BEST ANSWER
I have listed bank owner properties exclusively for the last two years. I have had it signed within hours and had it take as long a 30 days. Given there are less bank owned homes on the market today than at any time this year, the signature shouldn't be more than 1-3 days.
Has the listing agent changed the status of the property in the MLS to under contract? If so, than the property isn't being shown so it is unlikely you will have your contract "bumped". If it is still active, your agent needs to be pro-active in putting pressure in the listing agent to make sure the offer was presented, accepted and sent to the bank or asset management company for signature. If this has been done, the MLS should reflect the contract status.
There is a reason for a delay this long. The asset manager handling the property for the bank, (this is who the listing agent talks to), might need to get approval to sign it from the bank, mortgage insurance company or investor. This approval can take time. However, the listing agent should be able to find out why the wait and communicate that.
Did the earnest money check clear the bank? if so, this is evidence that the contract is in force even if the seller has not signed it yet. While this is not as strong as a signature and doesn't have much legal standing, it is enough to have the MLS status changed.
Another possibility... the bank owning the property might be a small bank without the systems in place to handle foreclosures. If this is the case, then long waits might be the norm.
Good luck!
Fri Nov 6 2009, 15:35
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