Main Line Homes Blog

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Is anyone working?

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?

If you are buying or selling on or around Tredyffrin Easttown or along the Main Line we can help you,  contact us or connect

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Comment balloon 4 commentsNick Vandekar, 610-203-4543 • January 31 2008 11:47AM

Comments

Nick - Wowsers!  Not sure what bank you are dealing with but it doesn't exactly sound like they are on top of things.
Posted by Jason Sardi, Your Agent for Life (Auto & Home & Life Insurance throughout North Carolina) over 11 years ago

Jason,

I just got off the phone, they cannot reach the negotiator, so I have to request for him to call me, which I have done, but I am not holding my breath.

 

Posted by Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtor, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) over 11 years ago
I am tired of hearing the banks cry they bring it on themselves I have never worked on a bank property that the bank really wanted to work at it. There was a foreclosed home here that the bank listed for $82,000 there was 19 bids on it the largest offer was $118,000 and it still took the bank 2 weeks to respond
Posted by Cory Clure (Tamarack Realty) over 11 years ago

Cory,

I could cope with two weeks. I was told today, well you know this is going to take about 8 weeks in total. Settlement on both contracts was for mid February. You would think they would want a quick settlement and get it off their books.

Posted by Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtor, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) over 11 years ago

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