Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 17 years ago on . Most recent reply

User Stats

5
Posts
1
Votes
Donald Douglas
  • Homeowner
  • San Diego, CA
1
Votes |
5
Posts

weird experience on REO purchase-need advice

Donald Douglas
  • Homeowner
  • San Diego, CA
Posted

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.

Loading replies...