REO property buying experience

[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.

[SD Realtor]

Sounds peculiar. If they sent YOU a counter offer and you accepted the counter offer then the only remaining item that is needed is confirmation of the counter offer you signed. Did escrow indeed open? Have you started your loan processing yet? Did you send the accepted counter offer along with the original purchase agreement to your loan officer? Do you have an escrow number?

As Viz posted, most REO transactions will indeed levy a fine upon the buyer on a daily basis if the escrow does not close due to the buyers performance.

What is your realtor doing to help you out? My advice is that you get an addendum generated immediately stating that escrow will close 30 days from the day that you received a confirmation of acceptance from your accepted counter offer.

If you have indeed signed the addendum which is generally the liability release then no there is not much more that you will get. The lender may send you some token disclosure information. I assume you will also get a CLUE report and an NHD, (Hopefully your realtor asked for one) along with the cookie cutter local area disclosure. You should also get a termite inspection report. Even with REO properties you should get one (again assuming you asked) and that pretty much wraps it up. Then all the other work is your due diligence.

SD Realtor

[SD Realtor]

Sounds peculiar. If they sent YOU a counter offer and you accepted the counter offer then the only remaining item that is needed is confirmation of the counter offer you signed. Did escrow indeed open? Have you started your loan processing yet? Did you send the accepted counter offer along with the original purchase agreement to your loan officer? Do you have an escrow number?

As Viz posted, most REO transactions will indeed levy a fine upon the buyer on a daily basis if the escrow does not close due to the buyers performance.

What is your realtor doing to help you out? My advice is that you get an addendum generated immediately stating that escrow will close 30 days from the day that you received a confirmation of acceptance from your accepted counter offer.

If you have indeed signed the addendum which is generally the liability release then no there is not much more that you will get. The lender may send you some token disclosure information. I assume you will also get a CLUE report and an NHD, (Hopefully your realtor asked for one) along with the cookie cutter local area disclosure. You should also get a termite inspection report. Even with REO properties you should get one (again assuming you asked) and that pretty much wraps it up. Then all the other work is your due diligence.

SD Realtor

[SD Realtor]

Sounds peculiar. If they sent YOU a counter offer and you accepted the counter offer then the only remaining item that is needed is confirmation of the counter offer you signed. Did escrow indeed open? Have you started your loan processing yet? Did you send the accepted counter offer along with the original purchase agreement to your loan officer? Do you have an escrow number?

As Viz posted, most REO transactions will indeed levy a fine upon the buyer on a daily basis if the escrow does not close due to the buyers performance.

What is your realtor doing to help you out? My advice is that you get an addendum generated immediately stating that escrow will close 30 days from the day that you received a confirmation of acceptance from your accepted counter offer.

If you have indeed signed the addendum which is generally the liability release then no there is not much more that you will get. The lender may send you some token disclosure information. I assume you will also get a CLUE report and an NHD, (Hopefully your realtor asked for one) along with the cookie cutter local area disclosure. You should also get a termite inspection report. Even with REO properties you should get one (again assuming you asked) and that pretty much wraps it up. Then all the other work is your due diligence.

SD Realtor

[SD Realtor]

Sounds peculiar. If they sent YOU a counter offer and you accepted the counter offer then the only remaining item that is needed is confirmation of the counter offer you signed. Did escrow indeed open? Have you started your loan processing yet? Did you send the accepted counter offer along with the original purchase agreement to your loan officer? Do you have an escrow number?

As Viz posted, most REO transactions will indeed levy a fine upon the buyer on a daily basis if the escrow does not close due to the buyers performance.

What is your realtor doing to help you out? My advice is that you get an addendum generated immediately stating that escrow will close 30 days from the day that you received a confirmation of acceptance from your accepted counter offer.

If you have indeed signed the addendum which is generally the liability release then no there is not much more that you will get. The lender may send you some token disclosure information. I assume you will also get a CLUE report and an NHD, (Hopefully your realtor asked for one) along with the cookie cutter local area disclosure. You should also get a termite inspection report. Even with REO properties you should get one (again assuming you asked) and that pretty much wraps it up. Then all the other work is your due diligence.

SD Realtor

[SD Realtor]

Sounds peculiar. If they sent YOU a counter offer and you accepted the counter offer then the only remaining item that is needed is confirmation of the counter offer you signed. Did escrow indeed open? Have you started your loan processing yet? Did you send the accepted counter offer along with the original purchase agreement to your loan officer? Do you have an escrow number?

As Viz posted, most REO transactions will indeed levy a fine upon the buyer on a daily basis if the escrow does not close due to the buyers performance.

What is your realtor doing to help you out? My advice is that you get an addendum generated immediately stating that escrow will close 30 days from the day that you received a confirmation of acceptance from your accepted counter offer.

If you have indeed signed the addendum which is generally the liability release then no there is not much more that you will get. The lender may send you some token disclosure information. I assume you will also get a CLUE report and an NHD, (Hopefully your realtor asked for one) along with the cookie cutter local area disclosure. You should also get a termite inspection report. Even with REO properties you should get one (again assuming you asked) and that pretty much wraps it up. Then all the other work is your due diligence.

SD Realtor

[The OC Scam]

You need to ask more of your agent and get involved! Don’t just sit back and expect everyone to be thinking about your house. This is one lesson I have learned in my REO purchase experience. Put pressure on those involved and be proactive.
I don’t care if I offended my agent but I went as far as contacting the asset management company to see what was the holdup and regularly called my loan office and processor to see if they needed anything from me or waiting for anything in particular from the seller. I found the listing agent to be completely worth less after the negotiation process once we agreed on a price that was last we heard the listing agent theoretically speaking.
My attitude was….This my house I’m buying I really don’t care if I brother people or seen as that annoying buyer in fact this is what I wanted to achieve
You may ask why use an agent…..In the end my agent was my home buying friend and physiologist that always assured me that this was a great deal and that other entire entire BS that kept me going!!!!
As SD R mention in the beginning my lender was waiting about 11 days for the seller to open the escrow account during the period the seller asked for a 17 day close..?
Also ask your agent to request for more time if you need in closing and that $100 a day thing …ask they give you an extension on that also …..The negotiation doesn’t end on the price

[The OC Scam]

You need to ask more of your agent and get involved! Don’t just sit back and expect everyone to be thinking about your house. This is one lesson I have learned in my REO purchase experience. Put pressure on those involved and be proactive.
I don’t care if I offended my agent but I went as far as contacting the asset management company to see what was the holdup and regularly called my loan office and processor to see if they needed anything from me or waiting for anything in particular from the seller. I found the listing agent to be completely worth less after the negotiation process once we agreed on a price that was last we heard the listing agent theoretically speaking.
My attitude was….This my house I’m buying I really don’t care if I brother people or seen as that annoying buyer in fact this is what I wanted to achieve
You may ask why use an agent…..In the end my agent was my home buying friend and physiologist that always assured me that this was a great deal and that other entire entire BS that kept me going!!!!
As SD R mention in the beginning my lender was waiting about 11 days for the seller to open the escrow account during the period the seller asked for a 17 day close..?
Also ask your agent to request for more time if you need in closing and that $100 a day thing …ask they give you an extension on that also …..The negotiation doesn’t end on the price

[The OC Scam]

You need to ask more of your agent and get involved! Don’t just sit back and expect everyone to be thinking about your house. This is one lesson I have learned in my REO purchase experience. Put pressure on those involved and be proactive.
I don’t care if I offended my agent but I went as far as contacting the asset management company to see what was the holdup and regularly called my loan office and processor to see if they needed anything from me or waiting for anything in particular from the seller. I found the listing agent to be completely worth less after the negotiation process once we agreed on a price that was last we heard the listing agent theoretically speaking.
My attitude was….This my house I’m buying I really don’t care if I brother people or seen as that annoying buyer in fact this is what I wanted to achieve
You may ask why use an agent…..In the end my agent was my home buying friend and physiologist that always assured me that this was a great deal and that other entire entire BS that kept me going!!!!
As SD R mention in the beginning my lender was waiting about 11 days for the seller to open the escrow account during the period the seller asked for a 17 day close..?
Also ask your agent to request for more time if you need in closing and that $100 a day thing …ask they give you an extension on that also …..The negotiation doesn’t end on the price

[The OC Scam]

You need to ask more of your agent and get involved! Don’t just sit back and expect everyone to be thinking about your house. This is one lesson I have learned in my REO purchase experience. Put pressure on those involved and be proactive.
I don’t care if I offended my agent but I went as far as contacting the asset management company to see what was the holdup and regularly called my loan office and processor to see if they needed anything from me or waiting for anything in particular from the seller. I found the listing agent to be completely worth less after the negotiation process once we agreed on a price that was last we heard the listing agent theoretically speaking.
My attitude was….This my house I’m buying I really don’t care if I brother people or seen as that annoying buyer in fact this is what I wanted to achieve
You may ask why use an agent…..In the end my agent was my home buying friend and physiologist that always assured me that this was a great deal and that other entire entire BS that kept me going!!!!
As SD R mention in the beginning my lender was waiting about 11 days for the seller to open the escrow account during the period the seller asked for a 17 day close..?
Also ask your agent to request for more time if you need in closing and that $100 a day thing …ask they give you an extension on that also …..The negotiation doesn’t end on the price

[The OC Scam]

You need to ask more of your agent and get involved! Don’t just sit back and expect everyone to be thinking about your house. This is one lesson I have learned in my REO purchase experience. Put pressure on those involved and be proactive.
I don’t care if I offended my agent but I went as far as contacting the asset management company to see what was the holdup and regularly called my loan office and processor to see if they needed anything from me or waiting for anything in particular from the seller. I found the listing agent to be completely worth less after the negotiation process once we agreed on a price that was last we heard the listing agent theoretically speaking.
My attitude was….This my house I’m buying I really don’t care if I brother people or seen as that annoying buyer in fact this is what I wanted to achieve
You may ask why use an agent…..In the end my agent was my home buying friend and physiologist that always assured me that this was a great deal and that other entire entire BS that kept me going!!!!
As SD R mention in the beginning my lender was waiting about 11 days for the seller to open the escrow account during the period the seller asked for a 17 day close..?
Also ask your agent to request for more time if you need in closing and that $100 a day thing …ask they give you an extension on that also …..The negotiation doesn’t end on the price

[donaldduckmoore]

Thank you very much for your feedback and advice. So far, we have only signed and initial a counter offer, standard seller’s addendum, property condition addendum, mold disclosure and release, water heater and smoke detector statement of compliance, and a bunch of lead paint info. That is all. That was issued on 2/1 and they did ask to close on or before 3/3. They also said that there is no extension on closing and if indeed extend escrow, there is a $50 per day charge on us. They never mention anything if they cannot close on time. Are we supposed to receive a contract from them? If not, then am I worried too much because all we are waiting is to close? In the counter offer, they in fact highlighted “FINAL OFFER ACCEPTANCE IS SUBJECT TO INVESTOR APPROVAL”. Is this the major cause of delay, if any?

SDR and OCS, I am trying to get involved but my agent does not want to offend anyone because I have asked her to ask the listing agent so many times and the listing agent thought that the lender is loaded with work and therefore the delay. No matter what I did, they won’t tell me any details of the lender and the closer, so basically, we are all waiting here. We have the real loan approval already but we did not lock in any rate because we are not so sure if we can really close on 3/3 according to my agent. It is frustrating. Can I back out at this point if I want to offer another one? Thanks.

[donaldduckmoore]

Thank you very much for your feedback and advice. So far, we have only signed and initial a counter offer, standard seller’s addendum, property condition addendum, mold disclosure and release, water heater and smoke detector statement of compliance, and a bunch of lead paint info. That is all. That was issued on 2/1 and they did ask to close on or before 3/3. They also said that there is no extension on closing and if indeed extend escrow, there is a $50 per day charge on us. They never mention anything if they cannot close on time. Are we supposed to receive a contract from them? If not, then am I worried too much because all we are waiting is to close? In the counter offer, they in fact highlighted “FINAL OFFER ACCEPTANCE IS SUBJECT TO INVESTOR APPROVAL”. Is this the major cause of delay, if any?

SDR and OCS, I am trying to get involved but my agent does not want to offend anyone because I have asked her to ask the listing agent so many times and the listing agent thought that the lender is loaded with work and therefore the delay. No matter what I did, they won’t tell me any details of the lender and the closer, so basically, we are all waiting here. We have the real loan approval already but we did not lock in any rate because we are not so sure if we can really close on 3/3 according to my agent. It is frustrating. Can I back out at this point if I want to offer another one? Thanks.

[donaldduckmoore]

Thank you very much for your feedback and advice. So far, we have only signed and initial a counter offer, standard seller’s addendum, property condition addendum, mold disclosure and release, water heater and smoke detector statement of compliance, and a bunch of lead paint info. That is all. That was issued on 2/1 and they did ask to close on or before 3/3. They also said that there is no extension on closing and if indeed extend escrow, there is a $50 per day charge on us. They never mention anything if they cannot close on time. Are we supposed to receive a contract from them? If not, then am I worried too much because all we are waiting is to close? In the counter offer, they in fact highlighted “FINAL OFFER ACCEPTANCE IS SUBJECT TO INVESTOR APPROVAL”. Is this the major cause of delay, if any?

SDR and OCS, I am trying to get involved but my agent does not want to offend anyone because I have asked her to ask the listing agent so many times and the listing agent thought that the lender is loaded with work and therefore the delay. No matter what I did, they won’t tell me any details of the lender and the closer, so basically, we are all waiting here. We have the real loan approval already but we did not lock in any rate because we are not so sure if we can really close on 3/3 according to my agent. It is frustrating. Can I back out at this point if I want to offer another one? Thanks.

[donaldduckmoore]

Thank you very much for your feedback and advice. So far, we have only signed and initial a counter offer, standard seller’s addendum, property condition addendum, mold disclosure and release, water heater and smoke detector statement of compliance, and a bunch of lead paint info. That is all. That was issued on 2/1 and they did ask to close on or before 3/3. They also said that there is no extension on closing and if indeed extend escrow, there is a $50 per day charge on us. They never mention anything if they cannot close on time. Are we supposed to receive a contract from them? If not, then am I worried too much because all we are waiting is to close? In the counter offer, they in fact highlighted “FINAL OFFER ACCEPTANCE IS SUBJECT TO INVESTOR APPROVAL”. Is this the major cause of delay, if any?

SDR and OCS, I am trying to get involved but my agent does not want to offend anyone because I have asked her to ask the listing agent so many times and the listing agent thought that the lender is loaded with work and therefore the delay. No matter what I did, they won’t tell me any details of the lender and the closer, so basically, we are all waiting here. We have the real loan approval already but we did not lock in any rate because we are not so sure if we can really close on 3/3 according to my agent. It is frustrating. Can I back out at this point if I want to offer another one? Thanks.

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