Ben, Home Buyer in Apple Valley, CA

I've been in escrow for 80 days on a Bank owned home!

Asked by Ben, Apple Valley, CA Wed Oct 7, 2009

Do you recomend that I ride out this prolonged escrow on a home that the bank has not desided to continue or not? I'am concerned that the bank is going to blow me off, and in the mean while I lose 80 days of waiting?
Also do you think this is one of the reasons why the housing market is where it's at today?

Help the community by answering this question:

Answers

3
If its an interest baring account then the banks might hold money to make money off of your money. If it is an interest baring escrow then you are entitled to some if not all of the interest. Check with them..... Sorry about the hassle. That must be a dissappointment
1 vote Thank Flag Link Wed Oct 7, 2009
I am sorry for your situation, but I'm thankful to you for spreading the word. Lots of Real Estate Agents think that the REOs close faster than short sales All the time, when this isn't the case. Although knowing in under 10 days or so that yours is THE chosen highest & best offer for a bank owned property is great, I've been telling agents for the past year that REOS CAN take just as long as a short sale to close, EVEN when the buyer is paying All Cash with the bank.

Some banks with REOS are so backed up with paperwork & red tape that it is taking a long time to close. 80 days sounds like a lot though. On average for the long closings for REOS, I see 60 days.

Call the listing agent's broker if the listing agent is non-responsive and demand that he/she speak with the asset management company to find out what the heck is taking so long.

You should also check the comps in the neighborhood right now for the size / condition of home you are buying and make sure that you're not overpaying for this REO.


emilyknell1@yahoo.com
0 votes Thank Flag Link Wed Oct 7, 2009
Hi Ben,

You are the buyers on the Bank owned Property right? Are you represent by an
Agent or not? My question to you is what kind of escrow period do you have 30
days or 60 days if the contract 60 days you have to have an extension to the
contract. You are buying a property that is REO bank owned. If it is SHORT SALE
it different it might closed or nothing at all.
0 votes Thank Flag Link Wed Oct 7, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer