All Forum Posts by: Katharine Chartrand

@Account Closed 

brilliant advise on how to figure out how to serve them.

i wish i had the option to pay the water bill and get the house. i am not sure i do. they shut down the discussion and 'canceled' the purchase agreement unilaterally when i raised the issue. 

@Account Closed I went to the NM secretary of state website and spent a 20 minutes searching for bank of america in every permutation.  they don't seem to be registered in NM.  is that possible?

@Account Closed 

There seem to be two camps here.  

1. Strategically serving the resident agent.

2. Carpet bomb them ... serve the local branch, their realtor, every address on every legal document and the resident agent.

The folks in the later camp seem to have a "cover all your bases" strategy just to be sure.  Is that counter-productive?

@Clint Shelley 

Thank you for these examples.  From this chain it seems that people generally don't how to collect on a judgement.  The reach of the government is incredibly strong. But I hadn't heard of these approaches.

@Bryan N. 

I could take it or leave this house.  There are a lot of similar deals around where I live. If they want to sell me the house, great.  If not, there are other deals.  The issue is not whether I get the house, its whether they return my deposit.

@Account Closed 

Picture me with a margarita ignoring all the people who don't read the chain, while still enjoying all the helpful perspectives I am getting.

@Account Closed 

Thanks ... the second actual answer to my question.

Regarding your questions, my lawyer reads everything I sign.  The terms of this purchase agreement are so one sided it is considered an illusory contract in the state of NM and therefore unenforceable. The bank has all the remedies, I have none.

That is a totally separate issue, but relevant to getting my deposit back.

>KNC<

@Jon Holdman 

taking BofA to small claims court takes time, but it is not hard.

the trick is to properly serve them. when it is not a lot of money and you have a reasonable legal position, as i do, they settle. 

or they just ignore it and you get a default judgement.  the more reasonable your request (like, just deposit and legal fees), the more likely they are to ignore. then it just comes down to whether they were properly served.

small claims is not their favorite venue as you can imagine.  they will often just not show up.

but when i say it takes time...

@Rick H. I agree with you.  My lawyer and the title company feel the bank is at fault.  In the back of my mind, I wonder if they have local custom mixed up with the law.  I am pushing them on this point. But I think they have a larger legal issue with this addendum and context of this paragraph.  

In sum, my goal in both the transaction and the discussion is to learn.  I appreciate all the constructive comments.

@Jared K. 

That is where I made a mistake ... I did not get the contract revised on this point.  I just told them how I read the contract.  That is a good point.

I post the section of the contract below.  The purchase agreement is attached.

The issue is that, in NM, the Bank is supposed to take care of the water bill at the foreclosure. The paragraph they reference for their argument is in an occupied property adendum about charges incurred by previous owner if they illegally occupy the property AFTER foreclosure. 

I am being asked to pay for things that should have been resolved by the bank in the foreclosure process not costs related to the risks of purchasing an occupied home.  The water bill was incurred prior to foreclosure.

I agree that this is an ambiguous point.  If I sue them for my deposit, its going to be based on violations of other aspects of the agreement.  

However, I don't believe that the bank should summarily cancel the agreement at closing because I raise this issue.  I asked for time to discuss this further with the title company and lawyer.  I haven't gotten a response.

(c) BUYER'S EXPENSES. Notwithstanding state or local custom ALL COSTS, TRANSACTION MANAGEMENT, TRANSFER, DOCUMENTATION AND OTHER FEES, EXPENSES, TAXES, CHARGES, ASSESSMENTS, DUES, AND ALL OTHER FINANCIAL PAYMENT TO BE MADE IN CONNECTION WITH THE PURCHASE AND SALE OF THE PROPERTY AS CONTEMPLATED BY THIS AGREEMENT, WHETHER PAST DUE, CURRENTLY DUE OR DELINQUENT, INCLUDING ANY INTEREST OR PENALTIES THAT MAY ACCRUE WITH RESPECT TO THE FOREGOING, SHALL, IN ADDITION TO THE TOTAL PURCHASE PRICE BE BORNE AND PAID BY THE BUYER, AND BUYER AGREES TO DEPOSIT ALL SUCH AMOUNTS WITH CLOSING AGENT SUFFICIENTLY IN ADVANCE OF CLOSING TO ALLOW CLOSING AGENT TO MAKE SUCH PAYMENTS ON BUYER’S BEHALF FROM FUNDS DEPOSITED BY BUYER; these items shall include, but are not limited to, transaction management fees, all current, past due and delinquent property taxes, costs of credit reports, appraisals, loan fees, loan points, other leverage costs, title insurance, title insurance charges, Closing fees, tax service fees, recordation fees for the deed, and any mortgage or deed of trust, any documentary transfer tax, real property transfer taxes or deed tax that may be imposed by the State, County and/or City in which the Property is located, common interest community/unit owner’s/condominium/homeowner's association maintenance or membership fees and/or assessments, if any, Closing costs, and all other costs and expenses, including any cost, expense or tax imposed by any state or local entity not otherwise addressed herein. Further, if desired by Buyer or required by Buyer’s lender, the cost of any and all termite clearances and reports and any inspections required by any lender, and/or repairs recommended or required by any termite and/or property inspection report including, but not limited to, any roof certifications shall all be at the sole cost and expense of Buyer. Buyer authorizes Closing Agent to debit the Buyer's account in the amount of Twenty Dollar ($20.00) fee at Closing in the event Buyer fails to deposit with Closing Agent a change of ownership statement, if required.