Foreclosure in 32908>Question Details

Joan Galazzi, Home Buyer in Palm Bay, FL

I have a sales contract on a foreclosure in Palm Bay, Fl with my agent and she is not the listing agent for

Asked by Joan Galazzi, Palm Bay, FL Wed Mar 5, 2008

the property. Several times she has called the listing agent and they have given her no answers to when we are closing on the property. The contract states March 10, 2008 but we do not have a title company as of yet. What can I do to make this happlen. Shall I get an attorney to sue them for non-compliance of the contract.

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So far you've received two good responses ... It takes time.

The reason why it takes time.? ..

Lenders have never carried enough manpower (or spent the money) to cover large car auctions, boat or yacht short sales or foreclosures, let alone having the foreclosure figures double .... 1988 or 2008 it makes no difference, unless you know "somebody" nothing has really changed - same long time frame for foreclosures.

You can always get an attorney, but that never guarantee's anything except paying two people instead of one for the same results ..

I've been to 50+ closings .. and closings can get organized and can get done inside of a few hours if everything is done correctly .. if things get bottled-up you can wait an extra 5 or 15 days on a regular closing (it's almost common) so keep in mind there's other issues here ... there is no "non-compliance", the property is involved in a foreclosure.

That said ... I would nicely get in touch with the listing agent and find out what is going on, they might also connect you to the lenders agent, and I would nicely do a timeline with them and see what "could" be an approximate closing date and stay online with everyone on a daily basis ..and more than 2 calls a day doesn't hurt ~ "if" you do it nicely and you're calm.

You'll get a lot further with a small bottle of honey than 55 gallons of vinegar in a case like this ... patience is a virtue here.



:^)
0 votes Thank Flag Link Wed Mar 5, 2008
Sounds like March 11th is a wonderful day for a legal action. Remember, banks believe they are imune from law suits, but guess again. I think most Courts would be more than willing to help motivate them along or compensate you for losses or damages (a difficult thing to prove, unfortunately) if they ultimately do not meet the timetables they agreed to. Talk to the lawyer in advance of the closing - which is something you should do anyway. Not being represented by legal counsel at a major dollar transaction is being pennywise and pound foolish. Realtors represent sellers not buyers.
0 votes Thank Flag Link Wed Mar 5, 2008
If this is a foreclosure home it will take some time to hear back from the bank, usually 30-120 days.
If it a bank owned home, meaning it already has gone through foreclosure, you should have heard within just a couple of days if the contract was accepted.
Did your agent put a date for acceptance?
0 votes Thank Flag Link Wed Mar 5, 2008
Joan,
In these situationa, banks generally "Call the shots." The listing agent is caught in the middle with about the same amount of information and power as you. Banks move at their own pace(in some cases backwards) and allow things to happen based on their schedule. They have little interest in the buyer's needs, real estate guidelines, or customer satisfaction.
If you have an executed contract, you are on the inside track to obtain the property. Be patient! It's much too early to consider legal action.

Good luck,
The "Eckler Team"
0 votes Thank Flag Link Wed Mar 5, 2008
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