Does anyone have experience with bidding on gohoming.com? How quickly were you able to close?

Asked by Kk1987, 61615 Thu Apr 7, 2011

I'm wanting to buy a REO, but it seems the only way to this property is to place a bid on gohoming.com. I need to close within a month, so I was wondering if anyone had experience with winning bids and how fast it took to get to close. Please let me know good or bad experiences. If I win, there is a 200 web transaction fee, and since it's a REO, I have to pay to get the utilities turned on for inspection and there is only a 7 day due diligence period.

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39
Bryson Smith, Agent, Peoria, IL
Sun Sep 28, 2014
Stay away from this website. You'll never reach anyone.
4 votes
Brainard Rea…, Agent, Tampa, FL
Fri Mar 15, 2013
Stay FAR away from this site!!! I am a realtor that has been working with them the last 3 months for my client and it has been a complete nightmare!!! They have not customer service at ALL. Anyone I have tried to call would never return my phone calls. It took forever to get responses via email. The reps working there do not know how to explain any documents to you (something as simple as a signature vs initals on a document). They were 3 weeks late in closing a simple cash deal and asked for more than 6 extensions. I will never work with this company ever again! BEWARE!!!
1 vote
Eric, Agent, Dallam, TX
Tue Feb 12, 2013
My won a bid recently but after i submitted the offer, there was no response from hubzu. I called the transaction coordinator several times, no one picked up the call, left message, no one responded; sent email several times, no response. Later on I noticed someone else placed a bid after I won the bid. I pointed this to them and then got email requesting wire of deposit. The closing office is in other city (Houston), I asked them if they can arrange closing in my city, no response. My guess is they intentionally want to block the transaction so their insider can take over.
1 vote
Sc Flipper, Both Buyer And Seller, Charleston, SC
Thu Sep 27, 2012
I got an e-mail recently & Gohoming has changed it's name to Hubzu which reminds me of kudzu - anyone from the South knows what that is. I think that would be an appropriate name for this company.

My experience ended with no closing because they claimed the house had a clear title but my own title search turned up errors in the foreclosure process that prevented getting title insurance. I extended twice to allow it to be "fixed" but I don't think they ever did anything. I was never able to close. Everything is handled by different people, some in different countries and no one knows what anyone else is doing. There was a total lack of communication. They did return my earnest money after about three weeks. I know two other houses that have had the same issue with titles. Gohoming stated on closing documents that the houses had clear titles when an independant title search turned up judgments on the property.
The house I had a contract on went back on the market & had another contract immediately. That was four months ago & the house is still sitting vacant with a Gohoming.com sale sign on it.
1 vote
Jandmassoc, Home Buyer, Peoria, IL
Thu Sep 27, 2012
My wife and I purchased a home in Texas and jumped through similar hurdles. We were unable to get the utilities turned on in the seven day period. From the day we began bidding, it took about a week for them to 'accept' our bid, and the property closed in 30 days. If you need to speak to anyone associated with gohoming, forget it. Speaking to a live person (as opposed to the voice prompt system that is so popular these days) is almost impossible. It was somewhat nerve wracking (especially after having sent them a check for the earnest money). Having a local agent affiliate (any real estate office will suffice) is really a plus too.
1 vote
KaiViti, Home Buyer, 95206
Fri Sep 7, 2012
It is a Scam, firstly they will jack the price high in the very last minute knowing what is your limit.
Secondly they charge you $5039 for some that is not in the contract neither they will be able to tell you so yu'll have to pay $1079.00 extra from the bidding price, I have already informed the FIB about it.
I am waiting for the next step that whether my realtor is able to recover my $6550 or not but I am willing to pursue this matter to the top.
1 vote
Anna, Home Buyer, Spring Hill, FL
Fri Jul 20, 2012
Yes stay away they sell houses that are with sink wholes and they never tell you anything about it SCAMMMM STAY AWAY
1 vote
Sc Flipper, Both Buyer And Seller, Charleston, SC
Wed Jun 6, 2012
HAVE YOUR OWN TITLE SEARCH DONE! Mine was a cash sale and I originally agreed to use their attorney & title company to save money. They came back with a clear title with a title company listed on the settlement statement. At the last minute, for peace of mind, I had my attorney get a title search done. Guess what? The title was not clear; the bank had failed to add the estate and heirs of the owner who died during the foreclosure process. The sale is still in limbo while they try to "fix" the title issues. I truly want the house and hope they can accomplish it but, in reality, I don't believe they can "fix" it without starting the process all over again.
1 vote
Well, after two extentions, they never did anything with the title defect so I withdrew from the purchase. It was back on the market on their website within four days & had a contract soon after. The title issue apparently isn't a priority for gohomeing.com. I wonder what will happen with the current contract if the buyer has his own search done.
Flag Fri Jul 20, 2012
Harold, Home Buyer, Florida
Thu May 10, 2012
I am so disappointed in the way GoHoming runs their business. To me it is deceitful, it is bait and switch, it causes much unnecessary expense to it's potential customer for it's own gain and with a little thought I could come up with some more expressions of what has grown to be a state of plain ole anger.

I have made 3 bids on houses. I am not a house "Flipper" and I am not an investor. I am a father trying to help a daughter who's life has been torn apart by a husband who left her. She has 2 children to care for and is financially broke. It is my understanding the US government wants to help the poor get back on their feet and the resale of foreclosures are focused to that part of our society. GoHoming makes it very hard.

Having said all that it appears to me that GoHoming is a crooked organization that plays on the emotions and is willing to lead people on and if GoHoming doesn't get what they want they dump undesirable clients. Let me explain what I mean by that.

There is a house that my daughter had a keen interest in. I her father am retired and 74 years old. I traveled 400 miles one way from Florida to TN to inspect and consider the house. I made this trip because the starting bid on the house was in line with my retirement income money that I could cash in and buy the house for her. On top of the travel expense, I spent 1 week in Tn looking at housing for her with particular focus on this house. I thoroughly inspected this house and came up with a list of 18 specific items of repairs needed to bring this house back to the condition it should be in. I had it inspected by 3 different builders. The estimated cost around $20,000 and up to possible $30,000.

I made an offer, it was totally rejected. I raised it $10,000, the bid was recorded on the web site, rejected and removed. There were no counter offers.. This house has been sitting empty for months. It has been on gohoming site for weeks. It went thorough the time lapse bidding cycle, and then into open bid. Then it showed an offer of $102,000 and no other offers have been placed and it has been like this for at least a week. This makes me think GoHoming placed this offer on the listing themselves, to deceive and try to stimulate activity. If it is a real offer then why do you make someone wait and wait and WAIT. Now I see today the offer has been removed and it is shown as open bid no limits.

My big gripe: Put the TRUE starting bid on to begin with. That starting bid should be the minimum acceptable and then set a specified time when offers are to be made and when that time is up, review the offers and make a decision. They should QUIT LEADING PEOPLE ON AND ON and WASTING OUR TIME AND MONEY AND EMOTIONS.

I had a second house, I bid on at $6.000 above a previous bid and above the starting bid. It was recorded on the web site and shortly after that it was totally removed from the Internet with no explanation to me one way or the other.

I am inclined to send this information to the Interstate Commerce Commision, Better Business Bureau, and the national news medias and anyone else that might be interested.

It is also interesting to note that there are 2 listings that show as "under contract" and have been shown in this condition for over a week (current date May 10). The one shows the listing price as $76,713.00 and under contract at $76,713.00

The second one shows the listing price as $61,000.00 and under contract at $54,000.00. If these are real contract offers that have been accepted then why are they still on the listings.

It appears to me that these are decoys to entice people into thinking they can get a home at an affordable price. They get sucked into the system and urged up the price ladder.

Probably best to dump GoHoming the way they dump us.
1 vote
Rpm, Both Buyer And Seller, Ohio
Wed May 2, 2012
They will knock you a "buyer's premium" fee. Mine was $1500.
1 vote
Raj, Home Buyer, Palm Beach Gardens, FL
Wed Apr 25, 2012
gohoming keeps on playing, I would not waste my time. After 30 days of bidding, got tired of it!!If you have anything else to do in your life, do not waste your time. You will feel happier watching cars passing on highway for 10 hours than dealing with this company.
1 vote
Frfaraway, Home Buyer, San Antonio, TX
Mon Apr 2, 2012
Don't waste your time!!!! http://www.gohoming.com is not reliable!
Here is my story. I had been watching a property for about 10 days on their auction site and won the bid in mid of March. Their screen with the property showed Reserve Met with my bid and property UNDER CONTRACT. I received email notice that my offer is accepted and closing day will be mid of April. Purchase Contract also was sent to me by email, of course it heavily favored the seller. All their contacts that we got from http://www.gohoming.com are in India. They won't admit it, but you can tell from their accent. If you call the contact toll free phone number, 9 of 10 calls will go straight to voice mail. If you are lucky and some one answered your call, according to My broker, you can hardly understand what the other side person is saying.
After my broker sent all required document with signature to the REO representative and asked if every thing is ok. The rep emailed back and indicated every thing is ok, just hold on the earnest money check for now, only fax the copy, and Seller should sign the purchase contract within 2 business days. 3 business days later , I went back on http://www.gohoming.com to check on other property, and was I surprised! The property I won bid was on Auction again with $2000 less than my winning bid and Reserve Not Met.
I emailed the REO rep, had no answer for 3 days. The 4th day, he replied but still didn't give any answer, just saying he will find out. After 3 more emails to REO rep and a week waiting, we were told that the listing price was a mistake and I have to go back to bid again with new higher bid price. Not willing to bid again, but I did go back and watch the property on their website. The weird part is, In the middle of the chaos, the property disappeared on http://www.gohoming.com after 1 week of repost and received an email that "There is listing error", "The listing was canceled."
I emailed The listing agent, the reply about repost and cancelation were caused by computer error, and the Reserve was Not Met. Seller is not execute the purchase contract. They will repost it again, the third time.
I have to say my first on line real estate property auction experience with http://www.gohoming.com is Weird, Wild and totally waste of time.
1 vote
My facebook contact for your agent is : https://www.facebook.com/REALTORSTACEYWHITE I would be happy to share the secrets I have learned over the last year. Sometimes when you find a house you want and the deal is right you just have to take a deep breath and get through it. I have helped investors get a few properties that worked out really well for them. I just know I am going to fight with them for the first week, after that its smooth sailing.
I hope one bad experience doesn't discourage you from trying again if the right house comes along and you have to bid online with them. Remember one thing, at least you used an agent and kept yourself protected can you imagine doing it by yourself. Now that is scary.
Flag Mon Apr 2, 2012
I am sorry that happened to you. I do have experience with the gohoming.com and I know it can be very frustrating to say the least. I am guessing not knowing all the details that they put back on market because you didn't dep the earnest money into the title company so they considered it breach of contract. BUT that being said your agent was wise to say wait, it you were using their title company your funds can be lost and make life very difficult. To keep this from happening again have your agent list another title company (local) so you can put your earnest dep there where it will be safe.
My experience with them almost ran down the same lines as your, what I did different that can help if you choose to try again. Use your own title company, most important. When the agent returns the sign contract send a copy to the company and also to the listing agent of the property. If you choose to try again, I would be happy to talk with your agent and let them know what has worked.
Flag Mon Apr 2, 2012
Joe Parrinel…, , Merrimack, NH
Mon Mar 5, 2012
REO properties like gohomming.com are not responsive like a traditional brokerage were you make an offer and get a counter offer. You are asked to make your best and final offer , even though you may be the recorded high bidder and think you have a good shot at the property you may not get it !!! Its a risk buying these since someone can out bid you right while your doing due dilagence trying to determine the condition of the property. if they accept your offer . They state that they are stile not responsible to perform and could well accept a higher offer. They can and will close within one month. the reqward is you may get a good property for a lower price. The reward vs risk elements do apply with all REO properties. There are a lot of good opertunities in the market right now and if you really cannot get out of the one month window your clock may run out dealing with Reo's , Short sales they all take more time than classic transaction. Good luck !!!
1 vote
Theresa, Both Buyer And Seller, Cleveland, OH
Sun Mar 4, 2012
They are a pain in the but to deal with and you have to be persistent. I too would recommend using your own title company as my deed took two weeks to be filed at the court house after closing. Not good if anything would have happened to the house in those 14 days my money was gone and who knows if my insurance would have covered it?? I am an investor and bought a house at a good price last year and sold it after rehab for a decent profit. I am currently bidding on a property now as well. Sometimes you have to wait them out. When the bank/management comp starts to recognize the bids are not going any higher they will lower price and sell fast. The house I bought last year I bid 45K every day for a month and it was rejected. One day they rejected my bid, lowered their price, I rebid same about and they accepted within 20 min. And yes I think everyone there is foreigner with heavy accents.......but there are deals to be had if you do your due diligence and have a persistent strategy.
1 vote
Facesofony.i…, Home Buyer, New York, NY
Tue Sep 13, 2016
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0 votes
support, Other Pro, Augusta, NY
Sat Apr 4, 2015
we have and was bad, but we took a class online called hubzu.guru
and it helped a bunch.
0 votes
Christinekwi…, Home Buyer, Middletown, CT
Fri Jan 23, 2015
I bid on a property and lost out to another higher bidder. Oh well, never saw the property and there are literally thousands more so I moved on. One week later I received an email from Altisource saying I won the bid and I needed to close in 30 days. Really? Because I watched the auction end and I did not win the bid. If they had a phamtom bidder up the price on me well they won and they can buy the house because I bought a different one. They continue to call and email me asking me to sign the purchase agreement and send the deposit. We will see where this goes.
0 votes
Beverly Allen, Home Buyer, Fort Worth, TX
Wed Sep 25, 2013
They dance to they own music..when I made a offer..they made a counter offer and when I recounted they then recounter two thousand more the than their first offer...dealing with them was a big hassel avoid if possible....trust me
0 votes
Marily Hyler, Agent, Coral Springs, FL
Wed Sep 25, 2013
Do you have a Realtor working with you? I sold one of they listing we had no
problem at all
0 votes
Beverly Allen, Home Buyer, Fort Worth, TX
Wed Sep 25, 2013
They dance to they own music..when I made a offer..they made a counter offer and when I recounted they then recounter two thousand more the than their first offer...dealing with them was a big hassel avoid if possible....trust me
0 votes
Kieveflinn, Home Buyer,
Tue May 28, 2013
Same deal, we've made several offers and suspect that the employees have setup phantom accounts to jack up the price. Hubzu, Ocwen and Altisource are all run by the same group and are all corrupt. Stay away, far away. We've been trying to buy this house for 5 months and have submitted 9 offers.
0 votes
Marily Hyler, Agent, Coral Springs, FL
Sun Sep 30, 2012
No problems at all, close in 30 and 20 days, very good experience
with a heph of a Realtor
0 votes
Rochelle Fit…, Agent, Garland, TX
Tue Jun 19, 2012
So the GoHoming experience I will rate a B+. But the experience with the title company Farris Law Group is/was a nightmare. And don't think you can fuss to Michael, the owner. He yelled back claiming the lender and realtor was at fault. Oh and the title came back in the name of a different LLC, not of Ocwen LLC. And as a Realtor on the deal, I am still waiting for my wire ...2-days later. USE YOUR OWN TITLE COMPANY! It is well worth the expense vs the headache. But GoHoming, the agent, the bidding process and everything was fine.
0 votes
Go Homing is now HUBZU
Flag Mon Oct 22, 2012
Stacey White, Agent, mesa, AZ
Wed Jun 13, 2012
Buying a school no they can't hold you to it. You never signed any document to have a contract. If you did sign a contract than your deposit could be lost but only if you waived your right to the inspection period. Sounds like no contract or deposit was ever completed so you have no contract to breach or money to take.

Have a great weekend
0 votes
You just helped me to have a nice weekend. Thank you so much for the info.
Flag Wed Jun 13, 2012
You just helped me to have a nice weekend. Thank you so much for the info.
Flag Wed Jun 13, 2012
Cjmolinski, Home Buyer, Byram Township, NJ
Wed Jun 13, 2012
I bid on a school today and found out after that the taxes are 70,000. I called to cancel and at first they said it was fine now the attorney is trying to stick me with this anyway. I never signed the agreement at the time of the auction and I had until the end of the day to bring back the deposit which I called and said I want out. Can they hold me to this??

Christine
0 votes
If the bid wasn't accepted and there isn't a binding agreement, you have the right to withdraw your bid.
Flag Sun Jul 1, 2012
Virginiarea…, Agent, Roanoke, VA
Mon Jun 4, 2012
My experience was wonderful! I was the buyers agent and my buyer's bid was accepted in 3 hours after we submitted it, on a Saturday! We were allowed to have our home inspection, and since there was very little wrong with the house, we continued with the purchase. I had the utilities cut on in my name since it cost me nothing but a small monthly bill, which my buyers gladly paid me back. The seller wanted loan approval in two weeks, which was impossible, but we asked for a two week extension and it was granted. You will have to put down a 2% EMD which can only be applied to the sale price, and the web fee of $199 does raise the price of the home. For instance, if the home were selling for $100,000, and you bid full price, it would be a sale price of $100,199 with a 2% EMD of $2020. We asked for 3,000 in closing costs on a sale price of $118,000 and it was also granted.
The entire experience was easy and painless! As an agent, I would help another client buy a home through GoHoming.com in a heartbeat. Plus, you can see what the current bid is, unlike most foreclosure websites, and you can adjust your bid accordingly. We used our own local closing company to do the title work, and it went just fine. Yes, the lady I dealt with was in India, and the company doing the outsourcing is in Atlanta, I believe, but Pooja was very easy to work with, especially by email. It was the best foreclosure experience I have had in my 5 year real estate career!
0 votes
Rochelle Fit…, Agent, Garland, TX
Tue Apr 24, 2012
Both of my buyers had a wonderful experience with GoHoming. As always, you will receive good and bad reviews on anything and anyone. The bidding process was very easy. The negotiation process was very easy. The winning bid process was very easy. The sales agreement was sent within 24-hours for buyers to sign. The buyers have 2-businses days to return the agreement along with a copy of the earnest money. The seller executed the sales agreement within 24-hours. The selling agent (local) responded to my questions within a timely manner. The seller responded to my questions within a timely manner. The title company (local) responded to my inquiries within a timely manner. So no complaints from myself nor my lender. And yes, the typical REO will instruct you to turn on the utilities in your name in order to get an inspection on the property. That is normal. I actually like the site because you can see what others are bidding. Again, I, my buyers and my lender had no complaints with the process. Just follow the instructions and bada bing, it’s done. Choosing to use purchase and use your title company, well, that’s always your choice in any deal. Most of the time though, sellers pay for the title. But that’s your choice. The $199 Web Fee they charge is a drop in the bucket compared to the deal I’m sure you will get on the purchase of a GoHoming foreclosure listing
0 votes
Stacey White, Agent, mesa, AZ
Fri Feb 24, 2012
I am an agent working in Arizona and I have helped investors purchase three properties from gohoming.com I will say they can really make you pull your hair out. My best advise to anyone who is thinking of going that route either an agent or person. Use our own title company in the area you live in, do not under any circumstances use their title company. My experience with their title company would be lost funds, lost paperwork etc.....really bad. When you use your own title company its worth the extra cost you pay because you will close in the 30 days or less if you want. If you do use their title company I would guess to say they are out of the country and thats why there are so many problems and they can take anywhere from 60-90 plus to close an transaction.

I will recommend that you use an agent in your area to help you along with the transaction, but make sure they still use a title company of your choose not theirs.

I had hair pulling moments lots of yelling usually into a voice mailbox, emails never a live person. That being said after for first 10 days of yelling than title gets what they need and its smooth sailing after that.

Never send your funds out of state or country you loose control over the deal and your earnest deposit. In the event you won the bid and used their title company you can ask them to change it to one of your choice they can do that I have done so with the first deal I had with them, just because I seen where it was going in the first two days.

If you are deep into it, be patient it will work out it will just take longer than expected. You may contact your local Dept of Real Estate because the agent on file for the auction is responsible and has to answer to all the laws in your area.

Hope that helps you out.
0 votes
tony, , Boston, MA
Fri Feb 24, 2012
Horrible experience. i've purchase properties from other web foreclosure auction sites with no issues but with gohoming.com we spent a month tracking a property. when it came time for the auction the web site choked from the amount of web traffic and we couldn't place the bid. i immediately called a rep and he placed the offer for us. even then a customer is supposed to have 15 minutes between each bid but the auction just closed without anyone being the successful bidder since the reserve wasn't met. basically no one had a chance to bid against each other. their email back to me states it'll be listed as a no limit bid situation which is ridiculous. whats the point of having an auction if it's going to be put up for sale like any other asset. in any case, it was a complete waste of time. i would avoid this site and use the other auction sites. i guess it was worth a try.
0 votes
Pam, Home Buyer, Atlanta, GA
Tue Jan 31, 2012
Horrible experience they are slow to respond but quick to ask for their stuff. The house they advertised needed a lot of repairs they would not budge on the price so I indicated through my not aggressive non proactive realtor that I no longer wanted the house. They would not release my escrow. After emailing and cursing out the world they refunded my money, relisted the house and dropped the price - don't get it. The bank for all these houses is Deustche???? Bank/via Ocwen.
0 votes
Evelyn Billi…, Agent, Hampton, VA
Mon Jan 30, 2012
Use an agent,I made a bid an it was excepted the same day,you must make an aggressive bid.
0 votes
COMFORTEAGLE…, Home Buyer, Portland, OR
Thu Nov 3, 2011
Use an agent. The GoHoming site and company are very hard to work with and include all sorts of hidden fees. If you can find the home in your local MLS then you don't need to use their "bidding" service. Use a Realtor and you can submit an offer like you would normally. Don't use their Title Company either. You're the buyer and you're the one with the money. Don't let them dictate.
0 votes
Stacey White, Agent, mesa, AZ
Thu Oct 20, 2011
Well I would guess you already have a house by now but if not there are lots of things you should be aware of with gohoming.com

First are foremost find an agent to represent you, the banks sign an agreement with the listing agent and in the std listing contract they are required to have the utilities on for the home inspection. The web transaction is usually credited back to you in the contract they send over for you to sign so its an wash, this is not paid until the successful coe on the house. In another words you pay at the title comp at closing.

DO NOT UNDER ANY CIRCUMSTANCE.........ever use their title company. The title company is usually out of State and you will loose your money sending it out of state. They have "misplaced" several earnest deposits. Use a title company in your local area they will be the 3rd party and keep you dep safe. The gohoming title company is the sister company to them, how safe can money bill when they are all interest parties.

I know the transaction coordinators are from a foreign country strange hours of working, communications skills of the spam folder full of lost long family member who died and left me millions and all I have to do is send them money.

LOL you can find deals but keep your money safe and use an agent so you can have recourse in the transaction.
0 votes
Corey Buck M…, Agent, Jacksonville, FL
Tue Aug 16, 2011
I must be the one person who has had a positive experience with GoHoming. I represented a client that actually was outbid, but it seems the other bidders would not fulfill the contract terms and so they contacted me to see if my Buyer still had an interest. He did, just at a price 10% below what he originally bid. But they accepted it and we were able to close in 30 days. There were a couple of hurdles to jump along the way, but nothing that isn't day to day stuff for someone who works in the industry.

I notice that everyone who has replied so far is a Home Buyer, and it seems you are dealing with GoHoming yourselves. As a Buyer, you may be better off having a Realtor represent you in the transaction and handle the headaches. I recieved timely responses to emails from both the contract negotiator and settlement agent, and will utilize the site again to help me find homes for clients.

Best of luck to you all.
0 votes
Forgotit, Home Buyer, California
Tue Aug 16, 2011
Terrible experience.
Mine was the only bid placed on a "no reserve" property. It was rejected. Property was relisted at a higher amount with a "no limit- best offer" notation. When I tried to bid , there was in fact a minimum bid. I placed an offer for the minimum bid. It was rejected within an hour with no counter offer. The listing then said that no offers had been made- "be the first to offer" no limit, best offer. My realtor said to forget this website and look at properties actually for sale.
0 votes
Sandra, Home Buyer, Houston, TX
Fri Jun 10, 2011
Hi.did you get your resolved.I am starting to think they might not want to sell.I placed a bid on a home and till no response they probably got fed up with my counter offer.
0 votes
Lbxxx216, Home Buyer, Cleveland, OH
Fri May 13, 2011
I'm having a horrible time as well. It's been over a week and I don't have their signed portion of the contract so it's not binding yet. It's so frustrating to work with this company and the listing agent. i don't understand why treat their clients like that. Customer service is always an important aspect. From what I understand they don't return calls or emails in a timely manner either. I hope to get this all squared away and closed up quickly. They annoy my bank as well.
0 votes
Kk1987, Home Buyer, 61615
Sat Apr 30, 2011
Hello,

I am set to close on May 12, so everything has been going pretty well. For me, the biggest thing was getting the listing agent to contact the bank. I'm not sure what the deal was, but it seemed like no one at the bank really worked all that quickly. Or maybe it was the listing agent, I'm not sure. I submitted my contract on 4/12, and the bank agent signed and dated it as 4/13, but I didn't actually get the counter in hand until 4/21. So now I have been rushing to make sure everything gets processed in time for closing. Honestly, I think it all depends on the bank that owns the property, but be prepared for pages of addendums and short due diligence periods, which is pretty common for REOs. The 199 web transaction fee feels kind of like a junk fee to me, and I don't want to pay it, but in the addendums, it seems like there is no way around it except hoping for closing cost help (again, not too common in REOs, but you can always try). Be sure to stay on top of your agent and the listing agent, otherwise it could take forever. Once you get the counter and accept, you have to move pretty fast or those daily fees for delayed closing could add up quickly. (300 plus 100 a day or something like that.) Good luck, I'll post how it turned out after I close.
0 votes
Mcarson, Home Buyer, Idaho
Sat Apr 30, 2011
Just wondering how it worked out as I am in the same position.
0 votes
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