Posted by Chi Ming on August 08, 2009 at 19:42:02:
Or just the one. Also ask for their supervisor and see if you can get a different answer. This should probably be ironed out before bidding as it can eat up all your time.
Bank won’t accept bid doc as sales contract - Posted by Debo1977
Posted by Debo1977 on August 07, 2009 at 18:14:41:
OK, dealing with a NC (mecklenburg country) property that i bought @ the courthouse steps. I was the successful bidder and now it’s time to cough up the money. I submit everything to the bank including the letter from the foreclosing attorney stating i was the successful bidder. The bank will not accept this document as a sales contract and i can’t get the attorney to provide anything more that what they have.
This is about to ruin this deal and a loss of deposit.
Has anyone had this issue? How can i get around this, how can i get the bank to accept this document as the contract?
Help…please…
Re: Bank won’t accept bid doc as sales contract - Posted by Frank Chin
Posted by Frank Chin on August 15, 2009 at 08:51:39:
Up in my area, NYC, investors who pick up properties at the courthouse steps usually do it as ALL CASH transactions because the buyer is required to close in a very short period of time, like 10 days, so there is no time to apply for and then process a bank loan. They then do a refi soon after, and for that, would have to be aware of “seasoning” requirements.
I picked up an REO at an auction, and the closing was also 10 days, though the bank itself provides the mortgage if you qualify, otherwise, it’s all cash in 10 days.
As to a P&S (purchase and sales ) contract, there is no set rule as to who writes them up. I lived in NJ, and there, the RE broker uses a standard contract and amended by buyer and seller. In NY, traditionally, the seller’s attorney draws up the contract, but according to an attorney I spoke to, there is no law that says a buyer’s attorney can’t do that either.
It’s easy enough to get an attorney to draft a basic P&S contract. Your only challenge is to find the CORRECT individual for the seller, a town official, with the authority to sign the agreement. Here, that attorney handling the auction may be able to give you a name.
My wife was a commercial loan officer, and no way will a bank hand over a bundle of cash without a valid “signed contract”, so if a signed contract is what they want, you go and MAKE ONE UP.