That's great! Thanks for posting the good news and welcome to the Desert communities. I'm sure you will enjoy it here as much as we do! It is a great place to be, especially during the winter :-)

Larry

Hi,

Thanks for easing my fears. You were right - we received a call from our realtor today (Trish Gardiner) that the bank had a small problem with one addendum but it had been resolved. We were given the choice of closing on our original date of 10/31, or choosing another date up to 11/17. I think we are going for the first week in November, as the house needs several major appliances and that will give me another paycheck. :)

Another foreclosure story with a happy ending....!

Sounds like your transaction is well documented, so you should be in good shape, particularly with your agent communcating daily. Probably just an overworked asset manager, or possibly a change in the bank's internal procedures. I can't imagine with everything well documented in writing that this should get away from you at this point. Just hang in there (not much else you can do :))

Larry Hansen

Sorry, forgot to mention it is through IndyMac - which I believe was bought by OneWest, but all of our bank documents still have the IndyMac headers.

Hi, we did receive the acceptance in writing from the asset manager on Friday. The closing date was on the papers sent back by the bank for us to sign. We have no attachment to a particular closing date, so I'm not sure why they assigned one only to go back and decide to go to committee. We have everything in writing. it was signed back to us only as accepted, not as contingent upon committee approval. Does this information help?

Hi Bronwyn, I can your frustration (and confusion). Generally, once a bank-owned offer (unlike short sale listings) is "accepted", it goes into escrow right away and closes fairly quickly. Just cuious, what kind of paper trail do you have on this transaction? For example, did you receive written confirmation of the acceptance of your offer or was it relayed verbally? Was the offer simply accepted, or was it accepted contingent on committee review? Was the closing date they gave you in the form of a written signed document, or was this verbal? What bank are you dealing with (that ownes the property)? Different banks have different ways of doing things (even within the same bank, different people do things differently - some better than others). Just when you think you have one bank's process understood, something changes. It sounds like your agent is on top of this and communication with your agent and the bank is good (which is critical). My guess is that it will go through in time, after committee review perhsaps, however, it helps greatly to develop a well documented paper trail with key documents fully executed as you move along which hopefully documents and supports a "contractual relationship". You may be ok, just try to get everything confirmed in writing, and if verbal, make sure you confirm back via email or in writing what was said, who said it and when they said it. Sometimes easier said than done with some banks - but very important everythign be well documented in writing.

Larry Hansen