The Chase is On

Oh yes, now I see what all the blogs talk about re buying foreclosed properties. It’s their way on the highway. Chase writes sloppy documentation, refers to Pacific Daylight Time on documents handled in Michigan. Coldwell Banker realtor continues to have internet/email problems. Result of all this – we got their counteroffer AFTER the expiry time.
So the jist of reviewing Chase’s ‘counteroffer’ is: you do it our way no questions asked. It is not a counteroffer. The Coldwell Banker listing agent should have told my realtor that they have their own instructions re REO offers. It was a waste of everyone’s time for us to present what we thought was a serious real estate purchase offer.
I spent over 25 years working with documentation. Now that people have spell check why are there so many typos in everything? Back when we had to actually proofread documents NO mistakes were allowed.
And the fine print pretty much says nothing will work to your advantage and good luck getting your deposit back timely if the deal falls through.
Among the glaring discrepancies on the documentation: earnest money deposit must be received within 24 hours and also 48 hours.
I spoke to any attorney (without a fee! – real estate attorneys seem better about doing that) and he summed it up succinctly. Until you get them to agree on price nothing else matters. And for REO properties, it is a commodity. The bank doesn’t give a shit about anything; they haven’t even seen the house. Give them an amount they like and they’re done.
Well I countered for $5,000 more than my initial offer. Because improvements have to be done, like installing an entire kitchen, I don’t want to pay what they’re asking. And I don’t want to use up all my funds from the sale of my house.
Meanwhile, I got another house lined up to view. It was nice but you can’t fall into the trap of wanting it so-o-o-o much you will pay more than you think it reasonable.
And right now mine is the only offer. House has been on the market 6 days, and month end is coming up. I’m hoping the bank wants to put a sale on their books. If they don’t take my offer they likely won’t be able to do it for the month of June.