![\"Crush](\"http://www.flipthiswholesaler.net/wp-content/uploads/2012/02/FTREO-Banner1.png\")
2/13/2008
I FINALLY got the signed contract back from the bank yesterday on my latest REO deal. They just seem to have no sense of urgency whatsoever. Meanwhile, the listing was still on the mls as active, and I was freaking out thinking another offer was going to come in for higher than mine, and I would be screwed. I think I called the listing agent 50 times asking what the hell the hold up was. Seriously. Get your shit together, and get me the damn contract already. Sheesh.
I’m meeting my buyer this afternoon to get a deposit, and to have him sign an addendum adding him on to the contract. For some reason (because they are slow as molasses, probably), the bank wants the closing date on the contract to be March 18th. The listing agent said they will be able to close sooner, though. Not really sure what the deal is with that- I certainly hope it doesn’t take them over a month to get the title work done. Wouldn’t surprise me, though.
Well, I’m off to make some more offers….
On February 15, 2008 at 12:56am, Trisha#1 said...
Does it work there like it does here, where the listing agent is able to change the listing to pending based on the verbal agreement to an offer? In other words, if a foreclosure receives an offer that is accepted verbally by the lender, can the listing agent change the listing to pending status? Or, do they have to wait until the offer is accepted and faxed and they have the copy in hand? If that’s the case, I can see why it takes so long to show pending. Banks are super slow with paperwork.
On February 15, 2008 at 4:22pm, Stephani said...
Hi Trisha,
My experience so far is that they do not change it to pending until both parties sign the paperwork.
Yes, they are very S L O W. And, I like to get stuff done lickety split, so it’s kinda annoying. Guess I just have to get used to it.