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No Answer from the Bank |
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I'm trying to buy a home in the Inland Valley area and have put offers on four different homes. Two of them our bid was too low or offer was already pending and the other two we have had no answers from the bank. Our offers have been what the list price is on the bank owned properties and don't know why won't give us an answer. My price range is 320,000 to 350,000. It seems that in this price range the homes are either short sale or bank owned. Can you tell me why this process is taking so long? |
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It sounds as if all the properties you're trying to buy either are owned by the lender (REO) or require the lender's okay on a short-sale contract. That means you're dealing with committees, and your papers are probably sitting somewhere in someone's "In" basket. Judging from the mail I'm getting, these things do take time and patience.
But about those offers that haven't been answered -- I hope your written offer contains a time limit, after which the offer becomes void. Otherwise you might find yourselves with unexpected late acceptances, which could leave you legally obligated to buy more than one property! |
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Edith
Originally published on April 24, 2008 |
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