Bank approves 2 of 3 items in PA, but won't issue counter/addendum re: third - how do we proceed?

Just when we think we are getting close!  We received word via email last week that Quicken Loans (PNC 2nd) had approved our purchase price offer as well as the 3% towards closing, prepaids, escrows, however they are denying a request for $6k in escrow for appliances (sellers are taking appliances with them so we asked for $$ to be escrowed for purchase of new).   We were not willing to walk over this so were waiting for counter from bank to sign off on so we could move towards closing finally.  Monday this week we learn that Quicken said they weren't going to do a counter - they are just rejecting the $6k.  Both agents agree that it is part of contract so some kind of addendum is needed to address it.  There is an attorney (Mtg. mitigation company) running point on this and they have NOT helped much at all!  According to them Quicken has said "they don't want / need an addendum". ???  So here we are, assumedly with approval but still stuck in limbo.  Is this common - for bank not to amend/counter the offer back when they are not approving a part of the contract?  We have yet to see anything in writing either so don't know if clock is ticking in bank's mind.  Listing agent appears content to just wait for them to get back to her.  How would you handle this?   Really hoping to enjoy a bit of summer in our lake house before the snow flies here in MI! 

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The addendum needs to be between the seller and the buyer NOT the bank. Just do an addendum and have both parties sign it. If the bank doesn't need an addendum then don't send it to them. Just redo the HUD taking the $6,000 off and send them that.

The bank does not approve contracts. They approve the amounts that they will allow paid from the proceeds of the sale and the amount the are willing to accept.

So......

  1. Have the buyer and seller sign an addendum removing the $6,000 appliance escrow from the contract. No need to send this to the lender unless they ask for it.
  2. Change the prelim HUD removing the $6,000 escrow and adding that amount to the payoff to the lender. This gets sent to the lender.

I hope this helps.

I just noticed you are the buyer. Just give this info to your agent.

Thanks for the quick response Bryant - and your help (again!).  Yes we are the buyer - we only put that in the contract as it was suggested by agent at the time as being "worth a try".  I will certainly forward the info and hopefully get us moving again. Thanks again - this website and the agents here have been very helpful throughout this process!

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