Situation: Townhome that was REO in which the bank accepted my offer after FOUR counteroffers.... Then nit picked my initials on the offer document 3 seperate times in which since my name is written (first, last, Jr) they did not like me signing DMK for initials... So then the bank required 10% EMD Cashiers check 2 days after acceptance... with a 12 day closing (calendar days). Well Friday is the 12th day, which I planned to close. Bank isn't ready / title company just got paperwork, 10 day delay. Do I have any recourse? I'm not in the business of giving out interest free loans, certainly to banks.
Yes, I still want the property. Yes, this will easily be a success story in about 45 days or so.
no recourse. That's the nature of the business.
If you want to be in this business you better get used to it. I suppose you could cancel the contract if you are really sad about it.
so annoying. Focus on the success you'll have in 45 days or so. Everything else is water off a ducks back.
I know, just really annoyed me with the initials.... pure craziness. Now time to call Electric / Gas to delay 2 weeks.
Welcome to the world of real estate. You'll be find. Just got to get use to the ineptitude of financial institutions, sellers, title agencies, buyers, investors, real estate agents and even yourself once in a while. REI is a great business but it is a people business, not a property business.
Nature of the business
I submitted an offer on a REO by Chase Bank. They made me re-submit the offer 5 times due to issue with how my name was signed, address of the proprety not listed on every page and other silly things IMO. I stayed with it until i got it approved. Then at closing found out that the company that maintained the proprety stole the AC unit and stove ( i know it was them because they dragged it across the floor and ruined the carpet as well...). I did not want to re-negotitae with them or make any claims. Now, the house has been cash flowing for 2.5 years. :-).
Occupational hazards! Not much you can do about it.
Stay the course, it will all work out!!
I agree with everyone, just stay the course. Unfortunately, these things happen sometimes. Just make sure you stay in contract with them at all times.
Don't be surprised if you find yourself pushing the closing date and the bank is not ready. In that case, ask your attorney to request that the bank submit an "Amendment to purchase and sale agreement - Change in closing date" for your signature. This agreement mutually allow you and the bank to agree to a change in closing date without recourse to you.
If it makes you feel any better, I gave the bank 45 days to close rather than the normal 30. Two days after our original closing date they called me to let me know that we weren't going to make it to closing on time. WOW, REALLY!!! Never would have guessed that. Fast forward, another 45 days, and we finally get to closing. Cause for the delay-Mostly because they didn't know what they were doing. We were getting info from the loan officer, the underwriter, the processes and one of their supervisor's. Ironically, none of them were talking to each other.
My take away, roll with it, don't argue with people with only half a brain, and I don't do business with that bank anymore.
ahh, movement from the bank - closing just 14 days late :) I'll take it.
Haha, like others have said, get used to it! I have bought and sold 3 personal homes, two investment properties, and had another 40 or so transactions when I was an active Realtor. I don't think a single one of those transactions ever closed on time or without a hitch of some sort. :-) Good luck...and don't beat yourself down...be proud of your soon to be success!
P.S. You just described one of the key reasons why few succeed at real estate. Too many variables, too many uncertainties, too many people involved. It takes a lot of work and coordination to get deals to the closing table.
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