PDA

View Full Version : Buying a pre-foreclosure is proving to be an annoyance.

mcoleman80
03-27-2008, 10:02 AM
I put a bid in on a property that is in pre-foreclosure. I have a Realtor that I am working through, the seller has a Realtor as well. My cash offer was fairly generous and flexible. I submitted my offer on Monday morning, and haven't heard anything back yet.

My Realtor says the bank who is managing this process can take up to two weeks to reply. In the meantime, I feel like I am stuck out here in limbo unable to continue shopping and unable to get a commitment from the seller. My Realtor seems almost annoyed when I call her, like I should just be patiently waiting for the bank.

Am I wrong that, even as the buyer, I have no advantages here. My next week and a half is at the whim of a bank to whom I am offering hundreds of thousands of dollars in cash, while they wait and hesitate to take any action.

What can I do to move this along?? Or at least to bring some of the power into my corner??
Mike Taylor
03-28-2008, 04:56 AM
What can I do to move this along?? Or at least to bring some of the power into my corner??

That is hillarious! Welcome to the world of bank owned properties and pre-foreclosures. There is nothing you can do about it, they will get to you when they get to you.
Greg
03-28-2008, 06:00 AM
It might take longer than 2 weeks. It is to their advantage to wait and see if any other offers come in. If you have a time restraint you would be better off looking at properties that don't have a bank involved.
mcoleman80
03-28-2008, 06:32 AM
Well, I don't have time restraints, necessarily... It's just that I feel entirely helpless having an offer out there and there being no sense of responsibility on the behalf of the other party. But, I guess you're right. That's part of the game with a pre-foreclosure.

My Realtor did talk to the sellers Realtor and he said that he would press them to come up with a response within a week or so, and that they had typically been taking two weeks to give him information.

It sounds like my offer might be the best one out there, and he's trying to get them to move. WHO KNOWS. :)