One might think that a bank that owns a foreclosure would like to sell it quickly to take it off the books. Our experience so far has been the opposite, after two of our offers, both for just a little more than the asking price of $75,000, were canceled for no good reason.<\/p>\n
When Michael<\/a>, our Realtor, got word of the second cancellation, both Cathy and I were out of town on work trips \u2013 and both were incommunicado. This is where a good Realtor is priceless. Michael<\/a> knew what we wanted and immediately resubmitted the offer again on our behalf. Thank you Michael<\/a>!<\/p>\n And this is where it got unreal: While preparing the offer for re-submittal, Michael<\/a> found out that the asking price had dropped by another whopping $15,000, down to $60,000 \u2013 because the bank was unable to unload property! Never mind that we offered twice to buy it for $75,000. But who are we to complain. We started joking that if we kept re-submitting often enough, the seller may give us money if we take the property.<\/p>\n That said, we were unsure what to make of this price drop. Suspicion crept in. Like my dad said when we told him the story: \u201cThat can\u2019t be right! Since when is a bank giving away money \u2013 and as much as $15,000?\u201d Is this another instance of too good to be true?<\/p>\n We went back into research mode. There was no further damage to the property \u2013 thank God. We found out which bank actually owns the foreclosure, and got a better understanding of the convoluted paper pushing process. It turns out that the seller\u2019s agent never really talks to a person on the bank\u2019s side. They just input data into an online system, which is received at the bank and \u201cprocessed\u201d. This could happen in any office of that bank, of which there are numerous nationwide. It appears there is no one person assigned to a case.<\/p>\n You hear a lot about the banks not being ready for this growing wave of foreclosures. We got the impression that the left hand did not know what the right hand was doing \u2013 or that there even was a right hand. Understanding this, we felt more at ease with the price drop and that it actually was for real.<\/p>\n One might think that a bank that owns a foreclosure would like to sell it quickly to take it off the books. Our experience so far has been the opposite, after two of our offers, both for just a little more than the asking price of $75,000, were canceled for no good reason. When Michael, … Continue reading Buying a foreclosure \u2013 Part 2<\/span> Related posts:<\/h5>\n
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