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Old 11-04-2009, 12:07 PM
 
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Why are there so many homes pending sale for months (more than 3 months in some extreme cases I see 6 months pending) in Atlanta where there are suppose to be cash offers?
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Old 11-04-2009, 12:27 PM
 
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I have bought a few forclosures over the last several months. Many times the bank owns the property. IMO The process does seem to drag more than when you are dealing with a homeowner directly. When a bank owns it, you are waiting for an organization to make a decision or get back to you. Even if its a cash offer. It's someones job basically and it may get back burnered due to other priorities or they may be waiting to see if they get a better offer. When dealing with a homeowner they are anxious to get the deal done and it seems to happen much quicker. Also the mortgage companies have been dragging their feet slowing the process.
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Old 11-04-2009, 12:28 PM
 
Location: East Side of ATL
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Either, the bank is taking forever to clear the deal or the mortgage has fallin through.

It's a house on North Avenue in Candler Park, I believe has been pending sale for months, it should be near a year now, if not more...crazy!
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Old 11-04-2009, 12:41 PM
 
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The homes I am talking about are under $100K and are owned by the banks already. How could they go pending if the bank doesn't approve the offer? It looks like the offers have been accepted but in some cases I've seen an offer be accepted on a Sunday but say Contingent and don't know how those offers can be accepted when the banks are closed on Sunday? But still these homes have been pending for ever????

Some of these places have been ranging in price from $10-35K and all are suppose to be cash sales from what the listings say. I don't know that people can even get a loan for less than $100K. It is funny to me how the listing agents are putting in the listings only accepting cash offers, get an offer I'm assuming where someone shows proof of funds but can't close for whatever reason and you would think that even if someone came with financing, an offer paying for the distressed property is better than no offer?
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Old 11-04-2009, 01:01 PM
 
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If they are bank owned they almost always takes months. Also, it could be possible the realtor got lazy and didn't update the MLS.

It is true its hard to finance small amounts but not hard to get a long for $60k +
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Old 11-04-2009, 03:29 PM
 
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Agents being lazy and not removing the listing makes sense. Thought it might be a combination of things like people not really having the funding to pay off the house and or the properties not being able to clear title because of liens, or because an agent is holding it for an investor.
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