Foreclosure in Luray>Question Details

Chris, Home Buyer in Stanley, VA

i made an offer of the full asking price on a bank owned property. the price of the house was 29900. i gave a 5000.00 certified check and told them i

Asked by Chris, Stanley, VA Thu Feb 25, 2010

would pay the rest in cash. they havent even responded. its been 2 weeks, the house has been on the market for over 2 years! i dont understand, is this normal? what should i do? i really want this house

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Patrick Thies’ answer
It will take longer to get an answer back on this since you are dealing with the bank. A processor has most likely been assigned to this property and it could be one of many that they are handling. It could take a litte longer for them to get to it.

Stay on top of it by checking in with the bank every so often so that they know you are still out there.
1 vote Thank Flag Link Thu Feb 25, 2010
There are no surprises when it comes to dealing with banks.......Are you working with a real estate professional that will represent your personal interests.

If you are working through the banks representation, don't expect you welfare to be a consideration. We recommend that buyers always seek their own representation.

Good luck
0 votes Thank Flag Link Fri Feb 26, 2010
When we made our last cash offer we also included proof of funds of the remainder of the balance.
0 votes Thank Flag Link Thu Feb 25, 2010
Some lenders are faster than others, so do be patient, think of all the red tape involved--what is your agent advising--he/she is your best guide, if you don't have an agent consider the services of an attorney who specializes in real estate.
0 votes Thank Flag Link Thu Feb 25, 2010
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