I have a great buyer under deposit for a high end bank property, slated to close on 4/16/10. The listing agent who represents the bank called and asked if we would close by 4/09/10 and they would give my buyer an incentive of $6,000. My clients said they would do everything possible and worst comes to worse they would pay the $150/day rate for every day they didn't close.
Today...the listing agent calls and e-mails me that if we don't close by the 9th of April, THIS FRIDAY, there will be no deal. The bank is SAXON Bank and they have made a deal with another bank to take over their properties in bulk by this deadline.
Agents please be warned if you are dealing with them that this may happen to all of your hard work this week. I immediately called the loan officer who is terrific, she cancelled all meetings to work on this today and pulled all favors to have the Clear To Close, still no news yet, but promising. I called the buyers attorney to get on the case, they are still working on it at this hour and we are now back on board with the origianl sales contract price as that would extend our time with all the new mortgage guidelines.
What I keep thinking about is my clients who are purchasing in CT, one has to fly in from CA, PA and one is here are not allowed to use a Power of Attorney, have to pay and make flights in for the closing, have spent money and time on a Home Inspection, Termite Inspection, Radon Inspection, Septic Inspection and cleaning, and an appraisal, $$$$...then this?
Talk about Disclosure, what about disclosure to me, the loan officer, the attorney and the buyers who are about to be duped by the SAXON Bank...agents beware.
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