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Question
My husband and I are trying to buy a bank owned home. We have been pre-qualified for a 100% loan plus closing costs. We have made an offer on a house. The bank that owns the house is being very picky about dealing with us. They made a counter offer to us where they wanted 2000 dollars earnest money on a 145K offering price. We accepted their offer but then they came back wanting and additional 14K for a down payment. I don't understand why the bank cares about selling the house to us. We aren't getting the loan through them and if something were to happen they wouldn't end up with the house again, the bank we are getting a loan from would own the house. Help me understand why the bank is being this way. I know I'm missing a part of the puzzle. Thank you, Debb
Hi Debb,
Honestly, that's a bit of a mystery to me too! If you are fully approved for your financing I don't understand why the seller/bank would want additional earnest/down payment money. I have never heard of that situation before.
All the seller/bank should care about is having your contract close in a timely manner. In less there is something outside the realm of the contract that has been disclosed, I'm at a loss.
I hope you get the home!
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| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | Well, I am happy that you don't understand either. It gives me a bit of comfort knowing I'm not the only one with a question mark above my head. :-) Thanks. | ||
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Jay Denit
Expertise
I'm a Real Estate Broker/Loan Consultant in the state of Colorado. We have a separate foreclosure investing company, so I'm more than willing to answer any Colorado foreclosure questions for both the home owner and investor. I have sold bank owned homes all across the country for all of the big banks. I'd be happy to answer any questions about buying or selling residential homes and specialize in luxury estates. Furthermore, I have some experience in land acquisition and development and know a touch about water rights. We are a licensed lender in most states, so I can answer general questions about all types of mortgages.
Experience
My experience is really anything that has to do with real estate. From buying and selling to investing and foreclosure, I’ve done it all. Being able to handle the acquisition and financing under one roof gives me the intimate knowledge of all facets of property conveyance. My foreclosure/bank owned property (REO) experience gives me the problem solving mindset to always find a solution.
Organizations
BARA- Boulder Association of Realtors
NAR- National Association of Realtors
CAR- Colorado Association of Realtors
Education/Credentials
Xavier University-- BSBA Finance
Colorado State University-- Professional Certificate in Project Management
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