It is no secret that the market in Silicon Valley is crazy. The inventory has never been lower so the competition for homes is fierce. For example, Taylor Morrison is opening up a new town home development in Sunnyvale in May and they already have 300 people on the waiting list. Homes in Palo Alto are sometimes getting over 10 offers.
If you are a seller you may be trying to acomplish a short sale, and life becomes complicated with all of the details of supplying documents, giving the bank what they want, when they want it, and living by their timelines.
Maybe you are trying to buy an reo and you have to sign documents that make you do everything short of giving up your first born.
So the big question is "Do you want to buy a sell a house right now?" If then answer is yes then you need to listen to the person saying "because I said so." Whether that person is the listing agent for a home you want to buy, the bank who needs to approve your short sale, or the bank who owns the foreclosed property you want.
Follow directions, exactly. If the directions say fill out the disclosure package completely, fill it out. If Bank of America says they want the first 5 numbers of your social if you are trying to buy a short sale then give it.
This is not an environment for everyone, and it will not last forever, nothing does. But if you want to buy right now it is best not to have issues with authority, just do what is asked of you. This is not to say that you should go into this blindly or give up your inspection rights, but it does mean you need to follow directions and do what is asked of you.
If you are selling short, do what the bank wants. You have the right to accept or reject their their conditions but you do not get to tell them what they need to do.
If you are selling in a hot market and it is a sale with equity, don't be a bully. Give clear directions and be grateful for the people who want to buy your home.
If you have any questions about buying or selling a home in Silicon Valley please feel free to contact me.