All Forum Posts by: Susan W.

The EM money is $1k. I don't care this EM money to be refunded or not. Can I put a lien on the house as a way to fight with the bank?

Thanks for all replies. I've used strategies here to fight back:

1. Where is official approval from the bank after contract is signed?

2. List of repairs + seller's disclose doc + house is empty since June

3. Neighbor's house was sold @ 220k in July but w/ perfect landscape and move-in condition. Even that house was on market for a year. For $40k diff, we can't get house done in that super condition.

I'm buying this to live-in.

After offer is accepted, I signed the standard 1-4 family residential contract (resale) form. Then deposited earnest money and proof of fund to the closing company.

In that standard contract form, there is special provision section: "This is a short sale and all parties here-in understand that the existing lender must approve the sale and contract to close. No survey or appraisal is or will be required to close said property."

Apparently, we didn't have official bank approvals, while the closing date is delayed week by week.

This is a cash purchase. I don't have a loan or mortgage insurance as a buyer.

Is there anything I can do to support my contract number $150K? For example, repair cost?

The house was listed @ $100k, and I offered $140k. The bank counted to $150k, so I increased my offer to $150k and my cash offer was accepted in June. Contract was signed, both earnest money and fund proof were accepted by the closing company. The initial closing date is 6/20.

Every week, we have to sign closing extension. The listing agent is dual agent. He said the SS is already approved by the bank. In June, the bank asked for $70k, while he already listed $30k more. Now the Bank has done 3 BPOs and today the final number came in as $180k.

How to fight back with this 20% or $30k increase?

Thanks in advance for your help!

The topic is for buy-and-hold case: buy the apartment building, hold it for long-term management.

How about flip case? Money contributor and contractor as partners? I heard 60-40 of net profit. Is that true?