Wednesday, February 6, 2008
Why Won’t the Bank Consider My Offer?
Dear Sue,
I sold my home last week. I have an all cash offer with a thirty day escrow. The only contingencies are inspections. I have a really good feeling that my escrow is going to close flawlessly.
Here is my issue. My husband and I made an offer on a foreclosure. The agent for the bank wouldn’t submit our offer because we made it conditioned upon our escrow closing.
This doesn’t make any sense to us. If the bank saw our offer I believe that they would consider it but the agent insists that the bank won’t look at any contingent offers so she won’t even try.
Do you think that we should go around our agent and submit our offer directly to the bank ourselves?
Frustrated Fran
Dear Fran,
Some of the best buys in today’s market are lender owned properties. Buying a foreclosure is a great idea.
My experience has also shown that in some ways lenders can be easier to negotiate with than homeowners with short sales or resales. Lenders lack the emotional attachment of most homeowners and pretty much negotiate the bottom line. Lenders do however have their own particular set of guidelines. They each have their own “rules of engagement.” These rules vary from lender to lender and are established in advance of offering the property for sale.
The lender’s selling agents must abide by the rules that are set forth for them. Those rules may not always make sense. It appears as though the lender in your case will not look at an offer that contains a contingency to sell or close on an escrow in order to purchase their foreclosure property.
I would not recommend going directly to the bank.
Is it possible to get your buyer to remove their contingencies? If you have an all cash offer, financing shouldn’t be an issue. If you could get your buyer to speed up the inspection process and remove all contingencies, you could resubmit your offer without the sale contingency. Please be advised however, that should your sale fall though, your deposit could be in jeopardy.
Ask your agent to contact the banks agent and find out what the lender’s requirements are for submitting an offer. Maybe there is a way. You won’t know without your agent asking. It can be a matter of good Home $$s and Sense.
I sold my home last week. I have an all cash offer with a thirty day escrow. The only contingencies are inspections. I have a really good feeling that my escrow is going to close flawlessly.
Here is my issue. My husband and I made an offer on a foreclosure. The agent for the bank wouldn’t submit our offer because we made it conditioned upon our escrow closing.
This doesn’t make any sense to us. If the bank saw our offer I believe that they would consider it but the agent insists that the bank won’t look at any contingent offers so she won’t even try.
Do you think that we should go around our agent and submit our offer directly to the bank ourselves?
Frustrated Fran
Dear Fran,
Some of the best buys in today’s market are lender owned properties. Buying a foreclosure is a great idea.
My experience has also shown that in some ways lenders can be easier to negotiate with than homeowners with short sales or resales. Lenders lack the emotional attachment of most homeowners and pretty much negotiate the bottom line. Lenders do however have their own particular set of guidelines. They each have their own “rules of engagement.” These rules vary from lender to lender and are established in advance of offering the property for sale.
The lender’s selling agents must abide by the rules that are set forth for them. Those rules may not always make sense. It appears as though the lender in your case will not look at an offer that contains a contingency to sell or close on an escrow in order to purchase their foreclosure property.
I would not recommend going directly to the bank.
Is it possible to get your buyer to remove their contingencies? If you have an all cash offer, financing shouldn’t be an issue. If you could get your buyer to speed up the inspection process and remove all contingencies, you could resubmit your offer without the sale contingency. Please be advised however, that should your sale fall though, your deposit could be in jeopardy.
Ask your agent to contact the banks agent and find out what the lender’s requirements are for submitting an offer. Maybe there is a way. You won’t know without your agent asking. It can be a matter of good Home $$s and Sense.
# posted by Sue Thompson @ 11:36 AM 
Comments:
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Lenders and how we get them to listen!
As many borrowers know from their own experience is that the resistance from
their lender is high and just getting through to the appropriate person is very
difficult. However, when MyRecast is
involved it seems as if the calls start to get answered and the letters are
responded to. On our MyRecast Team we have the best HUD advisors involved, state
wide attorney representation and the BEST sub-prime underwriters to QC / and
audit the original files.
We use powerful laws like the Truth in Lending Act (TILA) and the Real Estate
and Settlement Procedures Act (RESPA) to bring lenders to their knees. So,
naturally, the lenders will be very amicable to working and negotiating with
MyRecast Team for a modification of the note and work out to more
affordable terms to avoid costly
litigation. Not to mention your credit and
how this will affect your ability in the future.
Jackie
As many borrowers know from their own experience is that the resistance from
their lender is high and just getting through to the appropriate person is very
difficult. However, when MyRecast is
involved it seems as if the calls start to get answered and the letters are
responded to. On our MyRecast Team we have the best HUD advisors involved, state
wide attorney representation and the BEST sub-prime underwriters to QC / and
audit the original files.
We use powerful laws like the Truth in Lending Act (TILA) and the Real Estate
and Settlement Procedures Act (RESPA) to bring lenders to their knees. So,
naturally, the lenders will be very amicable to working and negotiating with
MyRecast Team for a modification of the note and work out to more
affordable terms to avoid costly
litigation. Not to mention your credit and
how this will affect your ability in the future.
Jackie
Lenders and how we get them to listen!
As many borrowers know from their own experience is that the resistance from
their lender is high and just getting through to the appropriate person is very
difficult. However, when MyRecast is
involved it seems as if the calls start to get answered and the letters are
responded to. On our MyRecast Team we have the best HUD advisors involved, state
wide attorney representation and the BEST sub-prime underwriters to QC / and
audit the original files.
We use powerful laws like the Truth in Lending Act (TILA) and the Real Estate
and Settlement Procedures Act (RESPA) to bring lenders to their knees. So,
naturally, the lenders will be very amicable to working and negotiating with
MyRecast Team for a modification of the note and work out to more
affordable terms to avoid costly
litigation. Not to mention your credit and
how this will affect your ability in the future.
Jackie
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As many borrowers know from their own experience is that the resistance from
their lender is high and just getting through to the appropriate person is very
difficult. However, when MyRecast is
involved it seems as if the calls start to get answered and the letters are
responded to. On our MyRecast Team we have the best HUD advisors involved, state
wide attorney representation and the BEST sub-prime underwriters to QC / and
audit the original files.
We use powerful laws like the Truth in Lending Act (TILA) and the Real Estate
and Settlement Procedures Act (RESPA) to bring lenders to their knees. So,
naturally, the lenders will be very amicable to working and negotiating with
MyRecast Team for a modification of the note and work out to more
affordable terms to avoid costly
litigation. Not to mention your credit and
how this will affect your ability in the future.
Jackie
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