We accepted verbal counter offer from bank on property on 3/14(Thu). Realtor expected written contract the following Fri/Mon. No word since. Normal?

Asked by rylanburns, Huntingtown, MD Mon Mar 25, 2013

The initial offer was submitted 12/03/2012.

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Jo Shaner’s answer
Jo Shaner, Agent, Memphis, TN
Tue Mar 26, 2013
Different banks operate differently and as Suzanne said....is it normal, no -unusual yes. I have to tell my clients when working with banks not to think like "Spock" - they are not logical on their M.O.s.

We represent a large national bank that will only allow offers on their 2 page (front & back) contract. It drives agents crazy they can't use a "state designed contract". Then, to make matters worse, the bank refuses to sign most company's disclaimer forms and addendums forms.

Most of my coop agents are cool with this if they know on the front end so they can council their clients our client's strange business practices.

Hang in there - it could very well be worth the fight!
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fasn8edbybond, Home Buyer, Memphis, TN
Wed May 1, 2013
I'm in the same boat!
We signed an offer (Bank's asking price) the 2nd week of November, that was accepted by seller within 24 hours. We heard absolutely nothing until March 22nd-a counter offer for $10,000 more, which we immediately accepted. All required docs were uploaded to Equator by the 26th of March. To this date we've heard nothing from BofA and/or Fannie Mae. My agent does forward all info that the list agent gives him, but at this point the last correspondence I received (over a month ago) stated that LA had "escalated" the issue and has gotten no response -AND that we were pretty much at the "bank's mercy"...I know alot of agents say, "Not all short sales are the same, get back on the horse, and try again"...but at the end of it all you end up with NO HOUSE, AN ULCER, and 6 MONTHS WASTED TIME!!!

But cheer up, you may be in that LUCKY 15%, whose short sale offer actually gets a final written approval, and you actually close escrow before they tell you that the loan was sold off to Greentree, or worse-Nationstar!!!
0 votes
Rodney Mason, Mortgage Broker Or Lender, Atlanta, GA
Tue Mar 26, 2013
Contracts typically take more than 24-48 when a bank approval is involved.
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Suzanne MacD…, Agent, Morristown, NJ
Tue Mar 26, 2013
I don't know if it's normal, but it's not unusual. I had a similar situation this spring. Once the verbal counter offer was accepted we had to update all the documents, including the settlement statement and the offer then we have to wait for 10 - 14 days for all that to come back from some department or other and once it does we have to wait AGAIN for another department to do something or other. It's frustrating but you are coming to the end of the line. Hang in there! Oh, and BTW, OUR offer was submitted 9/18/2012!
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