Posted by John Corey on March 22, 2006 at 05:31:29:
Bank owned REOs can experience slow responses. Hence nothing for 10 days is not a surprise. Some of the time the response happens quickly. I have seen really long delays at various stages when dealing with a lender as the seller. Some of the time it matters if we are near a holiday, the end of the month, the end of the quarter, etc. One deal took 60 days to close after the accepted offer because the lender was slow to find the paperwork and Christmas was in the middle. Another lender offered an extra $1,000 off is we could close quickly.
Ocwen might have other issues as other folks have posted.
Two weeks ago our LLC put in a bid with Ocwen for a junker VA repo - its in a great neighborhood and has a lot of potential. We made our all cash offer just below the asking price during the initial 10-day listing period but so far we have heard nothing back. While I admit to being a bit impatient, how hard can it be for someone to look at the bids, pick the highest one and make an award, or say none are high enough and throw it back open? If this deal won’t work, I would like to move on but that is hard to do when you have to keep your cash read in case they do say yes.
Have others had this experience? I saw posted here recently a complaint that Ocwen sometimes takes offers but then backs off right before closing - that would make me mighty unhappy.