I haven’t quite figured this one out, but, so far my dealings with bank-owned properties have gone like this:
1. We (the Bank) verbally accept your offer.
2. Purchaser ,please HURRY UP and sign all the bank addendum or we will move onto the next offer.
3. We (the Bank) will sign off on everything and fully ratify the contract WHEN WE FEEL LIKE IT or when the documentation finally makes it to the right person.
My clients have been in a verbal contract with a Bank for over 4 weeks with nothing signed by the Bank, so technically speaking there is no contract. Needless to say, my clients are having second thoughts about purchasing this property and think they need to look elsewhere. They are pulling their offer and I am showing them properties once again.
If the Bank had just signed all the documents, my clients would be in a legally binding contract and would be going to settlement in two weeks. But now the bank has to find another Purchaser while I find them another house to buy, all because of a few signatures.
Side note: I spoke with the listing agent this morning and she is frustrated at how many deals that have been lost because the bank she is working with takes too much time to get everything signed off....hmmm, I wonder when the banks will catch a clue?
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