All Forum Posts by: Account Closed

The earnest money language was taken directly from a board of realtors contract so I wouldn't consider that shady.

@Steve Vaughan

"These rookie mistakes give all of us DIYers a bad name"  This is not helpful! 

Yes, I've made a mistake, but there is no reason for you to be rude about it.

At this point in the process, I think the bank's issue is that I am holding the check not a third party.

Seller wants me to talk to his finance person, I will but was hoping for some options before I call.

This is my first FSBO sale. I had the seller give me a check for his earnest money and the contract says I would hold it until closing. Other language basically says he won't lose the deposit unless he backs out at the last minute.

His bank now wants me to amend the contract saying the check will be returned to the buyer and to "please omit the earnest money completely from the contract". 

I'm not comfortable with their language on the addendum.

Any recommendations at this point?

Well, it's a legit letter from my bank.  For me, because of the age of my loan, it is a request.  All of their newer loans, it is a requirement.

I doubt I'll give it to it to them.

I checked our papers and nothing says we need to give them that info yearly. After much though, I have decided to call them tomorrow. At least doing that, I'll know if it's personal or a mass mailing.

Thanks everyone for your thoughts.  I am going to ignore for the time being.  It's time to check our credit reports, so I'll do that to make sure nothing fishy is going on.

The phone numbers on the letter are the correct numbers.  I think I'm just going to ignore it.  Its a small town bank and I'd rather play dumb when (if) they ask for it again than to be a ***** about it.

So I gather then, this is not a new regulation? Could it be a regulation for the bank itself, and providing my income voluntarily meets their regulation in a less cost effective way?

I don't even have a schedule C for the property, it's E.  Something just seems goofy.