About Davenport's Bella Toscana

There are plenty of things that buyers need to be careful of when they are buying a Davenport, Florida foreclosure. But let me just add one more item to the list. An offer is an offer and a contract is a contract. They are not the same thing. An accepted offer becomes an executed contract when both parties have signed all contracts and addenda; and delivery has been made to all parties. The banks (and Fannie Mae) like to do things their own way, and normally that is fine. But when “their way” puts the buyer in a position where they can be taken advantage of, it’s our job as professional Realtors to step in and look out for the interests of our customers. That’s why they hired us.

I received an email from an REO agent over the weekend (surprising) letting me know that my buyer’s offer was accepted by the bank and she would get me the paperwork shortly (as in a few minutes). She also asked me to go ahead and have the buyers schedule their home inspection and make their deposit. She also said, and I quote, “The 1st day of the inspection period was yesterday”. Ummm, I don’t think so. The inspection period begins on the effective date of the contract (contract is signed and delivered), not the date the bank happens to choose. IT’S A CONTRACT, THAT’S WHY WE PUT EVERYTHING IN WRITING!

Fast forward to Tuesday and we finally got paperwork back from the listing agent and it wasn’t signed. The seller wanted everything re-written with the accepted counter terms. This is common as well in the world of foreclosures so it’s no big deal. But at this rate we will not have an executed contract until probably Saturday (if we’re lucky). If we had just agreed that the effective date of the contract was last Friday (like the bank wanted) the buyer would have put up their deposit (upwards of 25k) and we will not have had a chance to do in inspection during the inspection period. In other words, if the buyer wanted to cancel due to inspection results he couldn’t do so without forfeiting his deposit.

Which is the reason I made a stink about the effective date in the first place. Everything should be in writing when you are buying a home. Keep your eyes on the dates when you are buying a foreclosure. The banks will pull a fast one every time if you let them. So don’t let them. That picture in the top left of this post is a picture of the living room of the subject home. Now wouldn't you want the right to inspect that? :)