Purchase Contract

[DI]

Hi, Everyone

What is the typical time it takes for a bank owned seller to send the signed purchase contract back to the buyer?  I'm waiting for the signed purchase contract to send to my LO so I can lock in my rate.   The listing agent sent the documents to the seller on Monday.  Thanks!

[LynGene]

************ I totally misread. 

[StartingOver10]

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@DI wrote:

Hi, Everyone

What is the typical time it takes for a bank owned seller to send the signed purchase contract back to the buyer?  I'm waiting for the signed purchase contract to send to my LO so I can lock in my rate.   The listing agent sent the documents to the seller on Monday.  Thanks!

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It takes a long time - the asset managers for the banks have a very slow process IME.  7 days is the minimum, 10 days is more typical and I have seen it take up to two weeks for the signed documents to come through.

Make sure your lender starts processing your loan anyway or you lose valuable time.

[DI]

We submitted the offer on a Thursday morning and got notification  it was accepted Thursday evening.  The seller sent the addendum to be signed on a Friday and we sent the signed addendum back on a Saturday.  The listing agent acknowledge receipt of the addendum this past Monday monring.   I'm trying to be patient, but I want to get the contract to my LO today since a holiday is near.  

[DI]

The lender has done everything that can be done without the signed contract.   We can't go any further without it.  My lender and seller is  Chase.  

[ezdriver]

Wehn a financial institution is the owner/seller, "normal" process does not apply. If you get a one-week turnaround, I'd say that's pretty good. Be very patient with an REO purchase.

[StartingOver10]

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@DI wrote:

The lender has done everything that can be done without the signed contract.   We can't go any further without it.  My lender and seller is  Chase.  

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If you are working with one of the good mortgage LOs at Chase (and not a noob) they know it takes 7-10 days to get the signed contract back - usually.

Also the asset manager won't send through the signed contract without your funds being wired to their title/closing co first. I hope you have done that already as that is the item that will expedite the signing.

[DI]

The seller isn't releasing the title information until they send the signed contract back.   

[StartingOver10]

Wow...of all the f/c's I have sold (and there have been many) the title and escrow info is provided at the time of acceptance and they won't sign the offer until you have wired in the funds. Get with your Realtor now to get clarification.  You are looking for the title co info and wiring instructions for the deposit. It is highly unusual that they will sign your offer without the funds being on deposit (for a bank owned property).

[DI]

I  just sent a message to my Realtor to get answers.