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Banks don’t know how to sell real estate

It seems these days that banks or lenders really don’t want to sell their REO (real estate owned) properties. You might find that odd since everyone knows they need to dispose of these foreclosed homes. Well, things just seem to take longer and more complicated. Why? Because they are so inundated with listings, offers and don’t understand the process plus don’t have the man power to complete a time is of the essence transaction. Doesn’t seem right, does it? Like I’ve said before banks can’t sell real estate.

Out of 4 contracts we are working now – we have yet to get any signed paperwork back after 2 weeks, a short sale scenario just got a negotiator to work the contracts after being submitted March 3rd. That’s right! So if you are involved in a foreclosure or per foreclosure, please know you are not alone.

One recommendation I would make is even if you have a solid closing date be prepared to extend your moving as the lender or bank might not sign on the day you close. You need patience, along with stamina to complete the purchase of your new home. Just keep looking for that light at the end of the tunnel – It will be worth it because you got such a sweet buy!

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