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Permalink Reply by sofy bark on March 14, 2012 at 5:01am

That's what happen to me the first buyer was rejected the bank gave them until 5pm to answer they never did the agent or seller did not submit the bakup wasted time until the first buyer called after a week......that's in itself is a breach of contract yes....

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Permalink Reply by Smitty on March 14, 2012 at 5:11am

The bank issues addendums to protect THE BANK ... not the homeowner and NOT the agent. Please keep that in mind.

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Permalink Reply by Smitty on March 14, 2012 at 5:09am

No that is not a breach of contract sofy. The bank doesn't call the shots on the P&S. The seller does. So if the seller allowed the buyer a week to respond then that's ok to do. The banks job is to release the lien and provide a payoff amount. The bank can issue any addendum or threat they want and the only thing they can do is close the file if they dont' like the response.  They can say they want a response by 5:00 PM but if it doesn't happen and the buyer and seller come to an agreement after that and the file hasn't closed out, the bank can easily just keep that file going.  You have no way of knowing what that first P&S said or what the terms were.

 

 

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Permalink Reply by Jeff Payne on March 14, 2012 at 5:41am

Good point Smitty, those addenda are certainly not for our CYA.   Sofy, please keep in mind that the bank is not a party to the contract.  The contract is between the buyer and the seller and not the buyer and the bank.  The bank can ask anything they want but in the end it all depends on the buyer and seller agreeing together and the bank releasing the lien.    

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