Replies to This Discussion

Permalink Reply by Nevil Shah on April 26, 2011 at 6:40am

Hi Gwendolyn,

 

I am a buyer in similar situation. We had initially offered 270k for  property listed at 280k. The bank countered it with $290k. We increased our offer to the asking price and we had an approval from Equator. After that once the investors came in(I dont know who the investor is), They asked the seller to come up with $50k for settlement and we could not close. Now this time we have increased the offer to $290k and we are still waiting to hear anything from the bank for over a month now.

 

The system is very annoying. Please keep us posted if you manage to work things out.

 

Good Luck,

Nevil

 

Permalink Reply by Gwendolyn Harvey on April 26, 2011 at 6:59am

Thanks Nevil,

I totally don't agree when a file is not approved by the lender and  they close the file and then the whole process  starts over again when a new offer is submitted.  This takes entirely two much time for everyone. The banks definitely need to come up with a better system. Thanks for sharing your story. I hope everything works out for you.
Nevil Shah said:

Hi Gwendolyn,

 

I am a buyer in similar situation. We had initially offered 270k for  property listed at 280k. The bank countered it with $290k. We increased our offer to the asking price and we had an approval from Equator. After that once the investors came in(I dont know who the investor is), They asked the seller to come up with $50k for settlement and we could not close. Now this time we have increased the offer to $290k and we are still waiting to hear anything from the bank for over a month now.

 

The system is very annoying. Please keep us posted if you manage to work things out.

 

Good Luck,

Nevil

 

Permalink Reply by Tim W on April 30, 2011 at 4:01am

They banks want this to delay the process

Permalink Reply by Shannon Renner on May 3, 2011 at 9:08am

Remember that the banks (actually the servicers) get paid more the longer it takes generally.  They get all the late fees, etc from the investor of the note so it's generally not in their best interest to speed the process up.  Until Congress starts addressing the "middle men and their incentives" we will still be seeing delays like this.