To be clear @Wayne Brooks
They countered my original offer, and wanted 10% down and a closing date of the 2nd. So that was THEIR offer not mine. I wanted a week for inspections and MY closing date was later because of it. I negotiated a one day inspection instead and, to be clear, the same closing date of July 2nd. Again to be clear, I did sign an 10-11 page addendum last week along with putting my money in escrow and the closing date was the 2nd. I understand 10% is standard, I just think its a sad state when the "standard" has one party that is expected to risk so much with no contingency, when the other party can take the money and run if a similar extension were required by the buyer. I also stand to gain getting my 10k back and putting it down on another property that potentially isn't bank owned and full of headaches. If it wasn't clear enough... this was their terms and I signed the 10-11 page addendum. I only negotiated price and a one day inspection, neither of which are being called into question. Thank you for trying to set things straight, although I believe I did not make enough of the situation clear in my original post.
@Jon Holdman Yes I have heard this is how it goes. I didn't put in the short closing date in my offer. They did in their counter. Thank you for your advice, i was curious if I could get my EM and move on if they haven't signed yet. I don't know what they have or have not done so far. Which is part of my main concern. Thank you for the response.
@Guy Gimenez Thank you for your honest take on the REO process. I am obviously green in these matters because I thought contracts actually mattered. But I have heard from other sources that banks will flat out refuse to do things they sign into contracts. I didn't know how accurate this information was. Your opinion is definitely helpful.
@Steve Babiak I know they put it in there for their own protection and not the buyers, but since it is in there it does "technically" have legal implications on bother parties. It doesn't just work one way. There seems to be a serious sense of powerlessness in the community when dealing with banks, which is understandable. I also see this attitude of "this is how it is, nothing we can do about it" in many aspects of society that lead to worse and worse terms for consumers or "little guys". In psychology it's called learned helplessness and is not always the reality of the situation, just the perception of those who suffer from it. So while I'm not the guy to come by and change anything, I can do as you do and decide if they don't want to play nice then I wont play at all. Sorry so long, but this is an interesting topic to examine and now be a part of. Thank you for your input.
