 |
Buying From The Bank |
| |
 |
Dear Edith: My question involves buying a property that was foreclosed on and is now being offered for sale by the managing mortgage bank.
Through my broker I put in an offer on this property. The managing bank (which is part of a conglomerate in another state somewhere) sent back a "counter offer" in which they wrote an entirely new contract, with the same price I offered, but with a bunch of language not holding them liable for anything. I understand this part of it, but here's what I don't get: they did not sign the counteroffer, and the local broker that represents them said that they expect me to sign it, and then once they get it back and review it, they sign it. This would theoretically would be okay, but it pretty much puts it in limbo. The reason, the broker says, is so that they can look at other offers that might come in meanwhile and not be obligated to take mine if they find a better one later. It has been a week now and they just haven't felt like returning the signed paperwork. Their attitude is, if you don't want the property on our terms, go look elsewhere. Is this legal for them to do? And how do I get around it? Interest rates are going up and my home inspector doesn't just sit around waiting for things to do. Please advise--thanks very much. |
| |
| |
 |
I don't know that you can do anything to bring the bank to the bargaining table.Just hang in there.Maybe by the time this appears you'll have it settled.
You'd think they would jump at your offer.I believe banks don't like to hold on foreclosures. Property management isn’t their business. Their not wanting to be liable for anything is understandable, though, because a lot of real estate passes through their hands for just a short time.They don’t know what problems the place might have. You may be dealing with a committee here, so all I can advise you to do is be patient. |
| |
|
Edith
Originally published on March 6, 2006 |
| |
| |
|
Back to Summary
|
< Previous | Next > |
| |
|
|
