After 27 years of originating home loans, I honestly was hoping certain "tricks" would never raise their ugly head again. Sadly I was wrong!
The first time this happened, I discounted it as a slip of the pen. When this has happened to 2 of my current approved clients making offers,
it's no slip of the pen at all.
The offer was made after the Realtor made a diligent effort to find a home which was somewhat undervalued and there was a little room to add some
closing costs into the price of the home. So they added $4000 on top of the listing price and sent their offer to the bank. The counter they received back
from the bank was incredible. The bank wrote, we won't pay for termite inspection or repairs, no money for septic cert, no repairs for flooring, etc etc etc.
Fairly typical of the caring institutions that they are (can you feel the love yet?). Here's the kicker though, the bank in their counter accepted the raised
sales price however they are refusing to pay closing costs. SERIOUSLY?
Well this Realtor to say was not amused and fired a letter back to the listing agent with a counter placing the closing costs back into the transaction. No
apologies, no explanations, just a correction and the asset manager wrote the closing costs back into the deal.
More of these offers are currently in our office and I'm going to bet there are many out there going on today. What I suggest is very carefully read these
counter offers. DO NOT TRUST THE ASSET MANAGER TO BE FAIR! That asset manager is there to win for the bank any way they can. Our clients
deserve our best efforts and it seems we have another demon in the mix so lets make sure to protect our greatest assets....Our clients and our reputations!
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