Chester County, Pennsylvania - The colonial at 1461 Pottstown Pike has been sold. This wonderful home on five glorious acres of Chester County farmland was a beautiful listing. Yes, the home needed some updating and the location on Route 100 was a challenge and the declining market did not help especially as the home was moving towards a foreclosure auction on April 17th.
Dealing with the bank was definitely a learning experience. At the very end of 2007 we received an offer, it took several days to find out where this offer needed to be sent. Within a few days, after having had it on the market for several months typically we received another offer. It then took the bank over 3 weeks to even order an appraisal without which they could not repsond to either offer. Why? Surely, as soon as they recieved an offer it was obvious you order an appraisal if you cannot respond without it. The bank never contacted us, I spent hours on the phone trying to get answers or some form of response. We lost one buyer after six weeks because the bank had not responded, the remaining buyer threatend to pull out as well. But eventually, we reached settlement and although it took over 3 hours to get approval of the HUD settlement sheet from the bank on the day of settlement another property and another property owner was helped and kept out of foreclosure. aprocess that could have been completed in a month dragged out to 2 1/2 months. Surely the banks need to examine their procedures and improve the way these are handled. It is not rocket science and each bank could easily implement some sensible straight forward policies to move these short sales along.
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