-Originally Posted At www.bigbearilluminated.com
I just to remind anybody thinking about buying a bank owned property in Big Bear that they need to be very aware of the different time lines and how they will be affected by them. The bank's that are selling these properties are on their own schedules and, as a buyer, you have no choice but to go by their rules.
For instance, I have an REO property in escrow at this moment that is not really in escrow. The timeline on the 30 day escrow started the day the bank accepted my offer, almost three weeks ago, but the bank has not yet officially opened escrow. Oh, they have sent me emails letting me know that it is imminent, but it just hasn't happened. The bank, luckily, added 10 more days to the time frame to allow us to get things done, but they don't always do that. Many times they build a per diem clause into their disclosures and expect you to pay even if they don't do anything on time and cause the escrow period to go over. You can fight it, but it is just another hassle.
Since I have sold numerous REO properties, I know this and can advise my clients and their lenders properly. In this instance, we ordered the appraisal the first week the offer was accepted. Since it is already done, the lender is in a much better position to get the loan closed on time. We also did all of our inspections the first week also. My clients havedone everything they can possibly do to get this closed on time. I had to learn the hard way, if you wait on the bank to anything on time or correctly, you are inviting disaster. It is up to the Realtor to make sure they position their clients to close on time and make the banks ridiculous time frames. If anything goes wrong, we can stand blameless and tell the bank to put their per diem where the sun don't shine:)