Admin

It's waiting time...

By
Real Estate Agent with VIP Realty Group, Inc.

It's becoming more and more apparent to me that these banks are starting to play games with buyers.  I've noticed that many listings are coming on the market as foreclosures and priced well below market value.  Then, what I'm learning, is it seems that these banks are just collecting offers for a week or TWO and then deciding on which one to take.  This is not okay to me.  The listing agents should hold these banks to some kind of standards on response times.  They all state... 48 hour response time, not a Short Sale, etc. in MLS, but then, they take 1 or 2 weeks to get a response back.  This is unacceptable and not fair to the buyer considering many have to give notice to an owner that they are not going to lease anymore, or job transfers are occuring and they need a concrete date on when they can move into the property.  These banks have no regard for timelines!  Also, when "verbally accepted", the banks are taking up to 2 weeks to get signed docs back to the buyer!... if the contract review person is doing his/her job...ie: the verbal acceptance after reviewing the offer, then shouldn't signatures take about 5 minutes?  I guess not.  This is frustrating.  The only thing these foreclosures have helped with is the chance for my Naples and SW Florida First-Time Homebuyers to get into the market, which is definitely a good thing!  Foreclosure listing agents, I challenge you to hold your banks to some kind of standards and require them to communicate something to you during the negotiation process when a contract is presented.