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Archive for January, 2009

I want to start by saying that I’m just venting. There are a lot of great deals out there and most of them are bank owned listings (foreclosures). The value is can be great- terrific houses at very discounted prices. BUT THE PROCESS ISN’T ALWAYS THAT ROSIE!!!

I wrote an offer for a buyer last Wed morning on a bank owned house. We wrote over asking price and submitted a very strong pre-approval letter. We didn’t expect to get an answer on Wed- heaven forbid some pencil pusher at the bank actually respond in a timely manner. But we were hoping to get an acceptance on Thursday. At this point we were still the only offer. But alas- Thursday comes and goes and still no word.

Friday morning- still no answer and we’re still the only offer. Then Friday afternoon we receive an email: “you are in a multiple offer situation so have your buyer submit their highest and best offer. And oh- by the way- have them sign the attached form acknowledging they were notified of the other offer(s) and have it back to the listing agent by 5pm.” (this is a bit paraphrased).

So- Friday afternoon we submit an offer for slightly higher than our original over asking price offer. Then Monday comes and goes and no word. As of this writing- just before 9 pm Tuesday- still no word!

These banks go to Congress and ask for money- our tax money. But when they get an over asking price offer they can’t respond in less than a week?! Most “regular” sellers respond to an offer within 24 hours. Many times the same day the offer is submitted.

Are the banks just too busy to sell their inventory? Are they incompetent? Are they dragging their feet in order to get an even higher offer? Whichever it is, this behavior is unacceptable. This isn’t an investment property for my buyer. They’re purchasing a home, and for whatever reasons the bank/seller is toying with their emotions. My first thought is it’s greed. But my gut says it’s plain ole incompetence on their part. Either way, it’s wrong.

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