Shady transaction on a REO?

[Jonathan Harms]

Hi all, Hoping to get the opinions of the smart folks in this community. I bought an REO from one of the big banks. Step 1 was to sign an addendum they required services via their asset administration division. Next, I heard nothing until the evening before the agreed upon closing date. I didn't have a closing location or any other financial info from the seller/bank Next, the day of closing, my agent, who is proving untrustworthy, said the closing wasn't going to happen and didn't provide much other information. Next, I asked my attorney for advice and found out it was ambiguous that the Purchase Agreement I had initials only in the countered section, not the accepted section. But...my agent (first time working together), said we have a done deal. I used addendum language from my lawyer to extend the closing date and reiterate the sales price and seller as the bank. Next, my agent said the bank wanted the seller listed on this addendum as "Owner of Record." And this is where we are at now. Is this common? Or is something shady going on? Thanks!

[William C.]

Nothing here sounds all that shady. They prob want it to say of record because it could be any number of entities the bank uses as a holding company come closing time. The fact they are asking for to sign documents would indicate you still have a deal. I'd just try to open some more communication with your agent as to the status of the deal. The seller may be having issues clearing the title, again hence the "owner of record" language. Best of luck.