Tere Rice

After countless all cash offers this counter really takes the cake. Mind you the offer was ALL CASH and $20,000 over list price and a 14 day close. Who is the greedy one, the selling agent (trying to get the most for the bank, so he gets more REO listings?) or is it the Bank? Buyer frustration is at an all time high. It has been tough being on the front lines. I am thinking tax payers are not going to have much sympathy for the Banks next year when they cry for more Tarp Money!!

This is by far and away the most ridiculous counter offer from a Bank I have yet to receive. Are the Banks lawyers sitting around making this stuff up? How to take advantage of the buyers? We already got their tax dollars let's take more? And anyone agreeing to this is perpetuating this greed. My buyer ran backwards after reading this, and did not want to sign this counter offer.

There are multiple offers on the property and the seller has responded with the following multiple counter:

1. Buyer to provide Highest and Best Terms.

2. Three day inspection

3. Buyers to pay $150 for courtesy closing,

4. Sellers addendums supersedes buyers contracts,

5. Seller will only pay title fees if seller directs,

6. Sold AS IS.

7. No concessions on cash deals (meaning no home warranty, termite repairs, closing costs etc...)

8. COE 11/24/09

9. Earnest Money. Immediately following Sellers execution of the Contract, escrow will be opened by both parties with an escrow agent designated by Seller or otherwise acceptable to Seller. Purchaser shall pay all costs incurred in connection with said escrow. Purchaser shall deposit with Seller or Sellers escrow agent a minimum earnest money deposit of $1,000 or 2% of the Purchase Price (Earnest Money) whichever is greater, within 24 hours of Sellers execution of the Contract. For cash sales with a Purchase Price greater than or equal to $100,000, the Earnest Money must be the greater of 2% of the Purchase Price or a minimum of $5,000. Earnest Money shall be held in a non-interest bearing account unless state regulations dictate otherwise.

10. Opportunity to Inspect. Purchaser further acknowledges and agrees that Purchaser and/or its agents, representatives, contractors, and any other parties deemed necessary by Purchaser have had an opportunity to inspect the Property together with all improvements thereon. Purchaser further acknowledges and agrees that any and all such inspections shall be made in accordance with applicable laws and at Purchasers own expense and all such inspections shall be completed within either (A) three (3) calendar days if this is an all cash transaction or (B) five (5) calendar days if this is a financed transaction, from the date of Sellers execution of the Contract (Seller Acceptance Date). During the Purchasers inspections, Purchaser shall keep the property free and clear of liens and encumbrances and shall defend, indemnify and hold Seller harmless from and against all liability, claims, demands, damages, and costs related to Purchasers inspections, including, without limitation, all attorneys fees and costs through all levels of proceedings. Purchaser shall promptly remove all liens and encumbrances and repair all damages arising from or caused by the inspections. IT IS FURTHER AGREED AND UNDERSTOOD THAT IN NO EVENT SHALL ANY INSPECTIONS BE MADE BY ANY governmental authority, including, without limitation, any HOUSING CODE ENFORCEMENT AGENCY WITHOUT THE PRIOR WRITTEN CONSENT OF THE SELLER. Purchaser shall prearrange with Seller all inspections. Seller shall have the right to attend or have one of Seller's Representatives attend all of Purchaser's inspections. The provisions of this paragraph shall survive closing and the delivery of the deed from Seller to Purchaser or any expiration or termination of the Contract without limitation as to time.

11. If Seller has winterized the Property and Purchaser desires to have the Property inspected, the listing agent will have the Property de-winterized prior to inspection and re-winterized after inspection. Purchaser agrees to pay the expense of the foregoing de-Winterization and re-winterization in advance to the listing agent. All amounts paid under this provision shall be nonrefundable. The provisions of this paragraph shall survive closing and the delivery of the deed from Seller to Purchaser or any expiration or termination of the Contract without limitation as to time.

12. Buyer must respond to this counter with in 24 hours to be considered.

THis is by far my favorite......

IT IS FURTHER AGREED AND UNDERSTOOD THAT IN NO EVENT SHALL ANY INSPECTIONS BE MADE BY ANY governmental authority, including, without limitation, any HOUSING CODE ENFORCEMENT AGENCY WITHOUT THE PRIOR WRITTEN CONSENT OF THE SELLER. Purchaser shall prearrange with Seller all inspections.

I showed a REO house yesterday to clients, they really liked it went home to think about it. Well this morning I get an e-mail they found the same house listed $40,000 less on both Zillow and the agents web site. So how does that make me look? And how does the list agent look?

I had already e-mailed the agent a few days before because I wanted to know if the the bank would consider $40,000 less with an all cash offer and quick close. Maybe he figured he could bait my clients for himself? Maybe I should not have let the cat out of the proverbial BAG!! But I knew and so did my buyers that it was over priced.

With so much information available at one's finger tips, it can backfire on us. Or it can help us. Certainly if I was looking for a house I would search all the web sites. I have even googled addresses to try and find more info and pictures. It can give you a great insite when buying a home and it can also give you an edge on who you are doing business with. In this case I then googled the list agent and his name showed up on a site called Rip Off Report. Not good for him. Now I am unsure about even writing an offer, how can I trust this agent? Would you?

Tere Rice

REO Short Sale Specialist

Real Deal Properties

Temecula, Ca. 92590

I started this “SHORT SALE” in November of 2008. The seller had started BK after trying to get a Loan Modification. It took me two months and countless phone calls and Fax’s to get it out of B of A, BK department

The first offer was submitted January 4, 2009. After 4 months phone calls 2-3 times a week (April 10, 200) a phase 1 negotiator was assigned by that time the first buyer was long gone. Enter offer number 2 after the same routine phase 1 came back in June, the bank countered 40K higher than the offer after a BPO the buyers went higher by 10K but the bank stood firm. I relisted on the MLS at the Bank price received an offer with in three days, at bank price and was put back into the waiting game! 30 days to be assigned a negiotator

The 17th of August there was a stir of activity along with a TD Sale Date for September 3, I made daily phone calls at this point sometimes three times in one day if I did not get the response I was looking for, not all the people who answer the phones have the same knowledge and some are difficult to even understand because of heavy accents. Then in on August 24, 2009 I was asked for the current seller financials, HUD 1 and signed Sales Contract (again I had faxed it in 2X!), but I resent them and was given a Negotiator Phase 2 email address and sent them there in pdf and the TD Sale was postponed.

September 3, 2009 I was given possible SS approval and would be contacted by a “Closing Negotiator” that did happen thru e-mail on September 10, 2009. Written approval closing date of October 2, 2009. That's three weeks and 1 day or 17 business days. This is a VA loan and I immediately asked the negotiator for one more week, by phone (yes, I have a phone number with a VOICEMAIL, and an e-mail address, Woo Hoo!)

So that is where I am today the termite has been done and the buyer has to have all inspections done by Wednesday!

When B of A says the negotiator will contact you in 30 days it means 30 business days or six weeks plus any holidays. Wish me luck!

Tere Rice Realtor* DRE#01079287

Preferred Group Properties

Temecula Office
cell 951-693-0093
e-fax 951-253-9261
http://temecularanchandhomes.postlets.com/
follow me on twitter http://twitter.com/tricerealtor

please mr & mrs SS specialists do not respond to this, thank you!

I was fortunate to have buyers with all cash, but that is not the norm. Most of my buyers are FHA or conventional. But even with all cash, my one buyer had to make 4 offers before he actually got a winning bid in. This was 10K over list price!!! He had sold his home when prices sky rocketed and then rented till this year. Another is cashing out their stocks to buy a second home. Is the what everyone else is seeing?

With so many cash offers I am curious as to where the cash is coming from. And my FHA buyers want to know when they will have a decent shot at making an acceptable offer. Since offer order of preferences is 1. CASH 2. Conventional 3. FHA. I have noticed an increse in Corporate owned homes on the market that do not qualify for FHA because of the 90 day "FLIP" rule.

So flippers are back in the market. They seem to be purchasing at the Trustee Sales for all cash. It has helped to raise prices here or at least started to bottom out the market. Another false market of "Get Rich Quick" scenario? Did I miss some info commercial promising over night millionaire status? With December comes the last chance for first time buyers to get that tax credit, but they can't purchase the flippers homes! Most have made multiple offers only to be rejected because an all cash buyer prevailed once again.

Is FHA considering changing the anti FLIP rule? At least when it is back on the market it is clean and turn key!

I can't get a hold of the listing agent! Do you know who so and so with such and such Realty? This has happened more than once. I like many I pay to have my picture and info listed on the front page of assorted REO, Foreclosure, Real Estate web sites in corallation with zip codes I cover. Evetiably some one elses listing comes up and they think it is mine. I politely explain I am not the sellers agent but I would be obliged to show them the home and represent them as the buyers agent. But more often than not they insist on dealing direct with the listing agent, and usually with out their their best interest represented. They will not get a better price, they will not save any monies by going directly to the sellers agent, in fact they will probably pay more. The sellers best interest is the sellers agent's job. Another senario is the buyers wanting direct contact with the Bank. I can't even get that close to the Bank. So went I tell them I can't give them the information, and that I deal with a Asset Management company who deals with the Bank/Investor. Todays market and way of dealing with Foreclosures is being re-created on a day to day basis. Forget what you did five or ten years ago. NOT THE SAME RULES. If you want to buy in this market find and interview a BUYERS AGENT who will watch out for YOU>