On the Home Front

Well, it's been a week and we still have not purchased a house. We are learning a valuable real estate purchasing lesson.

--- "It is not easy to buy a foreclosure."----

That's it, that's the whole lesson.


You would think, with all the foreclosures that banks are stuck with right now, that they would make purchasing one of said foreclosure homes reasonably painless.


I mean, come on, it's a huge purchase and involves legal contracts and real estate contract and mortgage contracts, so obviously it is going to be a pain in the tookus, but this is ridiculous!



This particular house is owned by a bank and being managed by an REO management company. REO (Real Estate Owned) means "owned by the bank". (In a nutshell) The company is paid by the bank to maintain and market the house. They are Real Estate Agents with extra attitude.



Our initial bid could not be submitted to the owner/bank for two days because it was not submitted on the correct forms.
Now EVERYONE uses the same basic real estate forms. It may have a different letterhead, but the bid-to-purchase forms are a standard legal form that all Real Estate Agents use.



BUT NOT THIS REO MANAGEMENT COMPANY. They have their own forms, SPECIAL FORMS. They will not read, process or forward a bid unless it is presented on their forms.



Their forms say: "I want to buy this house. I will buy this house sight unseen, without inspections, without preview, while all utilities are off. I will pay asking price. I will buy this house As-Is. The bank assumes no responsibility for this house or this contract, now or at any time in the future. I will pay all expenses and closing costs and I am an idiot.


You must submit this form without any alterations or changes. No exceptions.
They will present your bid to the owner/bank and you can expect a response to take up to 7 days. Or not.... Maybe.... If you sent the correct forms.... And it actually was submitted.... with all the other bids that just miraculously came in...

Even though the house has been for sale for a year, there are now OTHER BIDS for you to compete against.. " Would you like to raise your bid before we submit it. Decide by 1:00 TODAY...!

HAH!

Now you know why the banks are currently stuck with so many foreclosure properties!


This particular REO Management Co. is strictly working the Atlanta area and they represent almost 400 properties. I'm not even sure who to blame for the shocking lack of customer service; the actual Bank or the Management Company.

It actually says on their website and paperwork, that their 'preferred method of communication is e-mail, so please do not call us'. If you call too many times, like our very efficient agent, they will tell you, "send an e-mail".

Amazing.

Still waiting.