Why is Asset Manager at US Bank not signing Closing Documents? Why is REO taking over two months?

We have an Executed Contract that US Bank Accepted our Offer on an REO two months ago. First there was a Title Company search delay, but title was cleared and ready to close a Month ago. latest news is that the Title Company says  Asset Manager keeps saying Verbally that they are going to sign the Docs, but then they don't sign? We are Cash Buyers and have 10 percent Equity Money down for 2 Months. We are Patient Buyers but this has gone on too long? Title Company suggested we Cancel and ask for EM back, just to get their Attention? We have a Good Deal and I don't want to lose it, as I continue looking at REO's and keep coming back to the One we have a Contract on. I'm ready to Give US Bank 2 Weeks and then charge them $100per  Day if they want to close after the Expiration, my Realtor siys that they will never sign the addendum, I'm at a Loss at this Point?
  • July 13 2011 - Orlando
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Answers (2)

Your realtor is correct.  Banks never loose.  All the addendums and contracts are in their favor.
Your delema might be that US bank is the servicer of the loan and do not actually own it, so they might be waiting for investors to agree.
Don't give up it's not dead yet. You should ,though get in touch with the selling agent and see if they have any influence to push a bit.
  • July 14 2011
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Did they sign the original purchase agreement and all necessary addendums and you are now waiting for them to sign the HUD1? Or was this sent to title without a fully executed purchase agreement.

I'm ready to Give US Bank 2 Weeks and then charge them $100per  Day if they want to close after the Expiration

They would never sign it. It's funny that if YOU cause the delay then YOU pay $100 per day, but it's never the other way around.

I think if you attempted to cancel, they might invoke the clause where they would keep your earnest money, regardless of the fact that this is their fault. The frustrating thing about bank owned homes is the contracts are written to fully protect the bank, no matter how much at fault or incompetent they are at closing the deal.
  • July 13 2011
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