Unfortunately the Banking System was not set up to handle the Real Estate Processing they are faced with in Todays market. They do not have a system of processing sales, just mortgages, and they do not have an appropriate amount of staff to process these offers. Remember, this is not a profit making department of the bank, so they will not over staff the contract processing dept.

Additionally, when they are selling these properties, frequently in a "short Sale" situation, they must have some contact for approval with a second mortgage lender, or sometimes the PMI company. All are involved in the final decision to adjust the sales price.

Usually you are getting a good purchase price in this situation, so I believe you are further ahead to stick with the process as long as it is reasonable.

Hope this helps,
Leon Sarkisian

All the normal rules are off when dealing with a bank. Your agent should be able to communicate with the bank's agent to determine what the hold up is. Generally an "REO" broker will at least tell you what is typical response from their "asset manager". Although not all REO brokers are bad, many are basically factory-like and just have lists of foreclosed properties. It tends to attract a certain personality for some reason. Good luck - it can be very frustrating if you are on a time line.

I have often thought of late that if our country wants to fix our foreclosure problem the banks ought to think about hiring agents who will act professionally, and the banks & agents need to price and market realistically. For instance, have you ever seen a foreclosure listing on the MLS and said to yourself, "Wow, nice photos and what a lovely description. I better rush right over there!"

It's a real mess and there seems to be a real "O.K. Corral" business acumen involved. It's shameful.

Buyers agent should be assisting you with all these questions. If you are searching for a family home have to move within 60 days we dont usually recommend for family purchase fact banks are slow with delayed responses.

You may have submitted a bid for full asking price , bank may not respond hold out for higher offer.

Anything is possible...but you are talking a bank owned property.

When did you make the offer and how long did you give them to accapt the offer. You have to realize you are not dealing with a person but a large company.