gregorygarver.com

[subguy]

For the last three months I have been going back and forth (through my realtor) with EMC Mortgage Corp trying to buy one of their foreclosed properties. The selling terms hold me to very strict time frames and short time frames as to when I can hold inspections. Having been led to beleive (by the listing agent) that a purchase offer would be signed last week and inspections needed to be scheduled right away I went ahead and made all the necessary preparations only to find out the day before they were to take place no offer would be signed yet - hence no inspections would take place. I called the bank directly and spoke to whom I think was in charge of the property and asked for permission to go ahead since I went through alot of work to schedule everything. She said no but give it more time, they want to sell the house and would love to wrap things up with me to quickly to do that. My realtor got a call later that day saying b/c of that contact they would not sell me the house!Nothing legal has been signed yet and no terms of any offer were discussed during the phone call.

[april]

You were not supposed to have direct contact. Your agent messed up, he should have known to call for you.They are protecting themselves legally, as you did not talk to a real estate professional. They honestly should not have talked to you, but that person might not have known that.Sorry, this is a bum deal, but they are correct.You could get all lost $ back by suing your real estate agent. They blew it, they should not have given you any contact information at all. This is so basic that I am amazed that they did, but you can make it their problem. They could, and should, loose their license over this.

[coandso]

No bank is OBLIGATED to accept ANY contract. You did not have an executed contract, you were represented by a Realtor and in today's market many lenders are overwhelmed with REO properties and the contract process is taking a great deal longer.You initiated contact like you had an approved contract, you did not. You stepped OUTSIDE the role as buyer and into the role as negotiator (asking to get inspections completed PRIOR to having an accepted contract) and that role was already established through your Realtor.If you do not trust your Realtor, get a new one. Trying to get the approved contract is HIS job. Most banks have internal policies about 'who' can speak on behalf of the bank and to what parties. It sounds like that policy was violated. Banks are audited by many different agencies, and this contact directly with a borrower could cloud the issue of the relationship (bank, Realtor(s) and buyer) Wish I had better news, but banks need to operate well ABOVE the standards. Sounds like this bank is doing just that.

[KaceyD]

Your agent should have been the one to set up the inspections once she got the executed contract back. The binding agreement date isn't the date you sign the contract, it's after both, the buyer and the seller, have negotiated the terms of the contract and have both signed it (hence, making it binding). I normally put 5 days after the binding agreement date to get any and all inspections done. It was your agent's responsibility to speak to the bank and the listing agent and inform you of what needed to be done and how urgent everything was. That's why you hired an agent in the first place, right?