Help - REO Negotiation with Chase
Hi All,
I'm in the process of buying an REO from Chase. After waiting a month and a half they have finally gotten their contract to me. In the contract, they have crossed out all of the normal fees that the seller usually pays (doc fees, title insurance, title search, etc) and shifted them over to the buyer (me). Obviously, this has a significant impact on the profitability of the deal and has me considering just backing out.
So a couple of questions:
- Is this a normal part of buying a REO, where the bank shifts all the normal sellers costs over to the buyer? ie, is it something that you should just bake into your financial analysis when you buy one of these?
- If anyone else has been in this situation, did you get the bank to back down and take their share of the costs? Or is this just a bank "policy" and something they will not move on?
And to make it better, they are playing games right in the Christmas vacation time period!
Thanks for your help!!