To wait or not?

SELLITNOW · #**1 To wait or not?** 06-23-2009, 05:11 PM

OK, one of my clients has a contract on a foreclosure . . . and we are waiting the stipulated # of days for a response . . .

I am beginning to wonder if I should line up some other homes (which I have done already { ;-> } . . . and send them on to my client and schedule more viewings . . . JUST IN CASE

or sit back with those hopes and prayers locked in . . .

(especially if the client has a tendency to . . . "change her mind" alot . . .

NY RE Broker · #**2 Re: To wait or not?** 06-23-2009, 07:23 PM

Well now you did say...Contract. To me that means the Buyer is obligated to Buy this property if and when the seller, the bank, accepts the offer. What you should do is find out what that contract says.

GreenBayRealtor · #**3 Re: To wait or not?** 06-23-2009, 07:45 PM

I agree with NY RE Broker on this one. But it's never bad to have a backup plan which you already do. As long as you do a good job of educating your client on the foreclosure process they should be a lil more patient throughout the process.

SELLITNOW · #**4 Re: To wait or not?** 06-23-2009, 08:13 PM

Patience is, indeed, a virtue and we have talked extensively about it. I think I am getting a little angst about the "wait" myself . . . though such sentiment is kept ENTIRELY to myself . . . (and now, this board, of course) . . .

stevetrang · #**5 Re: To wait or not?** 06-24-2009, 12:03 AM

What stage are you in? Have you submitted a contract, have verbal agreement, or fully executed contract? What kind of response are you waiting for? Executed contract or inspection papers?

Micheal Pannell Realtor · #**6 Re: To wait or not?** 06-24-2009, 07:18 AM

it soundfs like it is just an offer. Offers are free. Kinda like in bass fishing. Hooksets are free.

satxproperty · #**7 Re: To wait or not?** 06-24-2009, 07:32 AM

Yeah, but once the bank takes the bait... won't you have to end up either keep reeling it on in or throwing the rod and reel into the water?

Micheal Pannell Realtor · #**8 Re: To wait or not?** 06-24-2009, 08:19 AM

if the accepted it then good if they dont you have other irons in the fire.

Mitch · #**9 Re: To wait or not?** 06-24-2009, 02:16 PM

I'm with Mike on this one. Does the property have multiple offers? Most of our foreclosures have multiple offers and we have to convince our buyers to offer above asking price.

If you don't have a contract, keep your options open.

SELLITNOW · #**10 Re: To wait or not?** 06-28-2009, 06:21 AM

Our offer is in . . . there are multiple offers . . . the waiting game is . . . rather . . . disconcerting . . . but patience is the virtue of record!

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