Real estate blog entries tagged with bank owned by Richard Weisser, Richard Weisser Retired Real Estate Professional (Richard Weisser Realty)

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bank owned: What is this mysterious “system” and what does it have to do with a binding contract? - 07/21/10 12:52 AM

I had an interesting situation come up recently. A buyer had made a cash offer on a property owned by a quasi-government privately owned mortgage corporation. The offer was accepted, but the seller delayed in getting the executed contracts delivered.
And so the SELLER asked for an extension on the closing date to ensure enough time to get the title work done. The buyer agreed, the extension was executed, and then signed and stamped by all parties.
Here’s where the story gets interesting: On the day of closing, the buyer wires the money to the title company’s office. But after driving … (16 comments)

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