Finch finally shows "inactive" online. Which means the bank is either looking at our offer, or someone else's. There is no way of knowing.
Yana emailed our agent to push or just really to inquire about the status of our bid on the Finch house last Tuesday. Our agent finally got around to replying on Friday, after Yana resent the email. It said the the sellers' agent was out of office. Today is Tuesday, I am certain we will hear something any minute now....any minute now...any minute now...
8 years ago
2 comments:
Don't get too discouraged by not hearing anything, especially if it's a bank owned/pre-foreclosure/short sale type property. Anytime you get a bank involved or a consulting group that works for bank/lender you'll have to wait.
Doesn't make much sense, as any rational person would think "They're losing money sitting on this property and I've made a fair offer, why don't they get back to me?"
Well it's actually a simple answer, once the banks started slowing down they laid off staff, and then once the foreclosures started piling up, they laid off more staff to compensate for the losses they were taking and for the most part they're working with skeleton crews that have to run up every offer through a chain before a simple decision can be reached and if you add in an outside consulting group the process takes even longer.
Believe me, I saw it first hand when I worked for Countrywide and it's only gotten worse since I've left.
And to address you concerns about electrical/repair work, it sounds like a lot of the houses you're looking at (especially the catalpa ln. property)were either homes that someone had lived in for an extended period of time and didn't need or bother to update the home or it was a property that someone had bought either as a rental or a flip, then stripped out the equity to do the repairs and had the bottome fall out from under them, used the equity to make payments and then either gave up or decided to cut their losses and turn the keys over to the lender.
If you were looking at homes that were being sold by an actual person you might find you had more wiggle room in getting repairs taken care of or the price so you can do the repairs yourself, but when dealing with short sales or foreclosures 9 times out of 10 you'll end up not getting repair work done, unless it's major like a roof or exposed wiring, as no one can fund a loan with those problems. Unfortunetly outdated electrical doesn't fall under that (even though most of us wish it did.)
Good luck with your search, the homes are out there!
Thanks for the advice and your encouragement!
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