Foreclosure in Crystal Lake>Question Details

Becky, Home Buyer in Crystal Lake, IL

How long for signed acceptance on forclosed house?????

Asked by Becky, Crystal Lake, IL Tue Mar 17, 2009

We have made an offer on a foreclosed home. The bank countered and we they are dragging their heels in returning the signed acceptance. Our realtor and the listing agent have both told us it is the PMI company that is delaying the process because they are taking such a big loss on this house. We are concerned with how much longer this might take and if we'll get the house?!!? Any advice is welcome!

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Things can take time in terms of getting your signed acceptance, and I understand your frustration. The one thing to watch for is the status in the MLS. See if there has been a price drop (to bring in any more potential buyers), or if the status has been switched to pending/under contract. I cannot tell you the number of times there was a verbal acceptance and then I was told to lower the price for a few hours to see if anything else came in before things were signed.

Good luck
0 votes Thank Flag Link Sun Oct 10, 2010
Most foreclosed properties have a delay depending on where in the process the home is in. If it is an REO (Real Estate Owned) property, these typical can take about a week to get all of the paperwork done. Typically what happens is that the seller accepts the contract along with having the buyer sign an addendum to the contract. I am not sure where in the process you are on this, but I would suggest contact your agent and get additional information on where in the process this home is in, what additional documents are required and contact your attorney to possibly speed up the process. In my experiance, I always try to get a great repor with the other agent so that I can be as informed for my clients and best guide them as to what our next steps are. Many lenders are in the process of haulting foreclosures so the more information you can gather on what stage this home is in, the better decisions you can make on what steps to take next.
0 votes Thank Flag Link Sun Oct 10, 2010
I just recently bought a foreclosed home. I never had any issue with a PMI company, however the bank dragged their heels on my purchase as well. I made an offer, they sent me a letter saying there was another bidder, and then I went without a response for 8 or 9 days. I sent the bank a letter stating that if I did not recieve signed acceptance in 24 hours, I was withdrawling my offer. 1 Hour after sending the letter I had signed acceptance. Its difficult to deal with a banks, but if you give them the impression that your willing to walk, they will respond because they dont want the operating expenses for an additional month, or months.
0 votes Thank Flag Link Wed Jun 3, 2009
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