REO property buying experience

[vizcaya]

I bought a Countrywide foreclosure, and the bank had me agree that if the escrow did not close within 30 days, I would pay 1 tenth of 1 percent per day of the sales price if the home did not close on time or sooner.

These banks want these properties off thier books fast.

[donaldduckmoore]

Really! I had the offer accepted by them and they sent me a counter offer or addendum or whatever it is called in end of January. We agreed with everything they said and signed and they wanted to close before 3/3. Up to now, no words from the bank and I really doubt that if we can close on the day they mentioned. I did not delay anything but they tend to hold up the process. Listing agent does not know what we are waiting for either.

Vizcaya, after the addendum, did you still have to sign any other paperwork from the bank or is that it until close of escrow?

[donaldduckmoore]

Really! I had the offer accepted by them and they sent me a counter offer or addendum or whatever it is called in end of January. We agreed with everything they said and signed and they wanted to close before 3/3. Up to now, no words from the bank and I really doubt that if we can close on the day they mentioned. I did not delay anything but they tend to hold up the process. Listing agent does not know what we are waiting for either.

Vizcaya, after the addendum, did you still have to sign any other paperwork from the bank or is that it until close of escrow?

[donaldduckmoore]

Really! I had the offer accepted by them and they sent me a counter offer or addendum or whatever it is called in end of January. We agreed with everything they said and signed and they wanted to close before 3/3. Up to now, no words from the bank and I really doubt that if we can close on the day they mentioned. I did not delay anything but they tend to hold up the process. Listing agent does not know what we are waiting for either.

Vizcaya, after the addendum, did you still have to sign any other paperwork from the bank or is that it until close of escrow?

[donaldduckmoore]

Really! I had the offer accepted by them and they sent me a counter offer or addendum or whatever it is called in end of January. We agreed with everything they said and signed and they wanted to close before 3/3. Up to now, no words from the bank and I really doubt that if we can close on the day they mentioned. I did not delay anything but they tend to hold up the process. Listing agent does not know what we are waiting for either.

Vizcaya, after the addendum, did you still have to sign any other paperwork from the bank or is that it until close of escrow?

[donaldduckmoore]

Really! I had the offer accepted by them and they sent me a counter offer or addendum or whatever it is called in end of January. We agreed with everything they said and signed and they wanted to close before 3/3. Up to now, no words from the bank and I really doubt that if we can close on the day they mentioned. I did not delay anything but they tend to hold up the process. Listing agent does not know what we are waiting for either.

Vizcaya, after the addendum, did you still have to sign any other paperwork from the bank or is that it until close of escrow?

[vizcaya]

You should have gotten something by now, as far as your agreeing with the counter.

I do however remember the bank having to check with “investors” to approve my lower offer. This was done within a few days of me placing my bid. In my situation, they had 4 offers, on the same property, and mine was the best one. They never countered. We went in escrow when they accepted.

I am still confused on who these “investors” were. The other realtor made it seem that the offer was too low, and they(the investors) had to rework some numbers, then agree with the sale.

Good luck with your purchase. Hope you really love this house.

[vizcaya]

You should have gotten something by now, as far as your agreeing with the counter.

I do however remember the bank having to check with “investors” to approve my lower offer. This was done within a few days of me placing my bid. In my situation, they had 4 offers, on the same property, and mine was the best one. They never countered. We went in escrow when they accepted.

I am still confused on who these “investors” were. The other realtor made it seem that the offer was too low, and they(the investors) had to rework some numbers, then agree with the sale.

Good luck with your purchase. Hope you really love this house.

[vizcaya]

You should have gotten something by now, as far as your agreeing with the counter.

I do however remember the bank having to check with “investors” to approve my lower offer. This was done within a few days of me placing my bid. In my situation, they had 4 offers, on the same property, and mine was the best one. They never countered. We went in escrow when they accepted.

I am still confused on who these “investors” were. The other realtor made it seem that the offer was too low, and they(the investors) had to rework some numbers, then agree with the sale.

Good luck with your purchase. Hope you really love this house.

[vizcaya]

You should have gotten something by now, as far as your agreeing with the counter.

I do however remember the bank having to check with “investors” to approve my lower offer. This was done within a few days of me placing my bid. In my situation, they had 4 offers, on the same property, and mine was the best one. They never countered. We went in escrow when they accepted.

I am still confused on who these “investors” were. The other realtor made it seem that the offer was too low, and they(the investors) had to rework some numbers, then agree with the sale.

Good luck with your purchase. Hope you really love this house.

[vizcaya]

You should have gotten something by now, as far as your agreeing with the counter.

I do however remember the bank having to check with “investors” to approve my lower offer. This was done within a few days of me placing my bid. In my situation, they had 4 offers, on the same property, and mine was the best one. They never countered. We went in escrow when they accepted.

I am still confused on who these “investors” were. The other realtor made it seem that the offer was too low, and they(the investors) had to rework some numbers, then agree with the sale.

Good luck with your purchase. Hope you really love this house.

[robyns_song]

“Banks” like Countrywide, Wells Fargo, WAMU, etc. are actually just loan servicers for investors who ultimately front the money for the loans. If the property’s investor loses too much money on the deal, the bank (servicing company) has to fork up the difference to pay the investor. So, they would prefer to first get the investor’s approval to avoid having to pay the difference.

[robyns_song]

“Banks” like Countrywide, Wells Fargo, WAMU, etc. are actually just loan servicers for investors who ultimately front the money for the loans. If the property’s investor loses too much money on the deal, the bank (servicing company) has to fork up the difference to pay the investor. So, they would prefer to first get the investor’s approval to avoid having to pay the difference.

[robyns_song]

“Banks” like Countrywide, Wells Fargo, WAMU, etc. are actually just loan servicers for investors who ultimately front the money for the loans. If the property’s investor loses too much money on the deal, the bank (servicing company) has to fork up the difference to pay the investor. So, they would prefer to first get the investor’s approval to avoid having to pay the difference.

[robyns_song]

“Banks” like Countrywide, Wells Fargo, WAMU, etc. are actually just loan servicers for investors who ultimately front the money for the loans. If the property’s investor loses too much money on the deal, the bank (servicing company) has to fork up the difference to pay the investor. So, they would prefer to first get the investor’s approval to avoid having to pay the difference.

[Author]

Posts