Posted by Dave T on September 20, 2001 at 13:27:18:
I assume that you do not have the bank’s signature on the purchase agreement yet, and that the “contract” they sent you was not signed by the seller. Ask the agent to check on the status of your offer (the agent’s commission depends on your deal going through).
Banks move at their own pace. Check the wording of the offer you signed. If you cannot find the phrase “Time is of the essence”, then the bank could take as long as 60 days to accept your offer. You, of course, could always withdraw your offer anytime before it is accepted.
I have found a REO that has a fmv of 105k to 115k (comps down the street as recent as 8-10 for 119k) Needs about 5k repairs. After negotiating with the bank via real estate agent. We agreed on 76k, I signed the contract on 8-30. The bank wanted certain wording concerning warrenties etc. I waited over a week for the bank to sign. They came back saying that they did not have a clean fax so they wanted the originals. we overnighted them and waited. They returned an original contract with all there conditions on sept 10th. I signed again on the 12th and overnighted it to them. I know they recieved it last friday. There has been no word from them since. This would be my first investment home. My intention is to rent it. It is close to an Air Force Base and as long as the rent rates in the area hold, The numbers work. Cashflow of $75 a month. I would have to finace the total amount. my wife works for the airlines and even though she has 11 years in, there is a possibility of layoff. Should I send a letter giving a deadline? or be patient. I do not like being in limbo!!! In the mean time I need to get more cash in the bank for an emergency. Thank you in advance for the help.