Buying Bank-Owned Properties & Patience - A MUST For A Successful Transaction!

It came as no surprise to me this morning at noon, when I found out my 2pm settlement was being postponed for AT LEAST a week, due to the carelessness of the foreclosure department of the bank (seller's side).

"Oh that property? Yeah, I never sent that paperwork to the bank to get signed"...when just yesterday someone else told us they'd be overnighting the package to my settlement attorney.

CLASSY! And Professional!

So now we wait until next Friday - at the EARLIEST! I don't blame my buyer at all for being furious! I was too! When everybody - the agent, the buyer, the lender, the underwriter, the settlement attorney - EVERYBODY has done their jobs to get this to the closing table - this is where the foreclosures are just making a mess and mockery of the system. They have too many properties, don't know how to do them properly, and frankly - don't care! Other properties have been delayed days, weeks, and even months while banks get their acts together to get the paperwork signed in order to pass ownership on to the buyers.

Just remember..be patient! What's the old saying? "You get what you pay for!" Just remember you're getting a good deal...and good things come to those who wait!!

.....I won't even go into waiting for a short-sale to happen.