Bait and Switch - Accepted offer, then changed and required Promissory Note!
We have had a file going since JUNE and just when we were getting somewhere, BofA proved themselves again.
They countered our offer, we accepted, then they countered again to extend the closing date. We sent in a new hud and accepted. Nothing else changed, while we waited for final approval.
THEN the lender countered AGAIN but this time they RAISED their acceptance 15k to the FULL appraised value, and required the borrower to sign a promissory note for the difference between our offer and the BPO value, 15k!
I have two questions:
1) Is this a bait-and-switch problem that I can get resolved if I write up to the BofA executives? If so, has anyone had success with this and who did you speak to?
2) If i have to play the game, how do I get the lender to waive the promissory note in order to close? The sellers cannot afford it!
Unfortunately, both sellers have good jobs but their expenses are high due to medical issues. This is ALSO an INVESTMENT property that they're trying to get rid of and I've been told that they like to go after investors.
Please help!
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