Buying a Foreclosure and Bank sales contract!

Asked by inerrant, Gainesville, VA Mon May 14, 2012

Im currently in the process of buying a foreclosure and my offer was accepted. The bank sent me the standard one-sided counter offer which I'm okay with except for one part. I have requested closing cost help (which they have agreed to) but in the counter offer they stipulate that "Seller agrees to contribute up to XX$$XX toward buyers closing cost and or lender required repairs (which includes up to $500 toward FHA non-allowables).

What exactly are they saying?....If the lender (which also happens to be the bank I'm getting the loan from) requires repairs to be done that they will take it out of my closing cost credit.....? (I just want to be sure)

Thanks for the help!

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Scott Godzyk, Agent, Manchester, NH
Mon May 14, 2012
Your agent should be guiding your through this proicess, if you are buying without representation i do agree that you should be asking an attorny to explain the legal recourse of what you are signing. the information that is provided is actually common wording for banks. It is why you should have checked teh house for any lender needed repairs before making an offer and included anything that needs repair in your initial offer. Becuase that was not done, it will depend if you are getting a fha loan or conventional mortgage as to what they can ask to be fixed.
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Janet M Lange, Agent, Centreville, VA
Mon May 14, 2012
Dear Gainesville Home Buyer,

The listing agent has no authority to select a buyers' agent for you unless you sign something allowing that. You have the right to interview as many agents as you wish and to select one that you feel would be able to represent you and protect your interests. At that time you will need to sign an agreement to that effect.

Hiring a buyers' agent costs you NOTHING, however, it can save you thousands of dollars. Good luck!

Most sincerely,

Janet Lange
0 votes
inerrant, Home Buyer, Gainesville, VA
Mon May 14, 2012
Thank you all for the replies....The issue is that i don't have a buyers agent and was doing this solo! I did speak with an attorney and what i thought was correct. Im in the process now of retaining a buyers agent.

I just found out that the selling agent listed themselves as representing me (buyer agent) and put one of there co-workers as the selling agent without my knowledge!!!!!!!!!!!

I don't want to walk away from this house....what can be done so i can get my own agent to now represent me
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Chris Ann Cl…, Agent, Gainesville, VA
Mon May 14, 2012
I'd sit down with your agent and go over the verbiage in the contract. The way you've worded it here, it sure does sound like it, but that's what you've got your agent for. Best to consult with them.
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Sally Grenier, Agent, Boulder, CO
Mon May 14, 2012
What does your REALTOR say?? Without being involved in this transaction, it's difficult for anyone here to give you a clear cut answer. You really need to talk to your agent.
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, ,
Mon May 14, 2012
This question is best directed to your attorney. Since it is a contract question, and most of us on here are not attorney's, we are not allowed to give legal advice.
Best wishes for a smooth closing...Jim
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