Profile picture for SirDrums

Bank Changed Offer after they delayed process.

As some of you may have read in my other thread that I have been waiting on adendems for theforclosure that we are trying to buy for about 10 weeks. Well they finally came through except the bank said we had to resubmit our offer to get the process going.

The sent us what we though was the same verbal offer that they accepted over two months ago but after looking at it closeley they changed several items....

They were going to pay 3.5% toward closing.. they changed it to 3%
They were going to give us a two year home warranty....they changed it to a 500 dollar credit.

When we complained about it and the fact that they didnt inform us of the changes they said that even though that the delay of two months was their fault that they could no longer offer the original terms.

So they make us wait for two months and instead of saying, "sorry lets pick up were er left off" they said, "Well since you waited this long, we know you want the house so we are going to fool around with the agreement."

After hours of my family convincing me that we are still getting a great deal on this house, I reluctantly agreed to the new terms.....

I really dont know if I will ever buy a forclosure again.....

lets just hope the rest goes well.......

  • August 07 2012 - US
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Answers (6)

I guess that's why they teach us in Real Estate School that no offer is actually good until it is signed.  Make sure you get everything in writing from now on and they won't be able to do that again.  And perhaps you should have a 'plan B' (or another property the client is interested in) so that if the bank tries to pull this stuff you can just say 'Adios!' and go on to the next property.  The greed of the banking industry these days is mind-boogling.

Apparently short-sales are the worst of almost any transactions in real estate.  Bankers are notoriously bad in those deals.  Go figure?  You would think that they didn't have all those properties to do something with.
  • August 10 2012
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It could be worse!  I had a deal where the offer was verbally accepted and then denied with a letter after the prospective buyer already paid money for a home inspection.  I've had it where the buyer had to wait 7 months for any kind of response.  Ive' had it where the buyer had to pay for the sellers title charges because they were snuck into the 30 page contract they make you sign.  

The best advice to give to people looking at short sales and foreclosures is to expect there to be hoops to jump through. 
  • August 10 2012
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Profile picture for yalmarz
I had good experiences and bad ones with short sales and it comes down to who is at the other end. The lenders are under staffed and the experience this bank employees are next to no experience in the real estate department. I hope everything goes well for you.
  • August 10 2012
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Profile picture for SirDrums
Yeah its tough. THe changed the comission on my realtor as well.

THings have been going much quicker now. We already have an executed ccontract and I am having the inspection done tomorrow.

So I am feeling better about things... am I actually starting to get excited about this house again?...
  • August 09 2012
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Profile picture for Ofe Polack
Foreclosures and short sales are kissing cousins, not fair, frustrating and at the same time appealing to buyers.  Hang in there if you are really getting a bargain, that is the price you pay for "such bargain"  Good luck!
  • August 08 2012
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Although the situation really seems unfair that's the way it works.  It really doesn't surprise me at all.  ;-(    I had this happen with my commission pay out too.  They decided to change it!  Good luck!  It's tough!
  • August 07 2012
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