Dealing with REO purchases is just. So. Much. Fun!
Two weeks ago my buyer clients and I received a bank’s verbal acceptance of our offer on their house for sale. The parties verbally agreed to close August 3.
Last week the bank sends back signed docs. Closing date is now August 18. First we heard of it!
Note to asset managers everywhere: A real estate contract is a bilateral document. One party can't change the terms of the deal without the other party's written consent.
Apparently banks now have the power to change contract law whenever they feel like it. Wow, that Obama administration really is bringing change. Change I can believe in? Not sure I want to.
note: I’m just being snarky. Obviously I don’t believe Obama's team has anything to do with the fact that the banks practice the New Golden Rule: “He who has the gold makes the rules.”
further note: Giving credit where it's due, the bank's asset manager was trying to do the buyers a favor. She took a week to get signatures back to us, so she thought she'd compensate by kindly giving the buyers more time to get their loan processed & closed. That's nice. But the buyers don't want a longer close. They want to close yesterday. It seems to me that the banks should require their asset managers to at least take a Contracts 101 seminar. A day of legalese for mid-level managers negotiating millions of dollars worth of bank assets. Really, is that too much to ask?