REO property buying experience

[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.

[robyns_song]

I always thought a buyer can back out of a reale state contract at any time before closing, but risks losing the earnest money deposit. If the home inspection finds something you didn’t expect, you can back out without losing your deposit. If you’re uncertain about the property, I’d definately back out.

[robyns_song]

I always thought a buyer can back out of a reale state contract at any time before closing, but risks losing the earnest money deposit. If the home inspection finds something you didn’t expect, you can back out without losing your deposit. If you’re uncertain about the property, I’d definately back out.

[robyns_song]

I always thought a buyer can back out of a reale state contract at any time before closing, but risks losing the earnest money deposit. If the home inspection finds something you didn’t expect, you can back out without losing your deposit. If you’re uncertain about the property, I’d definately back out.

[robyns_song]

I always thought a buyer can back out of a reale state contract at any time before closing, but risks losing the earnest money deposit. If the home inspection finds something you didn’t expect, you can back out without losing your deposit. If you’re uncertain about the property, I’d definately back out.

[robyns_song]

I always thought a buyer can back out of a reale state contract at any time before closing, but risks losing the earnest money deposit. If the home inspection finds something you didn’t expect, you can back out without losing your deposit. If you’re uncertain about the property, I’d definately back out.

[SD Realtor]

Yes you can back out. Your agent should not be so timid. The fact that you cannot even tell if you are in escrow on your own transaction is quite ominous.

I would either start demanding performance or bail.

I will ask again. Are you in escrow? Do you have an escrow number? Do you know if your contingency period started? If you don’t know this then take things into your own hands and call the listing agent yourself.

The fact that you are getting more information from an internet post board then the agents involved in your transaction is odd.

SD Realtor

[SD Realtor]

Yes you can back out. Your agent should not be so timid. The fact that you cannot even tell if you are in escrow on your own transaction is quite ominous.

I would either start demanding performance or bail.

I will ask again. Are you in escrow? Do you have an escrow number? Do you know if your contingency period started? If you don’t know this then take things into your own hands and call the listing agent yourself.

The fact that you are getting more information from an internet post board then the agents involved in your transaction is odd.

SD Realtor

[SD Realtor]

Yes you can back out. Your agent should not be so timid. The fact that you cannot even tell if you are in escrow on your own transaction is quite ominous.

I would either start demanding performance or bail.

I will ask again. Are you in escrow? Do you have an escrow number? Do you know if your contingency period started? If you don’t know this then take things into your own hands and call the listing agent yourself.

The fact that you are getting more information from an internet post board then the agents involved in your transaction is odd.

SD Realtor

[SD Realtor]

Yes you can back out. Your agent should not be so timid. The fact that you cannot even tell if you are in escrow on your own transaction is quite ominous.

I would either start demanding performance or bail.

I will ask again. Are you in escrow? Do you have an escrow number? Do you know if your contingency period started? If you don’t know this then take things into your own hands and call the listing agent yourself.

The fact that you are getting more information from an internet post board then the agents involved in your transaction is odd.

SD Realtor

[SD Realtor]

Yes you can back out. Your agent should not be so timid. The fact that you cannot even tell if you are in escrow on your own transaction is quite ominous.

I would either start demanding performance or bail.

I will ask again. Are you in escrow? Do you have an escrow number? Do you know if your contingency period started? If you don’t know this then take things into your own hands and call the listing agent yourself.

The fact that you are getting more information from an internet post board then the agents involved in your transaction is odd.

SD Realtor

[donaldduckmoore]

The lender seems to have some movement at the turtle speed today, we will see. I have no answers for all your questions. Listing agent is reluctant to speak. She always mentions heavy workload, and be patient that makes me so impatient because I cannot see things in the tank. Maybe I should wait because it won’t hurt. Besides, more and more REOs are coming sooner or later and who cares about how slow they act. Their speed will back fire their profit. If I see another one, I will go for it. That is my strategy now.

[donaldduckmoore]

The lender seems to have some movement at the turtle speed today, we will see. I have no answers for all your questions. Listing agent is reluctant to speak. She always mentions heavy workload, and be patient that makes me so impatient because I cannot see things in the tank. Maybe I should wait because it won’t hurt. Besides, more and more REOs are coming sooner or later and who cares about how slow they act. Their speed will back fire their profit. If I see another one, I will go for it. That is my strategy now.

[donaldduckmoore]

The lender seems to have some movement at the turtle speed today, we will see. I have no answers for all your questions. Listing agent is reluctant to speak. She always mentions heavy workload, and be patient that makes me so impatient because I cannot see things in the tank. Maybe I should wait because it won’t hurt. Besides, more and more REOs are coming sooner or later and who cares about how slow they act. Their speed will back fire their profit. If I see another one, I will go for it. That is my strategy now.

[donaldduckmoore]

The lender seems to have some movement at the turtle speed today, we will see. I have no answers for all your questions. Listing agent is reluctant to speak. She always mentions heavy workload, and be patient that makes me so impatient because I cannot see things in the tank. Maybe I should wait because it won’t hurt. Besides, more and more REOs are coming sooner or later and who cares about how slow they act. Their speed will back fire their profit. If I see another one, I will go for it. That is my strategy now.

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