Bank accepted offer – scarry addendum

[SD Realtor]

captcha the addendum you have brought up is on par with others I have seen. You also did not mention if they were going to pay for a termite clearance. I have seen some that would not even do that, and they only gave a 10 day contingency period. Assume also they will not pay for repairs as well, you can try to ask for them, you never know. Also there is more then likely a penalty if you do not close on time for 100 bucks a day or something like that. Finally they will ask for a release of liability from mold, pests, acts of god, and pretty much anything and everything the planet can dish out.

However, yes this is all pretty normal.

[fsbo]

REO banks sellers do not want to take your deposit and miss the contract. Their best interest is to push you to close the escrow as soon as possible.

In my case, the bank’s addendum orginally required 30 days of escrow, but it was extended to 45 days initiated by the bank because of “California mortgage deal”. The bank paid for termite inspection (less than $100 as I saw the receipt in the closing doc) and the result turned out to be clean.

[fsbo]

REO banks sellers do not want to take your deposit and miss the contract. Their best interest is to push you to close the escrow as soon as possible.

In my case, the bank’s addendum orginally required 30 days of escrow, but it was extended to 45 days initiated by the bank because of “California mortgage deal”. The bank paid for termite inspection (less than $100 as I saw the receipt in the closing doc) and the result turned out to be clean.

[fsbo]

REO banks sellers do not want to take your deposit and miss the contract. Their best interest is to push you to close the escrow as soon as possible.

In my case, the bank’s addendum orginally required 30 days of escrow, but it was extended to 45 days initiated by the bank because of “California mortgage deal”. The bank paid for termite inspection (less than $100 as I saw the receipt in the closing doc) and the result turned out to be clean.

[fsbo]

REO banks sellers do not want to take your deposit and miss the contract. Their best interest is to push you to close the escrow as soon as possible.

In my case, the bank’s addendum orginally required 30 days of escrow, but it was extended to 45 days initiated by the bank because of “California mortgage deal”. The bank paid for termite inspection (less than $100 as I saw the receipt in the closing doc) and the result turned out to be clean.

[fsbo]

REO banks sellers do not want to take your deposit and miss the contract. Their best interest is to push you to close the escrow as soon as possible.

In my case, the bank’s addendum orginally required 30 days of escrow, but it was extended to 45 days initiated by the bank because of “California mortgage deal”. The bank paid for termite inspection (less than $100 as I saw the receipt in the closing doc) and the result turned out to be clean.

[CA renter]

[quote=drboom]”Normal” or not, it’s up to you whether you can stomach the terms. I can’t think of any good reason to compress the contingency period if the escrow is the usual 30 days, so see if they will negotiate.

In my case (short sale closing tomorrow–am I a bad Pigg?), the seller’s bank didn’t want to do termite inspection or home warranty. My agent picked up the inspection and we are splitting the warranty cost.

The bank was also fairly emphatic about the closing date (30 day escrow, but not willing to do an extension for any reason), but there weren’t any other unusual terms to the deal.

They picked services, naturally, and I think I got overcharged by a few hundred bucks by the escrow company–OTOH, the escrow guys said short sales are a PITA and claimed to have earned the $1k fee.

Good luck![/quote]

Congratulations! Enjoy your new home, drboom! 🙂

[CA renter]

[quote=drboom]”Normal” or not, it’s up to you whether you can stomach the terms. I can’t think of any good reason to compress the contingency period if the escrow is the usual 30 days, so see if they will negotiate.

In my case (short sale closing tomorrow–am I a bad Pigg?), the seller’s bank didn’t want to do termite inspection or home warranty. My agent picked up the inspection and we are splitting the warranty cost.

The bank was also fairly emphatic about the closing date (30 day escrow, but not willing to do an extension for any reason), but there weren’t any other unusual terms to the deal.

They picked services, naturally, and I think I got overcharged by a few hundred bucks by the escrow company–OTOH, the escrow guys said short sales are a PITA and claimed to have earned the $1k fee.

Good luck![/quote]

Congratulations! Enjoy your new home, drboom! 🙂

[CA renter]

[quote=drboom]”Normal” or not, it’s up to you whether you can stomach the terms. I can’t think of any good reason to compress the contingency period if the escrow is the usual 30 days, so see if they will negotiate.

In my case (short sale closing tomorrow–am I a bad Pigg?), the seller’s bank didn’t want to do termite inspection or home warranty. My agent picked up the inspection and we are splitting the warranty cost.

The bank was also fairly emphatic about the closing date (30 day escrow, but not willing to do an extension for any reason), but there weren’t any other unusual terms to the deal.

They picked services, naturally, and I think I got overcharged by a few hundred bucks by the escrow company–OTOH, the escrow guys said short sales are a PITA and claimed to have earned the $1k fee.

Good luck![/quote]

Congratulations! Enjoy your new home, drboom! 🙂

[CA renter]

[quote=drboom]”Normal” or not, it’s up to you whether you can stomach the terms. I can’t think of any good reason to compress the contingency period if the escrow is the usual 30 days, so see if they will negotiate.

In my case (short sale closing tomorrow–am I a bad Pigg?), the seller’s bank didn’t want to do termite inspection or home warranty. My agent picked up the inspection and we are splitting the warranty cost.

The bank was also fairly emphatic about the closing date (30 day escrow, but not willing to do an extension for any reason), but there weren’t any other unusual terms to the deal.

They picked services, naturally, and I think I got overcharged by a few hundred bucks by the escrow company–OTOH, the escrow guys said short sales are a PITA and claimed to have earned the $1k fee.

Good luck![/quote]

Congratulations! Enjoy your new home, drboom! 🙂

[CA renter]

[quote=drboom]”Normal” or not, it’s up to you whether you can stomach the terms. I can’t think of any good reason to compress the contingency period if the escrow is the usual 30 days, so see if they will negotiate.

In my case (short sale closing tomorrow–am I a bad Pigg?), the seller’s bank didn’t want to do termite inspection or home warranty. My agent picked up the inspection and we are splitting the warranty cost.

The bank was also fairly emphatic about the closing date (30 day escrow, but not willing to do an extension for any reason), but there weren’t any other unusual terms to the deal.

They picked services, naturally, and I think I got overcharged by a few hundred bucks by the escrow company–OTOH, the escrow guys said short sales are a PITA and claimed to have earned the $1k fee.

Good luck![/quote]

Congratulations! Enjoy your new home, drboom! 🙂

[drboom]

[quote=CA renter]
Congratulations! Enjoy your new home, drboom! :)[/quote]

Thanks, CAR. It has been a long time coming.

Just to keep my Pigg credentials intact, let me say for the record that I will induce vomiting if I hear one more person say “it’s a great time to buy”. I’m convinced that most of my 20% down payment “equity” will evaporate over the next couple of years.

The “take it or leave it” sales terms the OP and I have to put up with are a real treat, too. In my case, the house is in relatively good shape but there is an unbelieveable amount of crap in the yard, the workshop, under the house (wine bottles, yay), in the attic (crazy aunt? haven’t looked closely), etc. This is the first resale for this house (built 1952), so stuff has piled up for decades. I’ll be working my tail off for the next few weeks just to get it ready for us to move in.

But as I drink my coffee and wait for the County Recorder to do their thing, I gotta say I’ve been this excited about very few things in my life. My kids (3yo and 1yo) will finally escape apartment prison, I’ll finally have a proper office/shop, and my wife and I can finally stop making improvements to other people’s property.

Sorry about hijacking the thread; we will now return to our regularly scheduled Tales of REO Extortion starring Vincent Price as the evil Asset Manager.

[drboom]

[quote=CA renter]
Congratulations! Enjoy your new home, drboom! :)[/quote]

Thanks, CAR. It has been a long time coming.

Just to keep my Pigg credentials intact, let me say for the record that I will induce vomiting if I hear one more person say “it’s a great time to buy”. I’m convinced that most of my 20% down payment “equity” will evaporate over the next couple of years.

The “take it or leave it” sales terms the OP and I have to put up with are a real treat, too. In my case, the house is in relatively good shape but there is an unbelieveable amount of crap in the yard, the workshop, under the house (wine bottles, yay), in the attic (crazy aunt? haven’t looked closely), etc. This is the first resale for this house (built 1952), so stuff has piled up for decades. I’ll be working my tail off for the next few weeks just to get it ready for us to move in.

But as I drink my coffee and wait for the County Recorder to do their thing, I gotta say I’ve been this excited about very few things in my life. My kids (3yo and 1yo) will finally escape apartment prison, I’ll finally have a proper office/shop, and my wife and I can finally stop making improvements to other people’s property.

Sorry about hijacking the thread; we will now return to our regularly scheduled Tales of REO Extortion starring Vincent Price as the evil Asset Manager.

[drboom]

[quote=CA renter]
Congratulations! Enjoy your new home, drboom! :)[/quote]

Thanks, CAR. It has been a long time coming.

Just to keep my Pigg credentials intact, let me say for the record that I will induce vomiting if I hear one more person say “it’s a great time to buy”. I’m convinced that most of my 20% down payment “equity” will evaporate over the next couple of years.

The “take it or leave it” sales terms the OP and I have to put up with are a real treat, too. In my case, the house is in relatively good shape but there is an unbelieveable amount of crap in the yard, the workshop, under the house (wine bottles, yay), in the attic (crazy aunt? haven’t looked closely), etc. This is the first resale for this house (built 1952), so stuff has piled up for decades. I’ll be working my tail off for the next few weeks just to get it ready for us to move in.

But as I drink my coffee and wait for the County Recorder to do their thing, I gotta say I’ve been this excited about very few things in my life. My kids (3yo and 1yo) will finally escape apartment prison, I’ll finally have a proper office/shop, and my wife and I can finally stop making improvements to other people’s property.

Sorry about hijacking the thread; we will now return to our regularly scheduled Tales of REO Extortion starring Vincent Price as the evil Asset Manager.

[drboom]

[quote=CA renter]
Congratulations! Enjoy your new home, drboom! :)[/quote]

Thanks, CAR. It has been a long time coming.

Just to keep my Pigg credentials intact, let me say for the record that I will induce vomiting if I hear one more person say “it’s a great time to buy”. I’m convinced that most of my 20% down payment “equity” will evaporate over the next couple of years.

The “take it or leave it” sales terms the OP and I have to put up with are a real treat, too. In my case, the house is in relatively good shape but there is an unbelieveable amount of crap in the yard, the workshop, under the house (wine bottles, yay), in the attic (crazy aunt? haven’t looked closely), etc. This is the first resale for this house (built 1952), so stuff has piled up for decades. I’ll be working my tail off for the next few weeks just to get it ready for us to move in.

But as I drink my coffee and wait for the County Recorder to do their thing, I gotta say I’ve been this excited about very few things in my life. My kids (3yo and 1yo) will finally escape apartment prison, I’ll finally have a proper office/shop, and my wife and I can finally stop making improvements to other people’s property.

Sorry about hijacking the thread; we will now return to our regularly scheduled Tales of REO Extortion starring Vincent Price as the evil Asset Manager.

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