When buying a foreclosed home,can the attorneys change the terms as far as total $$$ needed at settlement?
First time buyer, FHA aproved, mortgage pre-approval letter in hand, found a foreclosed property, liked property, made an offer on property, got a call on Friday from the realtor saying that the bank agreed to the offer, had specific settlement terms in place, signed the papers with agreed upon offer on Sunday, the next day, got a call from realtor saying that they wanted more $$$ (2% costs for ????) and they wanted to approve me and have Wells Fargo approve me as well. Anything odd about this situation?
It is not uncommon for a bank forclosure to require the buyer to pay both sides (2%) of the Pa. transfer tax.
This should have been stated in MLS. However, even after the bank accepts your offer they will require the buyer to sign several addendums spelling out the banks terms for purchase. Your Realtor should examine and explain ea. addendum to you or have an attorney review. Sounds like Wells Fargo is the bank who holds title to the property. With so many Real Estate deals going bad they want to make sure that you are qualified to purchase the property. Again, make sure you read and understand every addendum as each banks is different.
Did both parties agree on the contract? If so, speak to the agent’s broker, and if you don’t get a straight answer, contact an attorney.
Did both parties agree on the contract? If so, speak to the agent’s broker, and if you don’t get a straight answer, contact an attorney.
THEY MAY ASK FOR LARGER DEPOSIT AND PRE APPROVAL FROM THEIR LENDER ( YOU DON'T HAVE TO USE THEM) . IS YOUR REALTOR EXPERIENCED IN FORECLOSURES ?? THE ADDENDUMS FOLLOWING PRICE AGREEMENT SUPERCEED ACTUAL AGREEMENT. YOUR CLOSING COST SHOULD NOT CHANGE.
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