Home Buying in Mashpee>Question Details

Debby, Home Buyer in Mashpee, MA

for the reo, waiting for paper work , we keep signing extnesions but considering the bank (seller) is not

Asked by Debby, Mashpee, MA Thu Apr 24, 2008

responding in a timely manner, on our part the p & S extension is signed but the bank (seller) probably hasn't signed, our agent and the bank owned seller attorney said its still a live deal just waiting. the bank (seller) is not actively trying to sell the house. I think we just have to wait???

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Patience, patience, patience. Consider that the bank has one individual handling all of there bank owned properties or at least a great number of them. If you have a deal --- wait it out, they will get to you but you will have to wait. I agree with all of the other comments provided to answer you question.
1 vote Thank Flag Link Thu Apr 24, 2008
Debby,This is how these work,as long as the listing agent,or atty is on the up & up? you just have to wait,make sure you get copies of your extentions,etc. and you should be fine.Good Luck!

Regards;

TJ
Web Reference: http://tjrobertsrealtor.com
1 vote Thank Flag Link Thu Apr 24, 2008
Unfortunately, the name of the game for bank owned foreclosures is hurry up and wait.... You hurry when they ask and you wait on them. It is not malicious, in most cases the bank reps are just extremely overwhelmed at this point. Think about a cartoon with a snowball rolling downhill and getting larger and larger and a little character about to get hit, that is how a lot of bank reps feel. If you can wait, the deal is usually worth it!
1 vote Thank Flag Link Thu Apr 24, 2008
Yes, bank-owned properties are typically a waiting game. Some can take up to 3 months. Go by your agent's advice, trust your agent to do a good job for you with their persistence on getting an answer. If the bank has said it is still alive, then try to give it a little more time. It's frustrating, but try to remember all you want to accomplish once you have your answer.
1 vote Thank Flag Link Thu Apr 24, 2008
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