Yes, even you big banks can’t change the contract at the closing table

By
Real Estate Agent with Keller Williams Realty

Well, Friday was a good day, my client finally got the keys to her new house, but it wasn’t easy. The delay in close was because the bank on this foreclosure was refusing to sign the settlement statement. They said they were refusing to sign and to pay the buyers prepaids despite us putting that in the contract and them agreeing to it. They thought my client would fold and bring in the extra $1,800 netting them more, they were wrong!

Banks playing ball

How did we get the bank to finally play ball? The buyer advised me to send a letter to the bank… in the state of Oregon you can sue for 3 times the amount of actual damages. What was she listing as actual damages? $495.00 (Inspection) $500 (Appraisal) and $10,000 (1/2 percent interest for 30 years – Interest rates went up since her lock)

The total bill for the bank, if they wanted to not honor the contract, was a total of $32,985. For some reason, yesterday morning the title officer got a signed deed and settlement statement from the bank. I guess they decided they better honor the contract they signed. I love a client that is not willing to fold to a big bank. Most people I know would have just paid the money instead of trying to fight it, but not her and I’m glad she didn’t.  

Posted by


Todd Clark (broker w/ Ken's Home Team)
Keller Williams Realty
Todd@IFoundYourNewHome.com
Phone: (503)524-9494
Fax: (503)746-9573

 

 

 

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 I am a licensed Realtor who specializes in Washington County, Oregon and also work in both Clackamas and Multnomah Counties including the cities of Aloha, Beaverton, Canby, Clackamas, Gladstone, Gresham, Happy Valley, Hillsboro, Milwaukie, Oregon City, Sherwood and Tigard. All information contained in these posts are copyrighted and cannot be used without prior written approval authorization from the author me Todd Clark. If you are looking for an outstanding agent please give me a call I would love to help you with all your real estate needs.

 

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Topic:
Mortgage / Finance
Groups:
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Tags:
banks
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Comments 25 New Comment

Rainmaker
210,274
Joe Kenny
Better Than Your Average Joe
Realty Executive Midwest

Note to self- Self, call attorney and research the suit limits here in Illinois.  Todd, please thank your client for the good advice

March 07, 2011 04:29 PM
Rainmaker
342,154
Rodney Mason
FHA 203K, USDA, VA, HomePath Renovation Specialist
Prospect Mortgage

You do have to wonder why there are so many last minute issues.  Most REO contracts always spell out whether the seller contribution would include pre-paids or just closing costs.  I cant ever recall any issue with pre-paids though.

March 07, 2011 08:40 PM
Rainmaker
573,565
Terry & Bonnie Westbrook
Westbrook Realty - Grand Rapids Forest Hills MI Re
Westbrook Realty Broker-Owner

A few more buyers stand up to them and they will quit these tactics.

March 07, 2011 09:15 PM
Ambassador
1,518,686
Christine Donovan
Broker/Attorney 800-610-7253 DRE01267479 - Costa M
Donovan Blatt Realty

Todd - What a great story of your buyer sticking to their guns and getting what there were entitled to get.

March 08, 2011 12:41 AM
Ambassador
2,030,444
Todd Clark
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494
Keller Williams Realty

I loved this client and I'm glad she stuck to her guns and wouldn't let the big bank walk all over her like they probably have done to so many others before.





September 01, 2011 03:56 PM
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Todd Clark

Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494
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Helping Families Home is a blog set up to help families find that perfect home for them. I have a family and I understand how hard it can be to find a home that everyone is happy with. Let me help you find that home and help your family home.


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