One of the agents in my office sold an REO (bank owned) townhouse a few weeks ago. The offer was ideal, and the bank which had foreclosed on the place should have been overjoyed...full price, all cash, no contingencies, and a one week close. Despite the perfect contract, it took the bank several days to respond.
Then came all the hassle...masses of extra paperwork sent by way of a Southern California escrow company, unanswered phone calls, lost documents, a disappearing file, and an escrow officer who quit in the middle of it all.
After delaying the close for several weeks, the escrow company is still sending out papers for the buyer to sign, and the agents haven't been paid, even though the title transferred last week. How much more efficient it would have been to use a local escrow company here in Cupertino, where both the listing and selling agents are located.
This scenario is typical, unfortunately. The banks are overloaded with foreclosed properties, and they dump all the escrows on a few companies that are much too busy and inexperienced to be efficient. It's no wonder that so few of them close.
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