One of the best lessons I've learnt in Real Estate came from a client. I was advising her to wait for a better offer, one that I knew I could get her. She said no, time is money and for every day the property stays on the market, money is lost. ...Say no more; I got it!
Obviously the banks haven't had any such tutor. They have absolutely no understanding about the relationship between time and money. I thought it was only happening with short sales, where the 2-6 months closings seem to be the norm.
Two days ago I brought one of the top banks a cash offer to close in 7 days on one of their REO's. They accepted the offer, but they moved the closing date to 60 days later. SAY WHAT?????????????????? Let me see if I understand this: my Buyer has CASH, and he wants to close NOW and the Seller (the Bank) says: "I don't have time to take your money NOW; you'll have to wait till I get good and ready to take your money?"
I'm still scratching my head... Please help me! What am I missing here?