I am writing to share my over 4 month ordeal with pnc bank, trying to purchase a foreclosed home, with no end in sight. And this is for a straight no-financing, cash purchase. I could write 10 pages about the terrible service i've gotten from them - and I am the one trying to give them my money! (over 6 figures, in cash.) very short version of the story - pnc has a number of bank-owned foreclosed homes in sw florida. I was looking for a house recently, found one I liked. Saw that it was a pnc foreclosure, did not give off any warning bells, read on here that they have terrible customer service but I naively thought this would not apply to me.
The offer was accepted quite rapidly (after counter-offers), then began the waiting and complete lack of communication, information, or updates. After waiting approx. 2 months with no updates able to be provided by my realtor, I contacted pnc directly and was brusquely forwarded by pnc to the 3-rd party company servicing foreclosures. Will not name them here - yet - because I believe the root of all the problems lies with pnc.
Was told at the 2-month mark that pnc's legal department (which, by the way, is completely unreachable and lists no phone, address, or email on any site - spent hours looking) was still reviewing the foreclosure documents and this was taking a long time, as they had to go over everything with a fine-tooth comb due to the problems with foreclosures being done improperly and 'robo-signed' in fla during '08 and '09 primarily. Ok, I thought, I will be patient. Meanwhile, more weeks go by, turning into months, now at the 3 month mark (remember, this is not a short sale, but a bank-owned home with a straight cash purchase) and still able to get no update on when, or even if, the docs would be ok'd by pnc's mysterious and unreachable 'legal department'. At this point, major life plans for the year need to be changed (flights, seasonal working schedules, etc.) at a pretty huge expense. Lucky I have another home available to me to live in while waiting - imagine if this was a situation where a family sold their previous home, relying on the normal situation that they could close on their next home in a reasonable period of time. They'd be homeless for 4 months (and counting).
Finally - 3 months after the offer was accepted, news that that mystery legal team finally ok'd the docs and we could go into inspection/contract phase. Thank god, I think, my trials are over and I can see the light at the end of the tunnel. This brings into play a 3rd company that is involved in the transaction, the title company (also to be unnamed as of now, as they have at least tried to be helpful). Inspections done quickly, addendums all signed, now I think it's just a matter of a week, two tops, before the house is mine. Wrong! Remember, this is pnc we are dealing with! As past customers here have attested, it could never go that smoothly with them.
Waiting, waiting, waiting, no communication from pnc, the foreclosure service co., the title company, and the realtor says they've sent emails to pnc with no updates on closing. Then, I learned from the title company that they are waiting on one doc in particular - the deed, which had never been changed from fannie mae's name to pnc! That's right, the house that pnc was/is selling is still, according to the deed, is owned by fannie mae! So technically it's not even theirs! How cool is that?!?! Oh, but it gets better.
Was told by nice guy at the title company that pnc informed them they put thru for a change of deed at my county clerk's office around the time inspections were done (at the 3-month mark). Hmm, strange, I think, as I know that things are not busy at all there, and this should not take so long. And after talking to those in the know, I learned this should take 1 week maximum. So finally I searched the county records today, found all records for the home (since it was built) and all records for pnc the past year and - can you guess it - there has never been any record put through to change the deed to pnc's name! That's right, pnc lied when they said they put the deed thru a month ago, the document has never been filed. And in the meantime, I have been waiting patiently and naively, like an idiot, believing what I was told by pnc and the foreclosure servicing company.
I have waited because I really like the home, and it was sold at a fair price due to it being bank-owned and needing some repair work. But in the meantime I have foregone a number of other homes that would have been good options also, and sat and waited and planned, measured, planned more, and waited more - now coming up on 4 months - for these idiots who could care less if they get this asset off their books or not, and care even less than that how they treat a potential customer waiting to give them tens of thousands of dollars.
I will update this report if there is a 'happy' ending, but even if the closing happened in the next few days, the experience so far with pnc has caused an incredible amount of stress, problems, and aggravation. I can totally relate to the other stories here, and I strongly urge anyone considering purchasing a pnc-owned home to consider my experience and ask yourself if you are willing to potentially go thru the same to buy that dream foreclosure.