Purchasing a home

**ladyday9** · 02-23-2008, 07:41 PM

Sometime in late January,I had made an offer on two bank sale homes. The buyers agreeded to the terms and their relator contacted ours to give us the news. However, their relator said the paperwork had to go to the bank for them to process. Thus far, we have heard nothing from the bank on the status on the homes. No paperwork has been signed by us. It appears as though the bank is holding up the process. Can someone explaine how this proceed works. It has been a month and we are renting and it is very frustrating. Please advise.

**norinepeardon** · 02-24-2008, 07:13 AM

Hi Lady9,

When I refinanced with a bank, it took forever and I had to bug them to keep it going. The end result was that I got the loan I wanted. I think you may have to bug your agent and the bank if you want some action.
I know I wouldn't just sit back and do nothing, particularly after a month had passed.

Norine Peardon

**carlam** · 02-25-2008, 06:15 AM

If by "bank sale" homes you mean short sales, the banks do not abide by our timeframe. These typically take 6-8 weeks, they have a process to do "due diligence." There is a market anaylsis, an appraisal that needs to be completed, mounds of paperwork and not to mention... the banks are overwhelmed with the sheer number of short sales, pre-foreclosures, and foreclosures they are dealing with. The bank takes them in order of when they are received; doesn't matter what you the buyer or the seller needs are.

If you can wait for the bank's answer, the reward is you get the house you want at a really good price!

**RobM** · 02-25-2008, 08:58 AM

Hello Ladyday9...and welcome to the forum. Glad you decided to join us. There are lots of great people here to learn and share with.

**norinepeardon** · 02-25-2008, 09:17 AM

Sorry Rob -

I didn't mean to slight you. Thank you for your nice and prompt welcome to the forum.

**RobM** · 02-25-2008, 09:28 AM

Originally Posted by norinepeardon

Sorry Rob -

I didn't mean to slight you. Thank you for your nice and prompt welcome to the forum.

NO problem at all

**tsteuwer** · 02-25-2008, 07:36 PM

Originally Posted by carlam

If by "bank sale" homes you mean short sales, the banks do not abide by our timeframe. These typically take 6-8 weeks, they have a process to do "due diligence." There is a market anaylsis, an appraisal that needs to be completed, mounds of paperwork and not to mention... the banks are overwhelmed with the sheer number of short sales, pre-foreclosures, and foreclosures they are dealing with. The bank takes them in order of when they are received; doesn't matter what you the buyer or the seller needs are.

If you can wait for the bank's answer, the reward is you get the house you want at a really good price!

This completely answers your question. Our office faxed over an offer on one of our listings that is in short sale and they gave us a 4 week timeframe. We also talked with one of our friends that was a lender and they had told us that in certain areas 1 person is handling over 400 transactions. So you'll need to give them time.