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Old 04-16-2007, 10:20 AM
 
10,160 posts, read 11,131,982 times
Reputation: 20885

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We're trying to purchase. We have a contract - They accepted our offer 2 weeks ago today, yet no closing date. In the contract it said 45 days to close, yet they will not get off the pot and give us a closing date. We put down a nice size down payment, they wouldn't accept anything without a certain amount of down payment.

My agent is doing all she can to get them moving on this closing date. The banks agent is doing nothing. The signed contract was faxed to her 4 times, she keeps saying she can't read it. Well our agent drove to her on Weds of last week and handed her the original contract. We still have yet to hear of any closing date.

Is this normal or what? I have bought only one house and sold only one house in my life and when we got a contract the closing date was in the contract.

My bank said it should not take 45 days. The title company who's going to handle stuff said the same thing, so why are we not getting a closing date? I'm buying in Ohio and the bank that owns the house is out of California. The house has been sitting almost a year now.

We had it inspected and appraised..........They got my money, yet cannot give us a darn closing date. I just wanna know if this is a normal practice for a bank owned home. Does anyone know???????
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Old 04-16-2007, 10:27 AM
 
Location: NW Atlanta
1,372 posts, read 5,203,261 times
Reputation: 452
yes unfortunately HUD homes and bank forclosures are a sticky bunch you could try to have your agent talk to his broker for some input on the issue or maybe contact the seller BROKER
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Old 04-16-2007, 10:29 AM
 
Location: Montana
2,203 posts, read 9,303,057 times
Reputation: 1130
Sammie - unfortunately working with the REO's on bank owned property can be a nightmare. One that I handled (on the buyer's side) went like this:
We did the initial contract and it was verbally accepted (although not signed by all parties - there are numerous parties that have to sign the contract on these deals) within the week. We were to close in 30 days. We finally got the signed contract back a week before closing, and the REO company changed the Escrow/Title company on us and the close date! What a mess, as my clients had an interest rate lock that was due to expire before the "new" close date. Long story short - we were able to get it done and closed before the lock date expired, but it wasn't easy.

So bottom line, is your experience typical? Unfortunately, YES! It's imperative that your agent, the escrow officer, and the loan officer really stay on top of things in these REO deals. The best to you - don't stress about it - it will happen, it's just that those corporate wheels turn very, very slowly.
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Old 04-16-2007, 10:39 AM
 
10,160 posts, read 11,131,982 times
Reputation: 20885
Thanks - I'm like stuck in the wind tho. I'm in NY while My hubby is in Ohio at a hotel. My bank is trying to get something going as well. It's unreal. You think they'd want to just get the house out of their hands after sitting on it for almost a year.
I was hoping it was a common thing, now I'm really sicken by it. We're almost at the point of walking away, since their agent refuses to respond in a decent manner to my agent. It takes days to get an answer from this woman.

Thanks for replying. I appreciate it
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Old 04-16-2007, 11:02 AM
 
Location: Marion, IN
8,189 posts, read 31,186,050 times
Reputation: 7343
I bought a bank owned property a couple of years ago. It said 45 days to close in the contract, and that is what they took. I was moving from out of state, and it was a very nerve wracking experience. I was a cash buyer and it still required a bunch of extra paperwork, and a couple of weeks loner that it would have with a non bank owned property. Hang in there!
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Old 04-16-2007, 12:31 PM
 
11,550 posts, read 53,027,987 times
Reputation: 16330
It is essential that you be very aggressive ... either personally, or through your agent ... to see that this deal is being treated with the appropriate care and honest dealings that you thought you were walking into.

I've had personal (bad) experience with bank owned properties where someone in the bank wanted the property I was buying for their own interest. They consistently "blew up" every real deal that came through from capable, qualified, and motivated buyers who were innocently trying to buy a property.

While the wheels of the corporate world may move slowly, those wheels also allow less than honest bankers to hide their unethical activities.

If you don't see appropriate behavior ... like getting a contract in hand and reading it after numerous attempts to make it good ... then you should be very suspicious of a bank trying to not deal with you in good faith.

I literally had to take one bank to the regional banking commission to force them to honor a contract they'd accepted. The key point is if they've accepted your money to do anything, they MUST perform.

Stonewalling seems to be the common tactic to get you to be disgusted and walk away from your end of the deal, so it looks ... on paper ... that you were the one who abandoned the deal.

I know that if the bank had you on the timetable to perform, they'd be holding you to a schedule. It should work the same in the other direction, but that unethical banker out there will not do what is right if you allow him to get away with it.

Don't be polite about this. Tell the bank up front in no uncertain terms that you've wrote a contract in good faith and gave them your money in good faith and expect them to perform in similar good faith. Otherwise, you'll be taking a complaint about their suspect behavior to the the regional banking commission ... TELL THEM that you know the games that they can play, and that you're not here to play their games at your expense.

Get aggressive. Get in their face. When they raise BS objections to the process, answer the objections. Make sure they get documents. Make sure your lender is lined up with a commitment and the bank knows it. Make it worth their while to perform instead of play games.

Otherwise, you'll just be out your time and hopes to complete a deal. I know of a multi-millionaire real estate investor in Denver who got screwed around this way, too ... and walked away from a deal as not being worth the trouble. I persisted and bought the house he walked away from ... it was a great deal. But I had to get in the face of several bankers and threaten that they'd have a new member of their board of directors after they got through with me if they didn't honor their contract.
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