Does anyone else seem to have problems with the amount of time it takes for the bank's to sign off to sell bank owned property? In two bank-owned transactions this month, acting as the buyer's agent, I have noticed the bank turnaround time to be excessive. One transaction took 5 days to get papers signed. On top of that, the bank selects the escrow company. In both cases the escrow company has made significant errors and charged astronomical fees to my clients. Just curious if anyone else has experienced similar situations?
"The Gateway Home Team" of RE/MAX Alliance - Collinsville, IL
Owens, Broker/Owner
Oh yeah, it took us over a month on one. It was crazy and luckily our lender went ahead with everything he could and we had the title company and ordered title so closed quickly after that. I have heard from other agents the same story.
Apr 28, 2008 09:01 AM
Ida McCarthy-Lombard Real Estate - Lombard, IL
Brian - sore subject with me. I closed on one after 9 months. The one previously took 6 months for the bank to say to me a month before closing that they wanted 5000 more. My buyers laughed and walked away. Good luck with the banks!
Apr 28, 2008 09:18 AM
Keller Williams Realty - Puyallup, WA
CDPE, CNE, ABR
Yeah - I hear you. I was just talking about the time from when docs arrived at escrow to closing. I have also had one that took five months, the bank walked away, then called a couple days later to accept our offer. Thankfully, my clients were willing and we closed three stressful weeks after that.
Apr 28, 2008 09:27 AM
Rainer
48,470
48,470
Brian Solinsky
CDPE, CNE, ABR
Comments(3)