On a side not, just a suggestion from a first time home buyer: paper trail paper trail paper trail! Make a copy of EVERYTHING you sign for your own records. Do you have a copy of the certified check for the earnest deposit? If not, I'd definately suggest contacting the bank and getting one. I've had my realtor "misplace" documents which I then needed to reproduce. The copies are for your own peace of mind.

Thanks everyone. I have been told that I have it. I still haven't seen a single signature on anything. My lawyer agrees that I am still not really in a contract yet but, what can you do? Hopefully this will all smooth out over the next few weeks. You realtors must have nerves of steel! I'm a wreck :)

This is normal, I think you have nothing to worry about. Do you have a realtor of your own? You really should - investor or not. The post below will help you.

Hi Longtimewatc...
Unfortunately, this sounds pretty typical to me too. You are getting the run around because this is a bank owned property, REO. That explains why you don't have any "seller" signatures on anything. The fact that your offer is cash is surely the reason why your offer is in first position over the other buyers that were hurrying, hurrying, hurrying to bid. Congrats, you are officially in contract on a REO! I'm glad to hear that you do have an agent helping you, althought it sounds like you are less than thrilled with their communication. As far as your earnest money goes, don't worry about the Realtor running off to Cabo with it. You did make the check out to the escrow company, didn't you? It will be cashed and deposited in the escrow company's account when escrow is opened. This is standard procedure. I have to warn you, when dealing with a REO, be prepared for some inconveniences. This comes with the territory. You are dealing with a bank as the seller, and you are a small fish in a big sea of messy real estate market. You didn't think that a great deal would come without hassle, did you? Unfortunately, the business of selling foreclosed property has yet to be totally refined. I hope it all works out for you and you get a great deal on the house without too much more hassle. Best of luck!

Thank you. I am very new to this process and with all of the two steps forward and three steps back action, I have been left in a state of confusion that my realtor has not really cleared up. I do have a realtor that is not the listing agent. I realize that the realtors know exactly what is going on, I just wish they would take the time to explain it a little better to us poor folk that know nothing of what happens when you try to buy a foreclosed property. I have been privy to plenty of dazzling smiles and pats on the head, but not enough of actual information that makes sense.

Home Buyer

This is business as usual with REO's (Bank owned Real Estate). If you accepted the counter offer that the Bank sent you, most likely you got the deal but with Foreclosures you can never be 100% sure and they take their sweet time to get back to you. Lean on your agent ( I hope that you have one representing you) and ask him or her to call the Listing Agent for the Bank and ask what is going on. Usually, Banks take as long as a week to get back with paperwork. Good luck.

Isaac Bensussen