Arg. Anyone with experience with this?

jesspacatc · June 2012

We are looking to buy a foreclosure that has only been on the market 40 days. The bank accepted our offer 3 weeks ago - to get the house ready for inspection, the utilities had to be turned on and it needed to be dewinterized. Power, water - on. Gas couldn't be turned on because of a new code in NY and a vent needed to be put in laundry room. We're told this is done, but now gas can't be turned on until electrician checks out the gas fireplace bond. Now that was done. Today we find out that it wasn't actually a vent that needed to be put in but a vented door and their agent is calling contractors to get it put in so the gas can be turned on and the house dewinterized (the bank is doing all of this).

The pain in the ass part is they want to close by June 29th, no exceptions. My lawyer has my down payment in escarow because if they don't change the date, we're going to have to walk. The thing is, there is NO way us or anyone is going to be able to close in that amount of time. The house isn't ready for inspection, the turn around for a title in our town (per our lawyer) is 3-4 weeks, and we're not even talking about apprasial and underwriter drama even though we are pre-approved.

As of today the bank isn't budging. My SO really loves this house and its an excellent deal. We really don't walk to walk but its not worth losing a down payment over. Are we being unrealistic or is this common? And is there anything keeping us from placing the offer again on the 25th when this all falls through

ArcadianDreams · June 2012

It's very common. The closing on our HUD foreclosure was pushed back three times. I know it isn't easy but try not to panic. It's in the banks better interest to push back the closing than lose the buyer. They could very well change their minds when it gets down to the wire. You may also be surprised at how quickly work gets down when they're on the wire also.

MaineWifey · June 2012

ArcadianDreams:
It's very common. The closing on our HUD foreclosure was pushed back three times. I know it isn't easy but try not to panic. It's in the banks better interest to push back the closing than lose the buyer. They could very well change their minds when it gets down to the wire. You may also be surprised at how quickly work gets down when they're on the wire also.

All of this exactly. You'll find that the bank will move the closing if they need to. They're bluffing. They're just being super pushy to try to get it closed asap. They aren't going to lose this deal over a matter of a couple of weeks.

jesspacatc · June 2012

MaineWifey:
ArcadianDreams:
It's very common. The closing on our HUD foreclosure was pushed back three times. I know it isn't easy but try not to panic. It's in the banks better interest to push back the closing than lose the buyer. They could very well change their minds when it gets down to the wire. You may also be surprised at how quickly work gets down when they're on the wire also.

All of this exactly. You'll find that the bank will move the closing if they need to. They're bluffing. They're just being super pushy to try to get it closed asap. They aren't going to lose this deal over a matter of a couple of weeks.

The thing is they aren't claiming to just penalize for not closing, but if you do not close on or by that date, they are taking the money paid at contract and walking (5%). i'm not going further past inspection (that they arent ready for) until its in writing. thats a lot of money to lose

GeorgiaRiah · June 2012

I would do the same thing. You can't hope that they will move the closing date. I would let your Realtor know that you are considering walking because of the utilities and hard set date and see what they can do with some pressure. Good Luck!

Arg. Anyone with experience with this?

Re: Arg. Anyone with experience with this?

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