Here in Montgomery County (Md) there are only 7 active buyers and I am representing one of them. And currently there are billions and billions of homes listed for sale. You would think my buyers would be revered, sought, courted etc by sellers. I mean they represent 14% of all buyers! Maybe that would be true if we were dealing with normal sellers. Alas, we're dealing with a BANK. Here's my sad tale of whoa, I mean woe.
On the 9th of July, we submitted a contract on an REO property which had been on the market for 10 months. It had been listed previously as an overpriced short sale and had only been with their current agent for about a month. Comps showed it to be well-priced so we offered list with some closing help. We were in a dueling contract situation...Bank wanted us both to come back with our "best and final" offers. It took a little while to get a response but on July 25th, we received a bank addendum from the listing agent, advising us we had a verbal from the bank. My guys signed off and we returned addendum the next day.
We scheduled a home inspection expecting to have a signed contract back in a few days. I don't like to draw those out but lacking a written response from the bank, decided to postpone. Buyers were anxious to proceed and the listing agent changed status of property in the MLS and assured us that the paperwork was forthcoming. Listing agent has a good reputation and so we went ahead with the inspection.
Heat pump is dead...(hey it's only 23) sooo since the listing indicated "as is", I drew up a nullandvoid addendum and called the LA to give him the bad news. As it turned out, there was some "give" in that "as is" and LA went about getting estimates for heat pump replacement at the request of the bank. Took about 2 weeks. Bank has had estimates for about two weeks and still we have nada from the bank signed contractwise.
The contract which the bank has verbally accepted calls for an August 29th settlement and the bank's title company is emailing me for the usual needed settlement details. They of course were unaware that the bank is still sitting on it's little banky butt and can't seem to get it together to send out paperwork. I must emphasize it ain't the LA. We talk a couple of times a week and he is as frustrated as we are.
I used to think bankers were smart. As a result of banker's role in the current mortgage morass, I thought bankers suffered from terrible judgement. I'm beginning to think they are just freakin' stupid.
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