I had an inside scoop on a home that was going into foreclosure. I had been keeping in constant contact with the local bank because I knew how much this home was worth because our company built the home. The home owner pulled a fast one the day it went to the court house steps and had filed bankruptcy so it was stopped. The local bank took them to court and said NO we have already filed foreclosure sorry. They won their case and it went back in foreclosure.
Back to the court house steps it went. We went to the foreclosure and the bank ends up with the home which I was hoping it would because it had other liens that would disappear if the bank got the home.
Bank calls me due to my diligence in staying in contact. Since you have stayed up to date with us we wanted to give you the first shot at selling this home, do you have someone to buy it? Of course I am all excited and say "can you give me some time or are you wanting to list it". This bank will not list foreclosures because they do not want to play favorites and it being a smaller town. OK, I tell them to give me a week and they agree. I call everyone I know and the grapevine traveled fast. A lady comes from another state in one day and we had a contract in 2 days!
Here is the IMPORTANT PART. I was so rushed in all this and excited. I had to slow myself down and make sure all important papers were signed not just the contract was important. I had the bank CEO sign an unrepresented seller agreement with my commission clearly stated on the sales price and asked him was he the final person in charge, no other person needed to sign guy. Now we are all signed, we have inspections and an appraisal and none of them were needed but we still thought they were important to have done. Our closing attorney faxes our HUD to us and the bank. I get a call and they say everything looks good except your commission. It should be 3% not 5% of the sale price. I say, didn't I give you the unrepresented form I had signed by the bank? Oh yes here it is, let me fax that over to the bank. It's almost 5pm so I know I will not hear anything today.
I am so glad I had the smarts enough to pull that form out or I would not have a leg to stand on! I went home all mad and going over in my head what I would get if my commission was dropped or could I negotiate a new commission. I was up at 3:00am the next day worried how I wasn't going to get what I was promised.... on and on in my head. LOL
Finally, they call and say I am getting what the form stated. Whewwwwwwww. Our attorney says the only reason you are getting it is because you did your job. I can't say this enough, Slow down and make sure you get everything in writing!!!
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