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Old 10-24-2008, 09:36 PM
 
542 posts, read 1,327,296 times
Reputation: 144

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The seller's home will go on foreclosure in Nov. if no one purchases their home and we offered the full asking price by the bank. My question is, why would the bank still pass the acceptance date and not respond? Arenít they anxious to get rid of the property and collect some money, on top of that there were 2 previous offers who did not make the full asking price and were declined, the bank wants the full asking price and ours is the full amount which they said they approve, but they are in the process with the official approval. Does anyone know what the bank is thinking about? What if I change my mind on getting this property since I'm not obligated to buy the home due to the past deadline, wouldn't that be the bank's lost? or they don't care, because they still can rely on the foreclosure process later to get their money back?

Also, since it normally takes a long time for the bank to accept and once if they do accept it, is that still possible for the bank to accept the offer in the case when the acceptance deadline has past (the offer contract is no longer valid..)?
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Old 10-24-2008, 09:52 PM
 
Location: Salem, OR
11,012 posts, read 18,924,139 times
Reputation: 6972
How much time did you give the bank to respond?
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Old 10-24-2008, 10:05 PM
 
542 posts, read 1,327,296 times
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Quote:
Originally Posted by Silverfall View Post
How much time did you give the bank to respond?
10 days because that's what the seller's agent said they normally take to respond to the previous 2 offers..the seller's agent said the bank already went through what a short sale process normally needs to go through, that's why it should be faster than a regular short sale property. and that is.... they want their asking price as the final decision after going through the other offers several times...which I did offer.
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Old 10-25-2008, 10:23 AM
 
Location: Salem, OR
11,012 posts, read 18,924,139 times
Reputation: 6972
But they rejected the previous two offers in 10 days. An acceptance has to go up the "chain of command" and take longer to get the head honcho to sign on the dotted line. I personally would give a bank more than 10 days to respond to a short sale. That's just not enough time.
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Old 10-25-2008, 01:34 PM
Status: "It's 5 o'clock somewhere." (set 26 days ago)
 
Location: Mountain Ranch, CA The heart of Calaveras County
6,180 posts, read 11,615,715 times
Reputation: 4950
If it's a short sale, you are still dealing with the original owner and not the bank until the offer is made. It's unclear to me whether you met the seller's asking price or the banks. Once the bank takes a look at it, they also get some comps from independent real estate agents. Perhaps they feel the price is too low based on their comps. Perhaps the seller doesn't really qualify for the hardship.

I'm surprised you didn't get a counter offer though.
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Old 10-26-2008, 01:25 PM
 
Location: Pennsylvania, USA
5,218 posts, read 2,263,926 times
Reputation: 908
Quote:
Originally Posted by hueimo View Post
The seller's home will go on foreclosure in Nov. if no one purchases their home and we offered the full asking price by the bank. My question is, why would the bank still pass the acceptance date and not respond? Arenít they anxious to get rid of the property and collect some money, on top of that there were 2 previous offers who did not make the full asking price and were declined, the bank wants the full asking price and ours is the full amount which they said they approve, but they are in the process with the official approval. Does anyone know what the bank is thinking about? What if I change my mind on getting this property since I'm not obligated to buy the home due to the past deadline, wouldn't that be the bank's lost? or they don't care, because they still can rely on the foreclosure process later to get their money back?

Also, since it normally takes a long time for the bank to accept and once if they do accept it, is that still possible for the bank to accept the offer in the case when the acceptance deadline has past (the offer contract is no longer valid..)?
It depends on who the mortgage is with. Is it serviced by a mortgage company for a group of investors? The problem with a lot of these mortgages is that no one really knows WHO owns the paper as it is bundled with a bunch of other securities and is owned by a group of investors..like 401K's and the like. The servicer has set rules they need to follow set up by the investors. It takes a painfully slow time to get those rules changed or adjusted to make decisions.

It is possible that if there is a full offer on the table for the home and they feel you are a qualified buyer, they would put off the auction date... maybe.. or maybe not..

The entire process with banks and investors is retarded and they do make stupid decisions that make us scratch our head. A lot of this mess could have been avoided if they would have just started re-modifying terms on some of these mortgages out there..but they stubbornly refused. Now guess what.. they are getting a 750Billino bailout AND NOW they will be remodifying..or so that is the plan atleast.
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