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

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
Phone: (503)524-9494
Fax: (503)746-9573




 Follow Todd Clark on FacebookVisit my websiteFollow me on Twitter

 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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Comments 25 New Comment

Show All Comments
Dee Mayers
San Gabriel Valley, CA

Isn't it good to have a written record of obligations and expectations?!

March 06, 2011 10:11 PM
Linda Hinson
S & L Properties

Good for her!

March 06, 2011 10:12 PM
Mike Jaquish
919-880-2769 Cary, NC, Real Estate
Realty Arts

In a charitable moment or two, I may say that the banks do not play dirty pool.

They are just totally inept at what they are trying to do and that causes everyone pain.

March 06, 2011 10:49 PM
John McCarthy
Realtor - Seacoast NH
Better Homes and Gardens Real Estate/The Masiello Group


Good for your client and good for you too! Sometimes you have to take your strongest stand ... and don't blink.

March 06, 2011 11:35 PM
Glenn Roberts

Great story and glad to hear it. Everyone should be standing up to the banks.

March 07, 2011 12:26 AM
Michael Jacobs
Pasadena Real Estate Representation 818.516.4393
Coldwell Banker Residential Brokerage

Hi Todd -- I certainly like her attitude and thought process.  Great job!

March 07, 2011 12:27 AM
Paul Henderson
I always put my clients first in any transaction!
RE/MAX Professionals.

Todd have you noticed how easy big banks and lending institutions can say no when all your client is to them is a number rather than a face and a family and a story…

March 07, 2011 01:46 AM
Fernando Herboso - Broker for Maxus Realty Group
301-246-0001 Serving Maryland, DC and Northern VA
Maxus Realty Group - Broker 301-246-0001

Another tactic they use . . .they think that rules does not apply to them. .good for your client 

March 07, 2011 06:22 AM
Ginny Gorman
Homes for Sale in North Kingstown RI and beyond
Phillips Post Road Realty ~ 401-529-7849~ RI Waterfront Real Estate
Todd, what a strong bellied client you have...glad it worked out well for you and your is amazing what still goes on at some of these bank closings..
March 07, 2011 06:50 AM
Gabe Sanders
Stuart Florida Real Estate
the BlueWater Realty team specializing in Martin County Residential Homes, Condos and Land Sales

Well done Todd.  It's really great to hear some one winning against the arrogance of these banks and their current mode of operations.

March 07, 2011 07:41 AM
Phil Leng
Phil Leng Team - Residential Real Estate Experts &
Keller Williams Eastside Market Center

Hi Todd,

That was an interesting story.

I have had several similar in my work listing REOs, but the bank always won.



March 07, 2011 08:03 AM
Michelle Francis
Realtor, Buckhead Atlanta Homes for Sale & Lease
Tim Francis Realty LLC


I love this story.  Stick to your guns when you are right!  

I remember negotiating on the purchase of my first home 21 years ago.  We were $1,500 apart at $129,000 and $130,500.  I told my agent I would split the difference and she really wanted me to go to $130,000.  I explained that wasn't going to work for me, as that $250 was huge, as I would be totally broke and needed to buy a refrigerator which the house didn't come with.  Also, my second arguement was the $250 meant less to them, it was a government corporate relocation than to me.  

They agreed and I got the house. 

All the best, Michelle

March 07, 2011 11:14 AM
Jerry Newman
Texas REALTOR, San Antonio Military Relocation
Green Home Realty, 210-789-4216,

Great story Todd. I am glad you and your client won against another Bank Giant. It paid to be right, and stick with it.

March 07, 2011 01:28 PM
Larry Atkins
State Wide Realty Co.

Todd, score one for the little guy! Always great to hear a story like this one, thanks for sharing.

March 07, 2011 01:47 PM
Craig Rutman
Raleigh, Cary, Apex area Realtor
Helping people in transition

A contract is a contract and the terms are matter who the parties to the transaction are.

March 07, 2011 03:44 PM
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
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
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
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
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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