Why I Work Hard and Sometimes Why Bother?!

By
Real Estate Agent with Prudential Connectictu Realty

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.

 

Comments (4)

Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Holy Crap... Did you buyers sign something agreeing to change the date... otherwise won't the seller be in default?

Apr 06, 2010 09:42 AM
Ritu Desai 703-625-4949
Samson Properties - Ashburn, VA
Northern Virginia,Washington DC & Maryland Realtor

WOW a rough one!! Hopefully your lender can pull the deal together. Banks are planning pretty hard ball. Even in Virginia we have seen an increasing stress dealing with foreclosure properties. Good Luck!

 

Apr 06, 2010 01:36 PM
Ross Therrien
Prudential Verani Realty, Londonderry,New Hampshire - Londonderry, NH
Realtor, Broker Associate

Did you close?????

I can see the banks position---in turning over all their inventory and needing to close it before that happens. As far as the buyers go---are they getting the property at a real decent price?  aren't all the other expenses typical to any RE purchase?  It's a total inconvenience but in the end I'm sure your clients are happy.

Apr 09, 2010 12:15 PM
Patricia Moreggi
Prudential Connectictu Realty - North Haven, CT
Realtor Greater New Haven, CT

For the record we CLOSED due to a very competant attorney who pulled everything he could to get the bank to cooperate.  We still were unable to get one of the buyers in from CA, but sent it out by FED Express and she signed and sent them promptly back. 

Agents please be careful and on top of all sales agreements made with banks and have your clients make sure they are on top of all contingencies i.e., home inspections and especially making application for mortgage and getting all paperwork into the bank in a very timely fashion...as you never know what will come around the corner at you.

May 25, 2010 09:56 AM