Will a bank call you back on your offer to meet their deadlines by the end of the year?

Asked by Michelle, Atlanta, GA Mon Dec 22, 2008

We offfered 250k cash on a home priced at 330, they countered back at 226, we then went up to 275, then they countered back at 228. They went up! The home is unfinished, it needs cabinets, flooring and countertops throughout the house, that s why we offered lower. They didnt rejevt us yet and they dony have any other offers. Do you think they will call us back. We piut the offer in on December 12th, the day it came on the market and we are still waiting!

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4
., , Los Angeles, CA
Sun Mar 29, 2009
You must get a liability acknowledgement from the Realtor for Good Faith where a professional may be dupped by the lender. Obtaining a Realtor who is in the KNOW is critical to the process as it is PAINFULLY SLOW and often misrepresented by a bank. This is due to counter party issues teh Realtor failed to acknowledge (or wanted to beleive were true).

We are involved in countless complaints and litigation where the lender was never intent on delivering due to counter party issues. The time and effort caused countless hours of heart ache and pain a realtor could have circumvented.
0 votes
Bill Eckler, Agent, Venice, FL
Mon Dec 29, 2008
Michelle,

Welcome to the world of working with bank foreclosures.......................the process can be "deadly slow" and requires great patience.

Any attempt to provide you with this information would be purely speculation.

Are you working with an agent?

Did you present a written offer?

Did you provide a deposit?

Did you provide a letter for proof of funding?

Good luck
0 votes
laurie cass, Agent, Atlanta, GA
Mon Dec 29, 2008
It's possible that they might get back to you before the end of the year but the banks are very overloaded with foreclosures and they are consistently known for being slow to respond. Remember that it is nothing but a business transaction for them and if their numbers dont work then they will not sell. If the house sits on the market for 90 days then they will usually review the sales in the area and lower the sales price.
My advice to you(not knowing where the house is located)is if you(and your agent)think it's a good investment then continue to try and make it work. If you feel it is overpriced for the amount of work that needs to be done then move on to another property.
Web Reference:  http://www.LaurieCass,com
0 votes
Lee Taylor, Agent, Decatur, GA
Wed Dec 24, 2008
"Michelle, my belle...

Son les mots qui bon tres bien ensemble, tres bien ensemble..."

Don't count on a response.

There is a better buyer than you for this bank, right now; at least that is what they think in December 2008.

In January, if you do not have a savvy real estate agent who knows how to keep you from wasting your time, then please call me for an interview. My team and I specialize in helping buyers buy and sellers sell Intown Atlanta and Decatur properties.

Bank after bank will disregard you and then one will eventually bond with your offer. That offer may be grossly compromised by the time you reach binding agreement, but as long as you protect your interests, the game is the game. If your criteria are wide open, then that may work for you.

If you have a timely goal and a set of specific criteria, then I can help you.

Read the article at the web reference entitled "Don't Buy a Foreclosure Just Because It's a Foreclosure." I wrote it back in February.

"I'll say the only words I know that you'll understand, my Michelle..."
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