U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-29-2010, 09:25 AM
 
8 posts, read 10,401 times
Reputation: 10

Advertisements

My situation is like this, i got the contract signed from the seller,(REO) in and closing date is may 20th.

The seller agent calls and tells us that i should sign cancellation when i am done with my inspection , appraisal and a first loan commitment.

I am performing 100 % as per the contract and done everything for that , i can even close the deal before date.Please advise me what are my options?
Reply With Quote Quick reply to this message

 
Old 04-29-2010, 09:33 AM
 
Location: NJ
17,579 posts, read 39,668,485 times
Reputation: 16134
Did they give a reason why?
Reply With Quote Quick reply to this message
 
Old 04-29-2010, 09:45 AM
 
8 posts, read 10,401 times
Reputation: 10
No , even they didnt not informed us directly..we got info thru Title company saying that this contract is Busted??? no comunication from agent or seller.

I am tryin gto meet an attorney...

You have any suggestions?
Reply With Quote Quick reply to this message
 
Old 04-29-2010, 10:03 AM
 
Location: Downey, California
67 posts, read 173,086 times
Reputation: 41
Something is not right!. Preasure your realtor...the listing agent has to know what's going on. Good luck!
Reply With Quote Quick reply to this message
 
Old 04-29-2010, 10:17 AM
 
8 posts, read 10,401 times
Reputation: 10
The only MISTAKE what we did was to request for some Repairs and they said they cant give it .As per the request from selling agent over phone we send an addendum stating that we are withdrawing that.

Something cooking inside and the selling agent is not replying to mails on phone they are telling its ok.

My Realtor is good and he is doing all he can to open it up. but no scope..
Reply With Quote Quick reply to this message
 
Old 04-29-2010, 10:55 AM
 
Location: Downey, California
67 posts, read 173,086 times
Reputation: 41
Yeah, REO properties most of the time are sold "as is" and bank are not willing to spend a dime. In my case I even had to waive the appraisal to make my deal work..... I paid an inspector and the house was in very good condition, a view things came up but not worth to mention. At the final walked thru someone left the water-hitter faucet liking and water damaged the garage shetrock around. I did ask the bank to repair because that was not damaged when I made the inspection. They did send someone to take a look at it and offer me $2,400 credit towards closing cost and that worked out perfectly. I really wish you the very best of luck, it might be a rough ride transaction.
Reply With Quote Quick reply to this message
 
Old 04-29-2010, 10:57 AM
 
8 posts, read 10,401 times
Reputation: 10
Thanks Millie ..let's hope for the best.. But i am sure i am not going to leave this just like that.I am working to get this deal from march 15th and they wasted lot of my time and energy.

If this deals goes off i will loose my 8k tax credit too..I pulled out other offers because of getting this contract.

I know the selling agent also will learn a lesson from this and i would like to advise all buyers that please document all your communications you never know , you may need it later ..

Thanks
Reply With Quote Quick reply to this message
 
Old 04-29-2010, 11:40 AM
Status: "Celebrating 30 years as a Broker" (set 25 days ago)
 
Location: Just south of Denver since 1989
10,890 posts, read 29,335,340 times
Reputation: 7095
REO managers do not have money for repairs. Ask about a price reduction or an escrow for repairs, you may need to switch your loan to a rehab one. If it's not big, and you can deal, you may just want to close anyway.
Reply With Quote Quick reply to this message
 
Old 04-29-2010, 12:51 PM
 
8 posts, read 10,401 times
Reputation: 10
As a buyer i waived that and this is FHA loan with adeal size of 300k.The issue is not that now ,they dont want to continue with contract and telling us to sign a Cancellation.

We informed them very clearly that we will not sign a cancellation and we are going ahead to close by 20th of May as per the contract.

This is in Miami so lets see....

Last edited by jijijohn; 04-29-2010 at 01:05 PM..
Reply With Quote Quick reply to this message
 
Old 04-29-2010, 02:53 PM
 
Location: Salem, OR
13,990 posts, read 32,812,463 times
Reputation: 12717
About 50% of bank addenda I have seen have a clause that the bank can cancel the contract at any time up until close for any reason they want. I would re-read the addendum that you signed to see if it has that clause.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Foreclosures, Short Sales, and REOs
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 12:00 PM.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top