Home Buying in Exeter>Question Details

Priscilla Ha…, Home Buyer in Rhode Island

How can can we force the bank to close, what rights do we have?

Asked by Priscilla Hampton, Rhode Island Mon Nov 3, 2008

My husband and I put a cash offer in as is condition on a reo property in April 2008. It was accepted and scheduled the closing for June. We have just signed another extension for the 11/30. The home had a DEM violation, which the bank cleaned up, but they are taking their sweet time paying the fine which would give us a clean title. What can we do to convince the bank to clean the title and close on our future home? To say we are frustrated is an understatement! How long can we expect to wait?

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Mr. Chapman. You do not push a bank for anything. Especially damages! A sure way to lose! They are too powerful, if you have not already realized this. I would do as David Chamberlain suggests. Call often, be polite, see if you can get a warm conversation going.....with the right person. Feel out the personality. Do not be afraid to go to any higher up. Be assertive, never rude. You do not want to get into a power play! You are at their mercy, and if someone does not want to get back to to you....they won't. Writing a certified letter, is always a nice nudge. Be polite. Imagine enjoying your new home, as if you are already in it! :)
0 votes Thank Flag Link Tue Oct 13, 2009
The reason agents state a lawyer might be needed are because real estate agents are not lawyers and if you have been in the business for a while you will recognize certain trigger words that must be refered to a lawyer. To some it may seem easy to walk away and that might even be the best thing to do for them. Unfortunatly we don't know all the details, how much have they invested so far? If they paid for a home inspection, termite inspection, appraisal they might be less willing to walk away. How much time is involved and is it a great deal?
0 votes Thank Flag Link Mon Nov 3, 2008
This is truly a legal question. I would push your attorney for closing - and push for damages.
Web Reference: http://www.raveis.com
0 votes Thank Flag Link Mon Nov 3, 2008
I would consult with your closing attorney on how to proceed.
Web Reference: http://www.alaynaberek.com
0 votes Thank Flag Link Mon Nov 3, 2008
These are all legal terms for a lawyer, when you are talking about forcing someone do do something. I have found calling often and being polite to the banks work. and then I call some more and go higher up in the chain.
0 votes Thank Flag Link Mon Nov 3, 2008
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