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Looking For A Place Again

The adventure continues and back to square one, as after finally getting the selling banks addendum to the contract as their counter offer, which with the wording it had I was not to keen on to begin with I now for the first time has its name, so being me I did some digging on them.  Unfortunately for the deal which nicely for me was and is under no contract, I am very unhappy with what I dug up and it has left me not wanting to deal with that particular bank, let alone touch any property they own with a ten foot poll. 

One red flag was the sheer number of class action lawsuits that popped up against them for improper handling of foreclosure process and paper work. Which depending on what source you look at for the ramifications as some one possibly buy the property it opens up the door to the previous owner getting it back leaving you (me) standing in the cold with no recourse. Then even more bothersome in conjunction with the wording and the efforts of their addendum, was the fact that those that had bought/attempted to buy foreclosed property form them seem to have had largely the same problems of, them backing out of deals last minute and breaching contract but due to a clause they make you signer you are left with no recourse when they do so.  As well as refusing to allow the types of access or get back to buyers with approval for access to property during inspection periods (that their addendum shortens and take protections out of) as well as refusing to turn on utilities like electricity water and gas, even in states where state law requires it to be on from inspection period to owner occupation for the owners inspection at any time!!  That and their insistence on using their escrow company which from accounts is so incompetent it puts deals at risk and delays them.  As well as the Bank it self being a delaying action, yet if closing dose not happen on their stated date the contract addendum they send set up a 2000 penalty plus 200 per day fee for it. 

Between the wording of their addendum to the contract and the consumer reviews out there it seems that this bank is more interested in soaking and screwing the consumers involved in both ends of their business (as well as their investors) to such an end its amazing that they are still in business.  Especially considering from what my research turned up the shear number of buyers agents that seem to be totally unwilling to even show/deal with a proeprty this company is asositated with!!

This ofcouse leaves me back at squer one of haveing to start my surch all over again, but I would rather be there then deeply screwed over as it seems a large number have been by the selling bank.  So like my grate grandmother used to say things happen for a reasion and if it is ment to be it will be, and obviously this was not ment to be for a reasion.

Comments

  1. Whew! You totally and completely dodged a bullet there! It's wonderful that you thought to do research on this bank, it sounds like it saved you acres of grief.

    ReplyDelete
  2. Yes I did, and I have come to the conclusion that I am going to stop with the house hunting process for now and continue to put more money in the bank, and try and pick it up again in a year or two.

    ReplyDelete
  3. Cool. More money down usually gets you a better deal all around. But you might want to watch the housing market carefully. If it starts to rebound, you might get priced out of the housing market if it buoys up quickly. Keep an area in mind that you would enjoy living in, and when something opens up that your like, give it a try. A friend of our says that the housing market is ready for yet another downward dip, you might yet be able to pick up more house for your money than this time last year. Just keep your options open.

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