If you think that banks or lenders are like desperate seller’s, who are willing to do anything in order to find a buyer for their home, think again.

Picture Your Serious Offer Here.  Banks are completely under staffed in their REO and loss mitigation departments.  Buyer’s and their agent’s report a wait of up to four weeks or more, before a file is assigned to a negotiator, who may or may not, open the file and start to process the offer.  

My Way or the Highway.  In addition to understaffing problems, lenders adhere to a strict checklist of requirements.  If one item is overlooked or missing from their checklist, the file is routinely placed back on the bottom of the pile, where it can take weeks to resurface again. 

Don’t Call Us, We’ll Call You.  Lenders are famous for being non-responsive to offers, even if they are at full asking price.  As a practice, banks hold offers and wait for better ones to come in, before responding.  If you find yourself in a “multiple offer” game, be extremely patient.  With a little luck, you may hold the winning bid, as other buyer’s drop out due to anger and a lack of patience.

Real Sellers Take Solice.  While these cash ready buyers are pulling out their hair in frustration, both buyer and agent are powerless in communicating with or motivating the lending giants.  If you are selling a property, you can easily give yourself a huge advantage by responding to offers in a timely manner, extending courtesy to prospective buyers, and by providing access to and information about your home when ask.   

Get Ready, Get Set, Stop.  Buyers seeking a foreclosure need to accept that both they and their agent’s are in powerless positions.  Anyone who attempts to play the distressed property game, needs to accept that their efforts to buy a home will be futile, unless they have all the time in the world and the patience of Job. 

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