After countless all cash offers this counter really takes the cake. Mind you the offer was ALL CASH and $20,000 over list price and a 14 day close. Who is the greedy one, the selling agent (trying to get the most for the bank, so he gets more REO listings?) or is it the Bank? Buyer frustration is at an all time high. It has been tough being on the front lines. I am thinking tax payers are not going to have much sympathy for the Banks next year when they cry for more Tarp Money!!
This is by far and away the most ridiculous counter offer from a Bank I have yet to receive. Are the Banks lawyers sitting around making this stuff up? How to take advantage of the buyers? We already got their tax dollars let's take more? And anyone agreeing to this is perpetuating this greed. My buyer ran backwards after reading this, and did not want to sign this counter offer.
There are multiple offers on the property and the seller has responded with the following multiple counter:
1. Buyer to provide Highest and Best Terms.
2. Three day inspection
3. Buyers to pay $150 for courtesy closing,
4. Sellers addendums supersedes buyers contracts,
5. Seller will only pay title fees if seller directs,
6. Sold AS IS.
7. No concessions on cash deals (meaning no home warranty, termite repairs, closing costs etc...)
8. COE 11/24/09
9. Earnest Money. Immediately following Sellers execution of the Contract, escrow will be opened by both parties with an escrow agent designated by Seller or otherwise acceptable to Seller. Purchaser shall pay all costs incurred in connection with said escrow. Purchaser shall deposit with Seller or Sellers escrow agent a minimum earnest money deposit of $1,000 or 2% of the Purchase Price (Earnest Money) whichever is greater, within 24 hours of Sellers execution of the Contract. For cash sales with a Purchase Price greater than or equal to $100,000, the Earnest Money must be the greater of 2% of the Purchase Price or a minimum of $5,000. Earnest Money shall be held in a non-interest bearing account unless state regulations dictate otherwise.
10. Opportunity to Inspect. Purchaser further acknowledges and agrees that Purchaser and/or its agents, representatives, contractors, and any other parties deemed necessary by Purchaser have had an opportunity to inspect the Property together with all improvements thereon. Purchaser further acknowledges and agrees that any and all such inspections shall be made in accordance with applicable laws and at Purchasers own expense and all such inspections shall be completed within either (A) three (3) calendar days if this is an all cash transaction or (B) five (5) calendar days if this is a financed transaction, from the date of Sellers execution of the Contract (Seller Acceptance Date). During the Purchasers inspections, Purchaser shall keep the property free and clear of liens and encumbrances and shall defend, indemnify and hold Seller harmless from and against all liability, claims, demands, damages, and costs related to Purchasers inspections, including, without limitation, all attorneys fees and costs through all levels of proceedings. Purchaser shall promptly remove all liens and encumbrances and repair all damages arising from or caused by the inspections. IT IS FURTHER AGREED AND UNDERSTOOD THAT IN NO EVENT SHALL ANY INSPECTIONS BE MADE BY ANY governmental authority, including, without limitation, any HOUSING CODE ENFORCEMENT AGENCY WITHOUT THE PRIOR WRITTEN CONSENT OF THE SELLER. Purchaser shall prearrange with Seller all inspections. Seller shall have the right to attend or have one of Seller's Representatives attend all of Purchaser's inspections. The provisions of this paragraph shall survive closing and the delivery of the deed from Seller to Purchaser or any expiration or termination of the Contract without limitation as to time.
11. If Seller has winterized the Property and Purchaser desires to have the Property inspected, the listing agent will have the Property de-winterized prior to inspection and re-winterized after inspection. Purchaser agrees to pay the expense of the foregoing de-Winterization and re-winterization in advance to the listing agent. All amounts paid under this provision shall be nonrefundable. The provisions of this paragraph shall survive closing and the delivery of the deed from Seller to Purchaser or any expiration or termination of the Contract without limitation as to time.
12. Buyer must respond to this counter with in 24 hours to be considered.
THis is by far my favorite......
IT IS FURTHER AGREED AND UNDERSTOOD THAT IN NO EVENT SHALL ANY INSPECTIONS BE MADE BY ANY governmental authority, including, without limitation, any HOUSING CODE ENFORCEMENT AGENCY WITHOUT THE PRIOR WRITTEN CONSENT OF THE SELLER. Purchaser shall prearrange with Seller all inspections.
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