Home Buying in Los Angeles>Question Details

Appletree, Home Buyer in Los Angeles, CA

The bank accepted our offer 2 months ago but won't give the counter-offer. No reason given. What should we do?

Asked by Appletree, Los Angeles, CA Fri Mar 11, 2011

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Often times there are issues with title or I know of cases where the bank didn't have the right to foreclose. It's up to you whether you want to keep your money tied up and hang in there or cancel and move on to something else.
0 votes Thank Flag Link Fri Mar 11, 2011
I would have an attorney write a letter to the bank asking for formal clarification on the delay, and stipulating a deadline at which time you will withdraw your offer if you receive no response.
Deborah Bremner
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) 818.564.6591
(C) 310-422-4288
http://www.thebremnergroup.com
Accredited Buyer Representative | Certified Distressed Property Expert | Pre-Foreclosure Specialist Certified
0 votes Thank Flag Link Fri Mar 11, 2011
Appletree,
Perhaps, this bank wants to have an assurance legal clearance from their legal department to transfer title, for they don't find encountering a lawsuit or a lis pendes from the previous owner. This could be one the reasons for the delay.

Best wishes,
Doug
Web Reference: http://cashrealty.net
0 votes Thank Flag Link Fri Mar 11, 2011
Appletree, If you've pressed your buyer's rep for answers and she/he has nothing more to offer, as both your agent and the REO listing agent are at the same office I believe it wouldn't hurt to call the broker and express your concerns. Best of luck.

Risa Liebster, Realtor®
Ramsey-Shilling Associates
818.397.9188
RSLiebster@gmail.com
http://www.TolucaLakeRealEstate.net
0 votes Thank Flag Link Fri Mar 11, 2011
Thanks for all the answers. We bid for the REO and we were told our offer was accepted. So we signed the agreement and are waiting for the bank to give us the document to open the escrow. However, they are just delaying it for almost 2 months now with no real reason. The asset manager said something like "pending our legal release the document".
We have all the funds proof and even submitted the cashier's check for $30k. We are so bad at this bank but don't know what to do. We have a buyer agent and she is at the same office as the listing agent. It seems they don't know what to do either.
0 votes Thank Flag Link Fri Mar 11, 2011
Dear Appletree,
Not sure why you would get a counter offer if your offer was accepted.... Does not make sense... what type of sale is this? If this is a shortsale or reo, then the agent may have "received" your offer and submitted it to the bank or asset manager for approval or counter... In that case, they may not respond to your offer as there may have been other offers submitted also that might have had better price or terms.

If you really want this property, have your agent continue to try to get a hold of the sellers agent and find out what is happening... or, if there is a sign on the property, you could call the agent directly as if you drove by and generally ask if the property is available or what is the situation with the property. Sometimes, listing agents are a little more forthcoming with a prospect if they think the buyer does not have an agent.
Good luck.
Sincerely,
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills East
9388 Santa Monica Blvd, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0670 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
0 votes Thank Flag Link Fri Mar 11, 2011
If there is an outstanding counter offer then it sounds like they haven't accepted the offer. This is a situation that definitely needs the participation of a good realtor. Our value is often more in the execution of the transaction then locating a property or a buyer. Don't go too far down this path without a strong professional on your side.
0 votes Thank Flag Link Fri Mar 11, 2011
If this is an REO, there is a couple of reasons. Even if the Bank accepts the offer, it just means that it is in the range of offers they will accept, they then need to usually submit it to the investors "the backers" of the loan for their approval. This happens for both Reos and short sales. If you are patient, you will probably get it, however if it is a short sale, I would definitely recommend continuing on your search as only about 2 out of every 5 short sales are actually approved.

Good luck!
Heather Paul, Realtor
Coldwell Banker Residential Brokerage
(424)625-1037
0 votes Thank Flag Link Fri Mar 11, 2011
Hi Home Buyer,
Is the property you wish to purchase a short-sale or a foreclosure? There is a big difference. If it is a short-sale, then you are waiting for the seller's bank to approve the sale and that takes some time. If it's a REO (bank owned property) it should be quick.
Who wrote the offer for you? Why don't you ask them what the story is as they should know something or be honest enough with you to admit they may not have a clue--which is often the case with agents representing buyers in a short sale process. As a listing agent of short sales, I stay in contact with the assigned negotiator and call weekly, and have some handle on the process and can relay the info to the buyer's agent-even if that means saying I know nothing. it's just a difficult and fustrating process, but if you hand in there, it could be absolutely great to have a house you love at a great price.
Good luck!
Lynn LeGlaire
0 votes Thank Flag Link Fri Mar 11, 2011
You need show any bank HARD PROFF OF FUNDS if they dotn asnwer call me to help you get better deals.
0 votes Thank Flag Link Fri Mar 11, 2011
Ask seller's supervisior and explain about your sitation and she/he willl explain your question.
If subject is a short sale, it takes 2-3 month to get the lender's approval.
0 votes Thank Flag Link Fri Mar 11, 2011
Hi,

If your offer was accepted you should be receiving an approval letter shortly, they tent to take 2 to 3 months sometimes you need to keep emailing or calling then negoiator on the banks side keep asking them for status on the approval letter. If you are the owner of the house you might need a licensed Real Estate Professional short sale negotiator that can handle your short sale and get it will be processed much faster, I can help you if you wish just give me a call, at no cost to you! my cell number is 626-536-3631 my name is Monique Hernanez I also speak Spanish.


Thank you,
0 votes Thank Flag Link Fri Mar 11, 2011
Hi Appletree:
I'm confused by your terminology. When you say the bank "accepted" your offer, do you mean they "received it from you", or do you mean that they "signed an acceptance" of your offer?
Also, is this a short sale or an REO (foreclosed property owned by the bank)? The process is vastly different, as are the time lines, depending on which it is.
If you can give a little more information, I'd be happy to answer for you, but I don't want to steer you the wrong way.
Best,
Deborah Bremner
The Bremner Group at Coldwell Banker
REALTOR, 00588885, ABR, CDPE, eAgent, CSP, SFR, HRC, CRE
(O) 310-571-1364 DIRECT
(D) 818.564.6591
http://www.thebremnergroup.com
Accredited Buyer Representative | Certified Distressed Property Expert | Pre-Foreclosure Specialist Certified
0 votes Thank Flag Link Fri Mar 11, 2011
Hi, how are you?
Do you mean 'received'? or 'accepted' the offer? Do you have an agent? If so, have her/him contact the listing assigned by the bank to follow up and check on the status. In the mean time you can always re-submit the offer again. Is this a REO property? and how are you gonna close the transaction? cash? or conventional loan? Keep in mind if these factors will effect how banks make their decision.
Hope that helps, good luck!
0 votes Thank Flag Link Fri Mar 11, 2011
That is a long time to not receive the banks' counter or addendum, if you're being represented by your own Buyer agent , have your agent contact the listing agent until they get a decent & concrete answer as to what the heck is going on!

EmilyKnell1@yahoo.com
562-430-3053 cell
Realtor Since 1996
0 votes Thank Flag Link Fri Mar 11, 2011
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