Profile picture for user5832832

Just looking for advice or thoughts, can the bank do this?

Hey All, We recently made an offer on a forclosed home. Within just a few hours we had already heard back, they accepted our offer just not the closing cost or the closing date. With some advice we decided it would be best to up our offer to include the closing. We waited for about a day or two when I came across our house reduced by $14,000. apparently the bank had three different departments or people working on this house and none were working together. They changed their story a few times and finallly took it off the market for 16 days well it be assesed for hurricane Sandy releif. (this area wasn't even effected but i could still see this being possible) Anyways it's past the 16th day and they still haven't made a final decision. We looked and many other houses and considered making other offers but the same temporary off market status has been put up on them too. We're not having much luck and minus our temp. living situation we have nowhere to go as work relocated our family the same time as the hurricane. (time is of the essense as we are throwing out extra cost on placing our pets and household goods else where. Can the bank do this considering we already had an accepted offer in hand?  Help our family with some advice please!

  • December 10 2012 - US
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Answers (2)

Profile picture for wetdawgs
Yes. the bank can.   Yes, there are a large zones where hurricane Sandy reappraisals are required even when the majority of houses had no impact. It has slowed down a lot of transactions. 

"time is of the essense"   If that is the case, stay away from foreclosures and short sales.   

Avoid asking for closing costs in offers if you wish a faster response.

Good luck.



  • December 10 2012
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Profile picture for Ofe Polack
I suggest that you contact a buyer agent who has experience dealing with bank owned and short sales and discuss your situation with the agent.  Then if you still want to proceed try again, this time being represented by an agent.  A word of caution, make a clean offer, try not to ask for money back for closing if that is possible, if it is not , discard short sales and bank owned and deal with conventional sales which are more negotiable on terms of the sale.
  • December 11 2012
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