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
    • #228861

      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).



      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.



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