[quote=questy]Aren’t you forgetting that under other REO’s on the MLS that the “bidder” makes an offer on their own terms, or terms already known, and there is NO FORFEITURE OF 1% OF THE PURCHASE PRICE IF YOU DON’T AGREE TO TERMS YOU HAVEN’T EVEN SEEN? Standard REO also allow contingencies for inspection and financing without losing $1000’s!
If you are part of the company, may I please suggest you get the Terms and Conditions rewritten soon to address all of these concerns? Your bids are likely to rise and close more quickly if you add language to protect bidders instead of just your company.[/quote]
You should definitely not bid on their homes if you don’t like their terms. I didnt bid on several REDC properties because the terms were so one sided and they were also not contingent on inspection or financing. There are also servicers that will only use their contracts not the RPA-CA and the terms contained within are extremely onerous to the buyers. This still works out for the servicers because many people quite simply don’t read anything and sign what is in front of them.
You aren’t going to change anything, the options are A) play by their rules or B) move on to other homes. There is no option C.
