All Forum Posts by: Kevin Kent

Haha, that is definitely in the plan.

Right on, thanks guys.

As of this afternoon we are trying to get the deal back on. The bank is requesting pictures of the issues discussed in the reduction request but demanded that we do not send them the actual report from the inspections. Pretty much a CYA move that in my opinion should be criminal. Our inspection discovered mold and some structural issues that any buyer would want to know about but they require that we do not notify them that these issues have been identified.

I'm currently under contract on an REO property here in Chicago. After the inspection I was made aware of significant mold issues as well as some foundation and rat issues that were not obvious when we made our offer. We made a price reduction request, they countered and I requested we meet in the middle. The asset manager is now terminating the contract saying what we were asking is unreasonable.

I understand I have no power here and we did bid on an as is property but can the bank really void a signed contract b/c we requested, not demanded a price reduction?

Thank you in advance.