Verbal acceptance and still no contract

Credit and mortgage advice Forums Buying Your Home Buying a Home in Bay Area Verbal acceptance and still no contract

Viewing 0 reply threads


  • Author
    Posts
    • #228861
      Anonymous
      Inactive

      First time buyer here and I am currently in the process of purchasing an REO home being sold by Carrington Mortgage Services in the Bay Area. I have been working with my agent to make this deal go smoothly, but it seems that someone may have dropped the ball (not on my end).

      *

      Timeline:

      My agent sent the offer in on 6/29
      Addendum submitted from seller 7/7
      Verbal offer accepted from seller 7/13
      Informed that it would take 2 to 3 weeks to receive a fully executed contract 7/15
      Submitted 3 different addendums received to me by the selling agent from 7/22 – 7/26

      It is now 8/8 and we still do not have a fully executed contract.

      *

      Is this a normal process in regards to timing? *

      Does it normally take this long to get an executed contract from the seller when it is an REO?

      Is this likely to go through or am I being strung along?

      Is it acceptable to contact the asset manager to see if we are missing any documents or if they have received everything?

      *

      My agent states that this is fairly normal when it comes to purchasing an REO and I need to be patient. However, I feel that a month after a verbal approval and still no contract is a little long. I wanted to get some feedback from others who may have worked with or purchased from Carrington. Any insight would be greatly appreciated.

      *

      Thanks



Viewing 0 reply threads
  • You must be logged in to reply to this topic.
Register New Account
Reset Password