I have encountered an irritating situation. Have you? I have many clients looking for a "good buy". So the first thing in their mind is to buy a Foreclosure or Short Sale property.
The process takes 4-8 weeks to get an answer. Why? You would think that it would move a bit more quickly. I had a young couple make a full price offer on a foreclosure property. The only contingency was home inspection (for informational purposes only). It was a clean contract and we had (loan commitment) the ability to close in 10 days from Ratification of the Contract. The Bank countered after 3 weeks with an offer that was $20,000 over the listing price.
Talk about steamed!!!!!!!!! It doesn't seem ethical!!!!!! I understand that it is just a file on a desk somewhere. But when you have people who can and want to buy at the listing price....it gets frustrating!
You seem to get the better "deal" when you buy a home still in possession of the homeowner (not a short sale). Sellers are delighted to entertain offers.
Short sales seem alot easier to get approved. However, I have experienced similar circumstances.
I understand this will be the norm for the next few years. But jeesh! It really makes our clients upset! I feel that they look at us as if we are lying to them when we say, "I don't know why the bank did not accept your (full price) offer."
Hmmmmm...... Interesting isn't it?