Home Buying in Sacramento>Question Details

Joan, Home Buyer in Sacramento, CA

I am about to close escrow and I am waiting for the bank's answer in lowering the cost of the home due to the

Asked by Joan, Sacramento, CA Fri May 8, 2009

findings in the home inspection. How long of a wait is it? I am suppose to close next week.

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5
HI there Miss Joan...

I've been through this... as long as you haven't removed your contigencies and they don't want to give you any kind of credit...? be prepared to walk.. you'll have to play hard ball with them... if they don't agree to any changes...

I don't know how severe the issues are... but if they are significant I think you'll get some kind of consession...

I know... The banks want a real quick response from you... but it is funny how slow they can be to respond... it could be that they are getting estimates to see what the costs of repairs would be.. just to make sure you aren't trying to blow something out of proportion...

Have your agent follow up with the Seller's broker and get an update....maybe get some estimates of your own...

I hope this helps...
1 vote Thank Flag Link Sat May 9, 2009
Hi Joan,
If one is that close to closing escrow AND if it is a bank owned property, they're already likely beyond the
date for removing contingencies as a bank owned property may only give someone 5,7,or 10 days to do inspections to satisfy the buyer as to the home they are buying. The Addendums on bank owned properties
may very well have wording in there that contingencies are removed passively, which means if they haven't gotten anything from the buyer in writing, they'll assume the buyer has removed that contingency which means they'll expect to keep the deposit if the buyer cancels the escrow.

And Elizabeth is correct in that the bank doesn't have to respond if the accepted contract was agreed to on
an "as is" basis which is the norm for banks. In the meantime, the clock's ticking unless the buyer tells them they need an answer by day "x" or they're walking (as Ed said) - AND given to the bank in writing during the inspection time frame. The buyer has to decide if home inspection findings are enough of a deal breaker.

My answers are in general and not to your specific case. The accepted contract terms, including dually executed addendums, are the decider.
Web Reference: http://www.annaboyd.com
0 votes Thank Flag Link Sat May 9, 2009
You should always have a deadline on your request. Do you have a realtor?
0 votes Thank Flag Link Fri May 8, 2009
The bank may not respond at all to your request. Unfortunately. Have you removed your contingencies? Is your deposit nonrefundable?
0 votes Thank Flag Link Fri May 8, 2009
Joan, I am assuming that you are buying either a foreclosure or a short sale? I wish I could say that there was some rhyme or reason to timing with banks, but unfortunately --- there never is! When time is of the essense you would think that they would get back to you so that they could close the transaction- while they have a buyer!

It's hard to say- if and when they will respond.

Good luck!

Patti Phillips
0 votes Thank Flag Link Fri May 8, 2009
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