We see properties fail to make it through contracts and closings, only to be foreclosed and subsequently sold for much lower prices. While the banks look to the government for bail outs, it is the banks who made poor underwriting decisions, and it is the banks who continue to contribute to problems every day.
When the banks make foolish finance decisions, we all pay the price.
My only suggestion is a long shotâ€¦â€¦â€¦but itâ€™s 30 minutes of your time, and worth a long shot. Write a letter to the bank explaining that you have been waiting for 2.5 months, and that you are considering withdrawing your offer since it seems the bank is not interested. But, also explain why you donâ€™t understand why the bank would not be interested. Include data such as inventory rates, comps, and any info you have that would indicate the likelihood of this property being foreclosed.
Banks act like thisâ€¦because they can. At 5:00pm, the office closes and tomorrow there are more files on the desk of the bank employee. They donâ€™t have a vested interest in you, the seller, or the community. Your Realtor doesâ€¦..and there is little your Realtor can do to encourage better response.
I wish I could offer better solutions and suggestions. This is the best I can offer.
Deborah Madey - Broker
Peninsula Realty Group
PS.....Don't mail your letter to the bank directly. Provide it your Realtor, and have your Realtor submit it.