I have buyers! Actually I've had these buyers since March. We've looked at a few houses and put in a few offers and now we have an accepted offer on a Bank Owned property. Banks drive hard bargains when it comes to contingencies and a closing date. The bank allows 5 days for buyer inspections after that too bad so sad. If we close late due to the buyers side an initial $300. will be charged, plus $50.00 per day up to 10 days and then escrow is cancelled. No problem the lender assures us.
We submitted of Friday 9/21 and had a verbal acceptance on 9/24 with a closing date of 10/24. So we move forward. Today is 10/5 with 18 days til escrow closes and we still don't have a fully executed PA from the bank and Escrow and title were opened today. We've done the appraisal and the buyer is doing his home inspection this weekend but since the house is sold as is, he's doing it just for his own piece of mind. Good idea for every buyer. The lender called me this morning wanting a preliminary title report to submit for full loan approval. I had to call escrow as they were shuffling paperwork and plead with them to get a prelim to the lender ASAP.
I'm sure the buyers side of this transaction will be completed on time unfortunately the bank side doesn't seem to have a clue or any sense of urgency in this sale so well have to see what happens.
We submitted of Friday 9/21 and had a verbal acceptance on 9/24 with a closing date of 10/24. So we move forward. Today is 10/5 with 18 days til escrow closes and we still don't have a fully executed PA from the bank and Escrow and title were opened today. We've done the appraisal and the buyer is doing his home inspection this weekend but since the house is sold as is, he's doing it just for his own piece of mind. Good idea for every buyer. The lender called me this morning wanting a preliminary title report to submit for full loan approval. I had to call escrow as they were shuffling paperwork and plead with them to get a prelim to the lender ASAP.
I'm sure the buyers side of this transaction will be completed on time unfortunately the bank side doesn't seem to have a clue or any sense of urgency in this sale so well have to see what happens.
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