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Old 03-08-2009, 10:54 PM
Location: Arkansas
2,383 posts, read 5,410,560 times
Reputation: 1123


Here's what I noticed recently. We made an offer on a home that is in short sale, so that is right before it goes into foreclosure. The owner has lost his job and does not have any more money to pay the mortgage. So we made our offer, the sellar accepted and the bank said it could take up to 90 days to come back with a decision. That does not mean that they would have accepted our offer, it just means they were going to take up to 90 days to decide on it. My agent and I were talking about this because I realized depending on how far behind this owner is on payments, he/she could potentially go into foreclosure because the banks don't want to make a decision. After hearing the 90 day thing, we made an offer on another home pending that we heard back from the bank within 24 hours. When the bank was called to be told that the us, the buyers were walking away if we did not get an answer in 24 hours, the bank said that they were following all procedures first and that it could take them up to 90 days. So even when homes have buyers willing to come in and help the market, the banks are not moving fast enough!!! We had to make a move so we bought the other home, but still, it seems silly to me that there are qualified buyers out there willing to take some of the burden off the situation and the banks are not moving! In another post I wrote about another home that is currently in foreclosure that we made an offer on and the bank did not budge! I could not believe it! I thought most places were happy to have buyers.
So, as a homeowner, if my bank were not acting swiftly to help resolve the matter, I might walk.
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