The bank and agent is playing games on a foreclosure property in Glenn Dale, MD

Asked by Tracyparker, , Sat Mar 16, 2013

I made a offer on a foreclosure house and offered the full price. The agent comes back and says the bank will not pay any closing costs and to add that the inspection is only for informational purposes. We accepted that and amended our contract. He then says the bank has verbally accepted our offer however it has been 3 weeks and the bank has yet to sign the contract. The agent keeps making excuses. I feel like I'm being scammed. I call the agent and be says that the house is still active and the bank has yet to accept anything however we are the only contract on the house and we have given them everything they have asked. I am ready to contract the Board Of Real Estate.. Something is not right with this agent or bank... Any suggestions?

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7
Akil Walker, Agent, Upper Marlboro, MD
Mon May 20, 2013
Hi Tracy,

The bank like any other seller is not obligated to sell the home. from your statement it does not appear you are under contract (in writing). Thus, it is not enforceable.

Unless you feel the agent is doing something unethical, and from what you stated it does not sound like. I am not sure what the compliant would be. Sometimes there are things happening with the seller (i.e. the bank) that the listing agent has no control over i.e. timely responses from them or willingness to sign the offer.


Continue to search for other homes until you hear a response.


Good luck
0 votes
The Roskelly…, Agent, Gambrills, MD
Sun Mar 17, 2013
Hi Tracy,

This is very typical with a bank sale. Unlike a tradition sale where there is one (usually local) owner to deal with, your file at the bank is probably one of dozens on a processors desk at the bank office. They handle them in the order received. Three weeks is not completely out of line for this but while they are waiting to sign your offer they can still accept other offers. I would recommend that you have your agent contact the seller's agent and insist that they place the property under contract in MLS as a gesture of good faith while you are awaiting the final paperwork.
0 votes
realtorthere…, Agent, Ellicott City, MD
Sun Mar 17, 2013
The only fault I find with the agent with the limited info given is that he/she apparently did not prepare you for the ups and downs and unpredictability of making an offer on a distressed property: meaning foreclosure or short sale. I have had responses take weeks for my buyers on foreclosures. No two banks are alike and no two processes are alike. No agent out there knows the process for every bank and can push things through. The agent has done their job submitting the offer for you and getting the additional information that the bank has requested. After that it is out of his/her hands. Your offer is a file in a pile on someone's desk at the bank that owns the property. It is sometimes sent from one department to another. Most of these people work 9-5 jobs and your offer is just a file. It is not personal for them, and there is no rule in place that they have to answer you within a certain time frame. They ;have no sense of urgency like a Now that I think about it, are you buying the property through the listing agent or do you have a buyer's agent representing you? If you are working through the listing agent, THEY REPRESENT THE SELLER'S (Bank's) best interest and NOT yours. If that is the case, you have the right to select a buyer's agent at any time during the transaction, to represent you and complete your transaction and represent YOUR best interest. Depending on your situation this one factor could make all the difference. Some buyers find it too stressful to purchase distressed properties. Until the bank returns the signed offer back to you, you always have the right to withdraw your offer. If you decide to see it through, you will have to have some patience. Some things just take time.
-T
0 votes
Bill Eckler, Agent, Venice, FL
Sun Mar 17, 2013
There's nothing unusual with what you have described involving a "foreclosure" transaction. The bottom line here is that your agent is in the same situation as you....one of being held captive by the lender.

Lenders play by their own rules and move at the pace of a snail(when moving). You can always contact your local board of realtors but will probably recieve the same information provided here.

Be patient and remember that if you don't close on the transaction your agent doesn't get paid....it sounds like they are in your corner......

Bill
0 votes
KEITH PARKER, Agent, UPPER MARLBORO, MD
Sun Mar 17, 2013
Hello Tracy ,

Based on the what you have described thus far does not sound like any kind of discrimination. When it comes to bank foreclosures I have seen them perform like this on many occasions. It can be a number of things as to why your offer has not been accepted yet. There could be title issues, it could be the agent trying to fing a buyer himself, your offer may not be high enough, etc.. Give me a call or email me. I am pretty sure I can find out what the deal is. In need the property info. 301-440-1489 or parkerteam4@aol.com.
0 votes
Catherine Pu…, , Silver Spring, MD
Sat Mar 16, 2013
Hello Tracy,

You can file a complaint with the Consumer Financial Protection Bureau and they will open up an investigation. Once you file the complaint, things will move much quicker because the CFPB will get on the bank asset manager to respond.

go to this link: http://www.consumerfinance.gov/ and click on SUBMIT A COMPLAINT.

Be sure to attach any and all supporting documents that you have. Be very detailed with your complaint. You should hear back from the CFPB within 24 - 48 hours. They will open up an investigation and get your questions answered.

Sincerely,

Catherine Purcell
202 573-6035
catherinep@fairwaymc.com
0 votes
Tracyparker, Home Buyer, ,
Sat Mar 16, 2013
The agent also told me to keep looking for other houses... Even after he told my realtor that my offer has been accepted. He states that they can accept any offer they want.... So I'm left wondering am I the right color for this bank or agent!!!!!
0 votes
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