Well, Friday was a good day, my client finally got the keys to her new house, but it wasn’t easy. The delay in close was because the bank on this foreclosure was refusing to sign the settlement statement. They said they were refusing to sign and to pay the buyers prepaids despite us putting that in the contract and them agreeing to it. They thought my client would fold and bring in the extra $1,800 netting them more, they were wrong!

Banks playing ball

How did we get the bank to finally play ball? The buyer advised me to send a letter to the bank… in the state of Oregon you can sue for 3 times the amount of actual damages. What was she listing as actual damages? $495.00 (Inspection) $500 (Appraisal) and $10,000 (1/2 percent interest for 30 years – Interest rates went up since her lock)

The total bill for the bank, if they wanted to not honor the contract, was a total of $32,985. For some reason, yesterday morning the title officer got a signed deed and settlement statement from the bank. I guess they decided they better honor the contract they signed. I love a client that is not willing to fold to a big bank. Most people I know would have just paid the money instead of trying to fight it, but not her and I’m glad she didn’t.  


Todd Clark (broker w/ Ken's Home Team)
Keller Williams Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)746-9573

 

 

 

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 I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.

 

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25 Comments on Yes, even you big banks can’t change the contract at the closing table

20 Most Recent Comments Displayed Show All

MAR
06
2011
228,392 Points 1 Featured Post Called Shot Master

Isn't it good to have a written record of obligations and expectations?!
10:11pm • #6
138,496 Points 4 Featured Posts Outside Blog

Good for her!
10:12pm • #7
741,859 Points 18 Featured Posts Outside Blog Called Shot Master

In a charitable moment or two, I may say that the banks do not play dirty pool.

They are just totally inept at what they are trying to do and that causes everyone pain.
10:49pm • #8
150,169 Points 3 Featured Posts Outside Blog Called Shot Master

Todd,

Good for your client and good for you too! Sometimes you have to take your strongest stand ... and don't blink.
11:35pm • #9
MAR
07
2011
311,248 Points 33 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Great story and glad to hear it. Everyone should be standing up to the banks.
12:26am • #10
587,191 Points 58 Featured Posts Outside Blog Called Shot Master

Hi Todd -- I certainly like her attitude and thought process.  Great job!
12:27am • #11
970,038 Points 102 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Todd have you noticed how easy big banks and lending institutions can say no when all your client is to them is a number rather than a face and a family and a story…
1:46am • #12
1,419,334 Points 41 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Another tactic they use . . .they think that rules does not apply to them. .good for your client 
6:22am • #13
795,554 Points 80 Featured Posts Outside Blog Attended Rain Camp Called Shot Master
Todd, what a strong bellied client you have...glad it worked out well for you and your client...it is amazing what still goes on at some of these bank closings..
6:50am • #14
1,389,624 Points 27 Featured Posts Hit Router Called Shot Master

Well done Todd.  It's really great to hear some one winning against the arrogance of these banks and their current mode of operations.
7:41am • #15
555,452 Points 31 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Todd,

That was an interesting story.

I have had several similar in my work listing REOs, but the bank always won.

Thanks

Phil
8:03am • #16
378,775 Points 5 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Todd, 

I love this story.  Stick to your guns when you are right!  

I remember negotiating on the purchase of my first home 21 years ago.  We were $1,500 apart at $129,000 and $130,500.  I told my agent I would split the difference and she really wanted me to go to $130,000.  I explained that wasn't going to work for me, as that $250 was huge, as I would be totally broke and needed to buy a refrigerator which the house didn't come with.  Also, my second arguement was the $250 meant less to them, it was a government corporate relocation than to me.  

They agreed and I got the house. 

All the best, Michelle
11:14am • #17
587,735 Points 56 Featured Posts Outside Blog Called Shot Master

Great story Todd. I am glad you and your client won against another Bank Giant. It paid to be right, and stick with it.
1:28pm • #18
165,814 Points 4 Featured Posts Outside Blog Called Shot Master

Todd, score one for the little guy! Always great to hear a story like this one, thanks for sharing.
1:47pm • #19
905,565 Points 93 Featured Posts Attended Rain Camp Called Shot Master

A contract is a contract and the terms are binding...no matter who the parties to the transaction are.
3:44pm • #20
194,319 Points 11 Featured Posts Called Shot Master

Note to self- Self, call attorney and research the suit limits here in Illinois.  Todd, please thank your client for the good advice
4:29pm • #21
314,907 Points 2 Featured Posts Attended Rain Camp Called Shot Master

You do have to wonder why there are so many last minute issues.  Most REO contracts always spell out whether the seller contribution would include pre-paids or just closing costs.  I cant ever recall any issue with pre-paids though.
8:40pm • #22
568,937 Points 1 Featured Post Localism Sponsor Outside Blog Attended Rain Camp

A few more buyers stand up to them and they will quit these tactics.
9:15pm • #23
MAR
08
2011
1,351,234 Points 42 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Todd - What a great story of your buyer sticking to their guns and getting what there were entitled to get.
12:41am • #24
SEP
01
2011
1,927,726 Points 155 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I loved this client and I'm glad she stuck to her guns and wouldn't let the big bank walk all over her like they probably have done to so many others before.
3:56pm • #25

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