Bank Provides 6% Seller Credit After Contract Acceptance: REALLY??!?! with Christianne Gordon

It's been a while since I have written a REALLY??!?! blog, but I just couldn't resist sharing this moment with you...

Steve (aka Dad) got another REO listing about a month ago and it was a decent property with an incredible price! Right from the start we had LOTS of showings, and multiple contracts. I think he ended up with 8 that he went back out to and requested the obligatory "best and final" from.

Once Steve had back all the best and final offers, he submitted them to the bank, and the bank chose one. This is all pretty basic from here - where's the REALLY moment, you ask?

WELL! About ten days after the contract was mutually executed, inspections were ordered, and escrow opened, the buyer's agent called and asked for a 6% seller credit. REALLY??!?! You're kidding right? We had multiple contracts, the property went for over asking, but now you're asking for a 6% seller credit AFTER the contract has been negotiated? The buyer's agent did state she was mortified to be asking, and stated that the lender had told her the bank and asset manager were the initiating parties offering the 6% seller credit.

Steve didn't believe it, and frankly, neither did I, but the buyer's agent drew up the addendum at the behest of the lender and we submitted it to the asset manager.... And then we waited..... and waited.... and waited.... for a response.

We weren't really surprised when we didn't get one. There have been a myriad of other glitches that have come during this escrow that we finally needed an extension.

The asset manager called Steve last night and - as we anticipated - the whole 'bank and asset manager offered the 6% seller credit - was pure poppycock, plain and simple! She asked us "Why would I give that after we've already agreed to a contract?" We knew it, and when Steve told her "the lender said YOU said you would do it" - again, no surprise here - the asset manager never said she would give a 6% seller credit to the lender regarding this transaction. Further, she never told the lender to ask the buyer's agent to submit an addendum for the credit.

So let me ask, what is the motivation to make up a lie like this and cause the buyers, the buyer's agent, the listing agents, and the asset manager to go through all this? Did she NOT think that her lie would come out? Did she REALLY think the bank would just say "oh, ok, here's 6%?"

Does she really think that any of us will ever do another deal with her? The risk that she took on one deal could have permanently damaged her career (and it has in my eyes)...how do people like this keep a job...REALLY???!?!

Posted By: Christianne Gordon - Northern Nevada Real Estate Agent - Realtor
with RE/MAX Realty Affiliates, specializing in Carson Valley Real Estate and Northern Nevada Real Estate.