Are buyers just numbers to REO Asset Managers?

Real Estate Agent with Coldwell Banker CA RE License 01117012

Today, I had to have my buyers send a "Notice to Seller to Perform", to close escrow.  The sellers are REO sellers. Usually it is the other way around, the seller giving the buyers notice to perform and close escrow.

My buyers have scheduled for the  moving truck. They have to cancel last minute.

They went into escrow January 10th, 2009. Asset manager scheduled their closing to March 13th. They signed loan docs March 5th. They have to drive 1 and 1/2 hour away to sign at the escrow company the REO seller chose for closing. They did not mind. They'd like to save $150 notary fee that title company chooses, as they have to be approved by them. We figure that's plenty of time for loan docs to go back to underwriter, funder. Until it  came into a halt, with this e-mail from the escrow officer:

"We have an issue with the seller; they do not want to sign the net sheet due to the credit.  The seller is giving the buyer a credit for closing costs in the amount $5,850.00.  The lender drew the file with the seller paying the tax service fee (it is an FHA buyer can't pay this fee) in the amount of $80.00 and a lump sum credit for the remaining amount of $5,770.00.  The seller will not sign the net sheet unless we breakdown and move all the fees over to the seller side, or remove the tax service from the seller side, which I can't do because it's an FHA.  We follow the lenders instructions.  I have called the lender and they can re-draw the file, but there will be a charge for that, and the buyer will have to re-sign some of the docs..."

 I then tried to get hold of the listing agent representing the Seller REO. After all, the REO seller was the one who approved the credit, my buyers signed all the bank addenda that superseded the CAR contract and fulfilled their part of the contract. And by the way, the listing agent's assistant e-mailed me back with and I quote:

"They are well aware of the current issue, but in reality buyers are just numbers, there are no emotional ties whatsoever.  I will keep you posted. "

 I said, wait a minute. My buyers are not just numbers. Their excited first time homebuyers. They have emotions of excitement. They had went to Lowes and picked out the color of paint to use.....

 If they did not have my buyers, they will still have that property to maintain and in their inventory and a for sale sign that says it is still an active listing.

And what about the, "Laura will get you moving"....truck?


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