Who`s on First?Five weeks later Bank wants to know what happened to the Buyer?

During the last two years I`ve written about our experiences with lenders in regards to both Short Sales and Foreclosures in Florida.
I`ve written about the incompetence many lenders demonstrate when it comes down to accepting an offer.
I`ve dealt with lenders who have countered on "All Cash" transactions by thinking their smart upping an offer $5000 in hopes they could squeeze the buyer.
I`ve had lenders forget about "Offers" sent to them, than order a BPO only to have the buyer leave in absolute disgust!

Yesterday,we had a lender contact us about an offer they rejected 5 weeks ago, asking us "What happened to the buyer?".

We had our attorney contact them only to find out someone inside the bank actually goofed and accepted our offer, one problem, they forgot to tell us!

In January we had a qualified buyer make an offer to purchase a home located in Davie, Florida. The home was a foreclosure. The asking price was $395,000, our buyer countered at $335,00. A very fair price.Weeks went by without any communication from the lender.Finally, after the BPO was ordered the lender sent us an email countering at $350,000. We called the buyer who was truly interested in purchasing the home,they decided to counter at $340,000. We sent the lenders our counter within 24 hours.
After we continuously followed up for 3 weeks, the lenders rejected our offer and were sticking to their guns.

The buyer walked away from the home, we notified the lender the deal was terminated.
Many of you realize the amount of time,money and effort involved to "Close" this type of transaction. After all when the bank rejects an offer, there isn`t much you can do to convince them. They play by their own set of rules.

We received an email yesterday asking us when we`re closing on the home in Davie. Apparently, the bank had a change of mind and finally agreed to the Buyer`s offer of $340K. They claim they notified our office and the attorney weeks ago, except neither one of us ever received the "Acceptance".
The buyer located another home, the lender could have had this home closed 5 weeks ago, except now we`re back to square one.

There`s no rhyme or reason as to how a Lenders Operate.
I can only tell you about the chaos that must be happening inside the banks when it comes to deciding when to Close out a file!
Don`t think for a moment the lenders are organized! I assure you that`s not the case, after watching them fumble a transaction like this I realized the Foreclosure market is a game of "Hit or Miss"...