Mike’s Real Estate Show

Working with Bank Owned properties and/or “Short-Sales” its kinda like the Wild West out there nowadays. I think we all have “vented” our frustrations as how quickly contract law, ethics, timeliness, etc have all been thrown out the window by some of the Assett Managers for the duration of this shakeout in “Short-Sales” and Foreclosures.
  Remember, the Listing Agent does NOT want to kill the goose that laid the golden egg of listings. So they  are NOT going to force the issue. And your Realtor/Licensee who is representing you is powerless over how and WHEN, if ever, they will respond to your contract.
  I think you need to adjust your expectations when dealing with either bank owned properties (REO’s) and “Short-Sales” (pre-foreclosure). If you are expecting a timliness of response on your contract–forgetaboutit! Some assett managers will let you stew on your offer as they get may “low-ball” contracts. They play off your “fear of loss” and many of you folks instruct your Realtor/Licensees to raise your initial price. They can do that. It’s perfectly legal. Your contract may expire but they really don’t care.  They are protecting THEIR assetts (like the pun?!) and they owe a duty to their employer to get the biggest bucks from this non-performing assett–the foreclosed upon property. So if you can “hang” and wait them out you might get one heckuva deal. But chances are you’re going to get a counter-offer you can live with if you are paitient! While others fold up their tents and go to the next property you may be rewarded with a good deal.   Good luck–consult with your agent and then decide if you wish to go through this yo-yo experience.