We have had for sale a home that is moving towards foreclosure. As the end of last year drew to a close we persuaded the owners to drop the price to encourage some sort of an offer, aware that it would not cover their responsibility to the bank. we made clear to agents that any offer would need to be reviewed by the mortgage lender for approval.
As the year ended we received an offer. It took several days to find out where and to whom we needed to talk and to get them to talk to us. On January 2nd we faxed the offer to the appropriate department. we warned the buyers agent and buyer this would take time and we may not be able to reply within the time stated on the contract. It took the bank more than a week to even appoint a negotiator. I call constantly to get updates and find out nothing. Well, another offer came in and we fax this over to the bank as well. Almost three weeks have now passed and I call and after 35 minutes on the phone waiting to talk to the negotiator, my second by now, the first was removed, maybe because he did not do any work, I am told that although both offers are technically expiring the negotiator is not going to respond to either till an appraisal has been ordered. I mean what takes so long, they had the offers for 3 weeks, if they cannot negotiate till an appraisal is done why was it not ordered as soon as the first offer was received, what takes three weeks for you to order an appraisal.
I met the appraiser, show her my comps for the property, and she goes on her way. it has now been over a week and still nothing from the bank. I have called to find that I am now on to my 3rd negotiator, who is reviewing the file and he will get back to me. If they just left it with one negotiator they would not waste time constantly having to come up to speed and learning about what is going on.
In the meantime, I need to hold two buyers in the deal while wondering if anyone at the bank is actually doing anything, or is even interested in selling the property. So, do you know, is anyone working or are they simply passing files around the office?
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