My sale is getting sketchy – BofA shenanigans – advice needed!

[sdrealtor]

But they dont care about assets beyond a few months reserves

[permabear]

Thanks for all the advice. Here’s what I ended up doing as of now.

The buyer got initial approvals from BofA higher-ups to approve their loan. We’ve agreed on an addendum to extend escrow by 7 days. They’re going to pay me a set fee per diem for each day until escrow actually closes, to cover my costs (so if it actually takes 5 or 9 days, I get 5 or 9 days additional payment).

In addition, I sent them a Notice to Perform with 48 hours to remove all contingencies. They have stated they will do so, so that their earnest money deposit is now losable if their loan falls through again. I’m sending them a Notice to Perform for completeness sake.

It seems like a reasonable compromise, while still allowing me recourse. If they fail to fund their loan and close by the new escrow date, I have the option of sending them a Demand to Close Escrow with 72 hours notice. If they are unable to close at that point, I’ll keep their earnest money deposit and relist.

[permabear]

Thanks for all the advice. Here’s what I ended up doing as of now.

The buyer got initial approvals from BofA higher-ups to approve their loan. We’ve agreed on an addendum to extend escrow by 7 days. They’re going to pay me a set fee per diem for each day until escrow actually closes, to cover my costs (so if it actually takes 5 or 9 days, I get 5 or 9 days additional payment).

In addition, I sent them a Notice to Perform with 48 hours to remove all contingencies. They have stated they will do so, so that their earnest money deposit is now losable if their loan falls through again. I’m sending them a Notice to Perform for completeness sake.

It seems like a reasonable compromise, while still allowing me recourse. If they fail to fund their loan and close by the new escrow date, I have the option of sending them a Demand to Close Escrow with 72 hours notice. If they are unable to close at that point, I’ll keep their earnest money deposit and relist.

[permabear]

Thanks for all the advice. Here’s what I ended up doing as of now.

The buyer got initial approvals from BofA higher-ups to approve their loan. We’ve agreed on an addendum to extend escrow by 7 days. They’re going to pay me a set fee per diem for each day until escrow actually closes, to cover my costs (so if it actually takes 5 or 9 days, I get 5 or 9 days additional payment).

In addition, I sent them a Notice to Perform with 48 hours to remove all contingencies. They have stated they will do so, so that their earnest money deposit is now losable if their loan falls through again. I’m sending them a Notice to Perform for completeness sake.

It seems like a reasonable compromise, while still allowing me recourse. If they fail to fund their loan and close by the new escrow date, I have the option of sending them a Demand to Close Escrow with 72 hours notice. If they are unable to close at that point, I’ll keep their earnest money deposit and relist.

[permabear]

Thanks for all the advice. Here’s what I ended up doing as of now.

The buyer got initial approvals from BofA higher-ups to approve their loan. We’ve agreed on an addendum to extend escrow by 7 days. They’re going to pay me a set fee per diem for each day until escrow actually closes, to cover my costs (so if it actually takes 5 or 9 days, I get 5 or 9 days additional payment).

In addition, I sent them a Notice to Perform with 48 hours to remove all contingencies. They have stated they will do so, so that their earnest money deposit is now losable if their loan falls through again. I’m sending them a Notice to Perform for completeness sake.

It seems like a reasonable compromise, while still allowing me recourse. If they fail to fund their loan and close by the new escrow date, I have the option of sending them a Demand to Close Escrow with 72 hours notice. If they are unable to close at that point, I’ll keep their earnest money deposit and relist.

[permabear]

Thanks for all the advice. Here’s what I ended up doing as of now.

The buyer got initial approvals from BofA higher-ups to approve their loan. We’ve agreed on an addendum to extend escrow by 7 days. They’re going to pay me a set fee per diem for each day until escrow actually closes, to cover my costs (so if it actually takes 5 or 9 days, I get 5 or 9 days additional payment).

In addition, I sent them a Notice to Perform with 48 hours to remove all contingencies. They have stated they will do so, so that their earnest money deposit is now losable if their loan falls through again. I’m sending them a Notice to Perform for completeness sake.

It seems like a reasonable compromise, while still allowing me recourse. If they fail to fund their loan and close by the new escrow date, I have the option of sending them a Demand to Close Escrow with 72 hours notice. If they are unable to close at that point, I’ll keep their earnest money deposit and relist.

[UCGal]

Coming to this thread late and after the fact.

What struck me – they want to rent at YOUR costs… I’m not sure if your sales price is higher than your purchase price – and chances are your prop taxes are lower than theirs will be… Why should they benefit by renting at *your* costs… not what their costs *will* be.

My friend was in this situation in the 90’s. They were selling for 40% higher than their purchase price. They agreed to rented back to the buyers at their costs… and then the buyers dragged their feet getting the paperwork for the mortgage done. Why should the buyers be motivated since the rent covered the sellers cost – but was a lot lower than the costs when they’d purchased. My friend had to file an eviction notice to get the buyers motivated to get the loan.

[UCGal]

Coming to this thread late and after the fact.

What struck me – they want to rent at YOUR costs… I’m not sure if your sales price is higher than your purchase price – and chances are your prop taxes are lower than theirs will be… Why should they benefit by renting at *your* costs… not what their costs *will* be.

My friend was in this situation in the 90’s. They were selling for 40% higher than their purchase price. They agreed to rented back to the buyers at their costs… and then the buyers dragged their feet getting the paperwork for the mortgage done. Why should the buyers be motivated since the rent covered the sellers cost – but was a lot lower than the costs when they’d purchased. My friend had to file an eviction notice to get the buyers motivated to get the loan.

[UCGal]

Coming to this thread late and after the fact.

What struck me – they want to rent at YOUR costs… I’m not sure if your sales price is higher than your purchase price – and chances are your prop taxes are lower than theirs will be… Why should they benefit by renting at *your* costs… not what their costs *will* be.

My friend was in this situation in the 90’s. They were selling for 40% higher than their purchase price. They agreed to rented back to the buyers at their costs… and then the buyers dragged their feet getting the paperwork for the mortgage done. Why should the buyers be motivated since the rent covered the sellers cost – but was a lot lower than the costs when they’d purchased. My friend had to file an eviction notice to get the buyers motivated to get the loan.

[UCGal]

Coming to this thread late and after the fact.

What struck me – they want to rent at YOUR costs… I’m not sure if your sales price is higher than your purchase price – and chances are your prop taxes are lower than theirs will be… Why should they benefit by renting at *your* costs… not what their costs *will* be.

My friend was in this situation in the 90’s. They were selling for 40% higher than their purchase price. They agreed to rented back to the buyers at their costs… and then the buyers dragged their feet getting the paperwork for the mortgage done. Why should the buyers be motivated since the rent covered the sellers cost – but was a lot lower than the costs when they’d purchased. My friend had to file an eviction notice to get the buyers motivated to get the loan.

[UCGal]

Coming to this thread late and after the fact.

What struck me – they want to rent at YOUR costs… I’m not sure if your sales price is higher than your purchase price – and chances are your prop taxes are lower than theirs will be… Why should they benefit by renting at *your* costs… not what their costs *will* be.

My friend was in this situation in the 90’s. They were selling for 40% higher than their purchase price. They agreed to rented back to the buyers at their costs… and then the buyers dragged their feet getting the paperwork for the mortgage done. Why should the buyers be motivated since the rent covered the sellers cost – but was a lot lower than the costs when they’d purchased. My friend had to file an eviction notice to get the buyers motivated to get the loan.

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