math is a state of mind, some people happen to be out of their mind!!

Feb 27, 2010 04:19 AM #8
Rainmaker
262,842
Paula Swayne
Dunnigan, Realtors, Sacramento (916) 425-9715 - Sacramento, CA
Realtor-Land Park, East Sac & Curtis Park -Dunniga

Hi Kevin!
I keep forgetting that the banks aren't in the real estate world...they are in the banking world.  It would seem logical to me that they would bring on a few experts that would tell them how real estate works...oh wait...that's what WE do when we aren't an expert at something!

Hi Russell!
I emphathize...along with this being my first foreclosure, I have only done one short sale...I really do sell property..hehe!  Anyway, I don't think the banks will ever figure out what they should be doing until they bring a few Realtors on board that will explain to them the normal real estate process!

Hi Thom!
Wow...you had a very fortunate buyer..or a very desperate bank!  I do wish you luck with your condo!

Hi Gary!
Right there with you!

Hi Cathy!
Isn't it amazing? I still haven't figured out how the banks came out of this mess ruling the roost!

Hi Steve!
Gotta love the perspective...it does help!

Feb 27, 2010 05:25 AM #9
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Rainmaker
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Paula Swayne

Realtor-Land Park, East Sac & Curtis Park -Dunniga
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