Tracy Fetter

Hi Flowerchild,

It's a crazy world when dealing with banks. I wish I had good new for you. How did you submit 3 offers? Have any expired? Did you give an extension on the acceptance time period? Did you submit the deals on the bank's contract? Did you you use or get pre approved by their recommended loan agent? What if all get approved? There is a potential that you could be in contract to buy 3 houses but I wouldn't worry about that too much just slightly.

Hearing from the banks depend on the banks and the listing agents. In Richmond, I have noticed that a lot of properties are listed with a 925 area code and they seem to be randomly priced (or at least priced by someone who has not seen the property and is just running numbers from sales and tax records from a desk in some other county).

Short sales and bank owned properties are serviced by bank employees and not real estate professionals. Your contracts maybe sitting in a $18 an hour bank employee's inbox. They maybe out sick or attending a meetings and not motivated to do your deal, or any others. If it is a short sale then your offer maybe sent to an inbox waiting for debt collection and not sales.

The listing agent maybe listing hundreds of REO's and yours isn't their priority. I have noticed that most all cash deals magically close, but if there is a loan some listing agents are shameless enough to not bother to respond.

In world of short sales and REO's it truly is buyer beware. Good luck. - Thu Jun 25 2009, 13:45