Below is from Realtor.com regarding some of the problems with bank-owned homes... I recently had a sale where the bank/asset manager had forgotten to sign a couple of our CAR addendums (we had all agreed to their addendum so the contract could move forward) and because of that the loan funding was threatened (just a delay, but every day counts!)...
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Daily Real Estate News | November 29, 2010 | Share
Foreclosure Mess Leaves Some Buyers in Limbo
An increasing number of buyers of foreclosed homes are finding that they can’t close on the property because the foreclosure — and the sale — is derailed by a problem with the foreclosure paperwork.
“Many of these transactions will probably never close,” said Greg Rokeh, a manager of bank-owned real estate in Longwood, Fla., for Watson Realty Corp.
Rokeh said he has about 25 pending sales that are tied up in the document reviews. He predicts that most of buyers will give up and purchase a different property.
“We understand it is a huge inconvenience to buyers,” Freddie Mac spokesman Brad German said.
Source: Bloomberg, David Henry (11/24/2010)
http://www.realtor.org/RMODaily.nsf/pages/News2010112904?OpenDocument
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