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

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!

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 ... more

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