I have a property that went under contract the first time a year ago October. The property has a pay-off of about $300K. The bank involved is Soveriegn. The offer was about $275K. The house had an appraisal value last year of around $320K. The sellers were prompt in their paperwork and were lawyered up. We continuously complied to the banks request for information , but time kept dragging on without an acceptaqnce from the bank. At around the 4 months mark, the buyers gave up and the sale fell apart.
I put the property back on the market and got another contract, this time for $280K. That was in March; here we are in August and guess what , the bank still can't decide whether to accept this offer. It's quite flabborghasting!
To me it's such a crime that the bank has so little regard for the sellers or people in general. There just ought to be a law!