Foreclosure in Atlanta>Question Details

Rob, Home Buyer in Atlanta, GA

I have put an offer on an REO property and the seller has accepted the offer thru their selling agent but

Asked by Rob, Atlanta, GA Tue Dec 4, 2007

have not gotten the addendum docs to be in over two weeks and want to close on Dec 27th...any advise for us?

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Hi Rob,
We have been experiencing longer and longer response times for foreclosures and pre-foreclosures that we have worked with recently. Two weeks is a little longer than normal but some banks, lenders and trustees are overwhelmed by the sheer volume of business and many have not hired extra staff to handle the work load. That's no excuse just reality.

I agree with Lorie and Bill. You should try to keep in regular communication with your Buyer's agent if you have one or the listing agent and the closing attorney until you get the signed documents in hand. Your lender should be able to do most of their work based on a draft of the documents as long as there are no significant changes and you have all the signed paperwork prior to closing.

Don't be surprised if the closing atty does not have all the answers yet either. It is not the easiest process and none of our REO/Foreclosure transactions have closed on time this year....but they all did close. Again, the best thing you can do is keep in constant communication with all parties involved and make sure that you take care of any issues that are in your control.
Best of Luck!
1 vote Thank Flag Link Tue Dec 4, 2007
Was your offer accepted in writing? If so, you need to speak with your agent or if you do not have an agent with the listing agent for an answer regarding the documents.

Was it accepted contingent upon any final bank approvals? If so, the final approvals may not have been granted yet.

Regardless, a good lender can get you closed in a short amount of time. If you are under contract (in writing) then the closing attorney should already be working on title. If you are representing yourself in your transaction than I would communicate with the closing attorneys office. The closing attorney has direct communication with the bank holding the property so they should be able to provide you with some answers if the agent does not.

Good Luck!
1 vote Thank Flag Link Tue Dec 4, 2007

I agree with a lot of the other posters on this board. Banks work on their own time clock and dont pay any attention to the buyers deadlines. This can take weeks on end. Just make sure your agent has an open communication line with someone at the bank. I have seen times where the bank will reject the offer and not even alert the selling agent. You need to know if you are still in the game or not.

Whenever I am working with a buyer that wants a pre-foreclosure or REO property I let them know that this process will take a lot of time compared to a normal transaction. If they dont have the time and patience it is better to look at other resale homes. Good luck!
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0 votes Thank Flag Link Fri Dec 7, 2007

In addition, we are seeing some lenders / banks that have signed with one title company / escrow / lawyer and they too are overwhelmed and are behind. We here in Southern California have seen docs take three weeks. Good Luck and remember what the Harper's said...they do closed!
0 votes Thank Flag Link Tue Dec 4, 2007
IF you have an Agent consult with them. Sometimes there is reason for concern, such as bank's not really accepting offers or trying other avenues. However, this is standard operating procedure for most banks. They can take up to 2 weeks or more to get back signed docs. The listing agent should AT THE VERY LEAST, know what is going on. You might not like the answers (on why there is no signed document) but you should be able to find out what the hold up is.
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0 votes Thank Flag Link Tue Dec 4, 2007
Joshua Jarvis, Real Estate Pro in Duluth, GA
This is way too long. You should be talking with the agent(s) to get this resolved. Should have only taken a couple of days or so for this to occur.
0 votes Thank Flag Link Tue Dec 4, 2007
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