Posted by scbuck on March 28, 2006 at 09:24:02:
Yes, I followed it to the letter and made the broker review it closely to ensure I had not left anything out. They have a $1,000 earnest money check from us so I suppose at some point they will have to tell us one way or another if for no other reason than to return or check.
Bidding on Bank Owned…what a drag…!!! - Posted by jason
Posted by jason on March 27, 2006 at 18:48:58:
It seems to take so long for a response. In this instance, It lloks like saince MArch 1st, 3 banks have owned a property i bid on. It’s listed thru MLS, and I put a bid in friday afternoon.
I hate the wait!!!
Jason
Re: Bidding on Bank Owned…what a drag…!!! - Posted by Berno
Posted by Berno on March 28, 2006 at 09:25:01:
I have actually had good luck dealing with banks on repos. I’ve bought a few houses at about 50% or 6% of their original list prices. Mabye I was lucky or there just wasn’t anyone else bidding. Eventually they just want to get them off the books. I actually had one banker respond immediatly to my second offer on one home, which my realtor phoned in prior to sending the paperwork. She said something to the tune of “OK, I’ll take it to the commitee. Oh, the heck with it, we’ll take it!”. Keep trying!
Re: Bidding on Bank Owned…what a drag…!!! - Posted by Rich
Posted by Rich on March 27, 2006 at 20:16:03:
Doesn’t surprise me. I tried buying bank owned properties while on a 1031 countdown and foiund their minimum 1 week response time made this impossible. It had to go to a committee every time an offer or counter was submitted.
Re: Bidding on Bank Owned…what a drag…!!! - Posted by Rich
Posted by Rich on March 28, 2006 at 12:21:43:
Persistence pays off. There are a lot of EOs out there and the odds you’ll find someone who will deal sooner or later.
Think that’s bad, try Ocwen - Posted by scbuck
Posted by scbuck on March 28, 2006 at 08:37:42:
I bid March 10 on a property that is a vA repo - and have heard not one word back as of yet. The listing agent knows nothing and Ocwen refuses to even explain what the heck it is doing. In the meantime, my LLC is stuck in the mud waiting to hear one way or the other. If we don’t get it, then we move on. But I cant make offers on other properties if I am going to have to stick 100k into this one. This company doesnt seem to care at all what kind of hassles it puts people through
Re: Think that’s bad, try Ocwen - Posted by Rich
Posted by Rich on March 28, 2006 at 08:52:27:
I assume you downloaded the bid packet for OCWEN before submitting the bid. In my last incarnation as a soiftware developer I bid on some government contracts (as did my wife’s company) and they are a PAIN in the butt to deal with. They even have requirements for how long you need to obligate yourself to the bid if you are selected and when you have to withdraw if you’re going to. That’s why I asked about the bid package. Make sure if you walk, you walk within the window they give you. Our government expects everyone to march to their tune and like it.