Homeowner · San Diego, CA · Member since 2008 · 5 posts · 1 vote
Early this month, I made an offer to a house that is bank-owned. They countered asking to close on March 3 with penalty if delayed. Up to now, both listing and my agent never heard of anything from the lender. We have been waiting and waiting. We did not open escrow, lock rate, nothing for the whole month. I am not sure how long does the bank usually process REO sales. The property was held by Wellsfargo. Once again, I have no information about their REO department because the listing agent does not allow me to contact with them. My question is how long do they usually take to do the paperwork? Second, is wellsfargo having huge amount of properties and they do not have enough people to handle that causes the backlog? In addition to all those counter offer and addendum, will they send us anything if we accepted and signed all the addendum? Thanks.
Other info:
1. the listing agent clearly mentioned that I am the bidder with the best and highest offer so that I think they started to work on the closing step
2. when I pretend to be other bidder and asked the listing agent if they still accept other offers, the agent said they are working on escrow so that I presume I am the buyer.
Donald, Did you except the counter offer? If both parties didn't sign you could be waiting a long time. I am sure someone will correct me but I believe the listing agent should be able to do this for you,it's their job.
Donald, how frequently has your agent made contact with the listing agent? As clyde911 mentioned, you made a written offer, they countered in writing. Do you have a copy of the counter-offer that your agent received? Do you have a copy of your acceptance of that counter? All it takes is a signature from the seller to confirm your acceptance.
It sounds like someone fell asleep at the wheel.
Request in writing [by means of your agent] an extension to the closing.
Thanks for your reply. We accepted the counter on 2/1/08 and have been waiting for seller's signature since then. My agent has already been in contact with the listing agent almost everyday as she send me email from the listing agent when there is one. Once in a while, the listing agent will forward us message claimed to be from the seller asking for prequal again, then prequal with the exact format then today again an extension to 4/1/08 and claimed that they will ask the seller's signature once they have the extension. Now that we are not sure if the listing agent or the closer fell asleep. We have no way to contact the seller directly to verify all the information. At some point, we also suspect that the listing agent may not keep track of info and process paperwork on a timely fashion, but what else can we do now. I have known my agent for a long time and I trust her. Besides, I have been kept asking her to contact the listing on a daily basis. Is that a violation to contact Wellsfargo directly? Is there ways to manage the whole thing myself? Up to now, we are still waiting for the contract from the seller. Our new renter is going to move in on 4/1 too and I am not sure if what they do is another postponement. Thanks.
I've dealt with Wells Fargo many times. I'll bet the closing entity is PAS - their in house subsidiary. hey are way overworked and understaffed! I had a cash deal that took 2 month to close from acceptance. he way to do it (or at least try) is to back them into closing. Have your agent find out from the listing agent - who the local closing company or escrow company, agent and contact info is for your purchase. Ten have our agen call that closer and tell them you are ready to close (assuming you are). Have the agent ask - what information she needs from your side to get the paperwork done - provide it all ASAP. Then have your agent ask the escrow company to get with the PAS "closer" to convey that the buyer is ready to close and needs the closing package from PAS to expedite.
That usually stops the impasse - when the local closer pushes it back upstream to PAS. I've done it with others besides Wells Fargo/PAS and have gotten cash deals closed in 2 weeks! Just make sure all the pushing is done in a friendly "we just want to get it done" way andyou are truely ready to close!
Having said all that, there may be a glitch in clearing the title - again, if your agent can find out who the local closer is (through the listing agent) - he/she may be able to ascertain through them, if there is any title issue causing the delay.
I've done that too and found in one deal of mine the seller - Countrywide - had not filed the foreclosure title transfer with the county yet, so the county could not release the sale. I pushed that through too!
Hi Greg, thanks for your feedback and it is very helpful. We do not have the contract yet. We have not opened escrow because of that. But I am eager to talk to the lender directly or ask my agent to do so. Problem is the listing agent never disclose info about the lender, so that we are not sure who the closer is. Every once in a while, the listing agent only copies and pastes the message to my agent without any date and needless to say email address of the closer. How would you be able to crack the information about the lender? That is the most important part and vital to our deal. Thanks.
Usually only the listing agent will speak to the seller/asset manager, so I'd just forget about that idea. More usual - is, only email correspondence between them. Worst, the asset managers are overworked and the listing agents (generally) are not interested in babysitting an asset manager - they figure it will get done in due time - the more time they spend working on one file the less they make per deal. It's a frustrating business for those that have better business standards.
I would have your broker call the listing broker and request they follow up with the asset manager to get the file to the (sellers in-house) closing department - probably PAS and have him ask to get the name and contact info of that closer. Once your broker knows that, he can get to that person to inquire as to who the local closing/escrow company/person the file will be assigned to. Once your broker gets that - you can have them start pushing things back upstream to get it closed.
I even had a closer schedule a closing for 2 days away, to put pressure on the seller to get the paperwork done - knowing full well it wouldn't happen in 2 days, but it did happen in 5, instead of 2 to 4 more weeks of the file gathering dust.
I am usually very persistent for my clients, as we really have nothing to lose! I'll call every day until I get answers. Worst case, if you don't get a signed contract, you can likely walk away - as they haven't inked the deal within a prescribed acceptance time frame (I'm not an attorney - so consult one before taking that step - I assume you have some earnest money in there)!
I'd push for the signed contract back, if you really want the house. I've seen some institutions, take other deals that are better and came in later, even though they gave someone else a verbal. Sometimes, I think that's what they are really hoping for! You need it signed to make it stand up!
Push them - the squeaky wheel gets the grease! Have your broker ask them flat out, what the hold up is and they want answers! I've told brokers, the easiest way to get me off their back is to get me the answers or give me the name of who to push and I'll work my way to the problem = they get rid of me and I get closer to who I need to get it moving!
Keep in mind though, many asset managers, in-house closers and some REO listers are only looking at it as another file, not the people behind it - they also know, if you go away there will be another buyer to take your place, someday. It's crappy business, but it's reality (and pays off for those with both persistence and patience)!
Donald, Did you except the counter offer? If both parties didn't sign you could be waiting a long time. I am sure someone will correct me but I believe the listing agent should be able to do this for you,it's their job.