Special offer

Problem with bank owned properties!

By
Real Estate Agent with Keller Williams Realty

I just wanted to check to see if other agents are having the same problem as me. I wrote an offer for my buyers on a bank owned property. It is taking for ever just to get the title company and listing agent to respond to me. The bank made us use a title company in southern CA and the property is in the Sacramento area. The listing agent says the bank does not have to fill out any disclosures. Don't they have to at least send us diclosures saying they don't know anything about the property?

Lucky Lang
Premiere Plus Realty Marco Island - Marco Island, FL
Marco Island & Naples Florida Real Estate

Eddie,

You are correct.  Most of the foreclosurer situations I have been involved with are dealing with either banks or investment groups that represent them.  When someone finally sues them over it they might change their ways but right now they think it is their world.

Lucky :)

Mar 27, 2007 09:49 PM
Rich Kruse
Gryphon USA, Ltd. - Columbus, OH

In our area most of the lenders will use an addendum in their counter that asks the buyer to acknowledge a bunch of things including that they "have no knoweldge".  For our smaller community bank clients, they will fill out the disclosure forms, hoever they include a big X and the words "no knowledge".

It is extremely common for the lender to require that you use their title company.  Many reasons for this.

It is also common for response to be slow.  The agent may not be calling you back because they have no answer for you.  I know that is not what you want to hear, but imagine having a bunch of listings, a bunch of people calling you and you need to spend your day calling all of them to say "I don't know yet".  I know that I wouldn't be able to get anything done.

Good luck

Mar 27, 2007 11:44 PM