Back in early May I was approached by a friend from PTA about a foreclosure property in Plano. Seemingly perfect, it was ripe for the picking and a great rental property in the making. The only problem? No one seems to know the status of this home except that it is owned by Indy Mac Bank….yikes! Indy Mac went under months ago and it’s beyond hard to find a valid phone number, much less a live person to talk to. So I set up a search in MLS specifically for this address and waited…and waited. About a month later it showed up! It was a Saturday morning and I was heading out with Buyers. I called my friend and let her know that I would get her in to see this foreclosed property later that afternoon.
We went to see it about 1pm and by 5pm that night we had an offer submitted. The home was listed well below market value, we offered very close to list price, putting a sizeable amount down and willing to close as fast as the bank could make it happen. We were VERY competitive. Very. The listing agent let me know that he would have to wait until Monday morning to submit our offer, when the bank rep was back in the office. Fair enough.
On Monday our offer was submitted, along with another one that came in that weekend. We waited. Two days later the listing agent let us know that we needed to submit our best and final offer by the next afternoon as we had a competing offer situation. We held. The day after that they let us know that they were extending the date by another couple of days to get all offers in. We held. Within 2 hours of the deadline for the final submission we were told that we did not win the bidding and were thanked for our time.
Approximately one day later I received a text from the listing agent, asking if my Buyer was still interested. The accepted offer was withdrawn by that Buyer. We indicated that we were and then we waited. Two days later we were informed by the listing agent that they Bank had decided to go with our offer. We had 24 hours to get the paperwork signed, earnest money check written and delivered to their office in Flower Mound. During the time that it takes the listing agent to receive this info, get it to the bank and the bank to sign off on it and execute it, they can STILL accept other offers. As you can imagine, this is extremely aggravating to my Buyer.
It took about 4 days to get the executed contract back from the Bank. We received it on Friday, June 19 and had our inspection on Monday, June 21st. In the next installment I’ll tell you about my purchase of a pair of bolt cutters to aid in this inspection…
