Do Banks Want To Sell Or Not?

By
Real Estate Agent with First Choice Realty, Inc

Do banks really want to sell their foreclosed properties or not?  I have a buyer that has found a home they really like & want to purchase.  This is a young couple getting married in about 6 weeks.  She has never owned a home, and he has already sold his & deposited the money!  Both are living with relatives until we can get them into this house.

We made an offer on the house almost 3 months ago.  The next day, kids broke in and broke 24 windows. Not the banks fault, but they rejected the offer until they could "fix" the problem.  A week later, the listing agent calls and informs me, that the 24 windows have been boarded up.

OK, the buyers had already planned on replacing the windows, and had figured in that expense. However, they lowered the price by $5,000.  The bank rejected the offer.

We waited about a month to think about making another offer, while we were looking at other homes.  They kept going back to the REO property.  As the listing was coming up on the 3 month mark, I told them it was "probably" getting ready to expire.  We submitted another offer about 8 weeks ago.  I found out a couple of days later, that it expired the day we submitted the offer.  The bank rejected it again.

A week later, I received an email from the listing agent, that it was relisted at a reduced price.  A week later, we submitted another offer over a weekend.  It was entered into their system and was waiting for them on Monday morning, March 14.  Over the next 2-3 days, we were told the asset mgr liked the offer, but the bank was reviewing their numbers.  

A week later, the 22nd, we received a counter offer $5,000 higher.  Within 2 hours, we accepted via email.  I made corrections on the contract and returned that night.  Then we waited and we waited.

On the 28th, we received the bank addendum, which superceded the contract.  We signed & returned on the 29th.  On April 1, I called asking where our signed contract was!  The listing agent sounded as frustrated as I was.  Late Friday afternoon (5:10pm), he calls and says the bank wants us to increase the deposit by $250........you have to be kidding!

I caught the buyer still and work and we took care of that issue immediately!

Nothing on the following Monday, and finally got the signed, accepted contact on Tuesday afternoon, April 5......3 weeks and 1 day!  Hopefully, we are finished dealing with that person at the bank.  Hopefully, the attorney's office handling the closing doesn't have the same work ethic!

Again, I ask......Do Banks Want To Sell Or Not?  They better not ask me to reduce my commission!

 

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Anna Banana Kruchten CRS, CRS, Broker, Instructor
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Woody good luck with working with foreclosures. I know from a lot of experience what a pain it is working with them - and I say that in jest because it's not really working 'with them'   I am very thankful we have very few of them in my area as well as very few short sales. I got so fed up with short sale banks that I decided to stop taking them about 3 years ago. Never looked back.

Apr 06, 2016 07:41 AM #1
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Woody Edwards
First Choice Realty, Inc - Chesterfield, VA
A Realtor® Who Answers His Phone!

Anna - I stay away from them as much as possible, but when the buyer gets on the internet & finds them........you just bite your lip & go show them!

Apr 06, 2016 07:50 AM #2
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Woody Edwards

A Realtor® Who Answers His Phone!
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