It’s bad enough that banks issue their own As Is Addenda to the standard purchase contract. Those documents usually strip a lot of the typical buyer’s rights away from him/her.
Worse, lately I’m finding that the Realtors who work for the banks selling REO foreclosure properties don’t even read their own bank Addenda.
Realtors Who Can’t Read, example 1. . .
Hi. Can you update me on the status of the signed counter/addendums? They are due back to the bank today.
Actually, no. The bank’s As Is Addendum specifically states the documents are due back tomorrow, Friday the 27th of August.
Another. . . .
The inspection period starts upon sending these [bank As Is Addenda] out.
Actually, no. The bank’s As Is Addendum specifically states the buyer’s Inspection Period starts the day after the bank’s Asset Manager signs the Addenda. Which has not happened yet. So inspection period start date is sometime later this week, whenever the Asset Manager gets around to signing the documents created by the bank. Meanwhile, the bank’s As Is Addendum allows them to leave the property listed as “Active” for sale in the MLS, troll for backup offers and accept anybody else who comes along without telling me and my buyer client.
I sincerely wish it was just a little bit harder to become a Realtor.