Re: How should I deal with the bank addendum issue while negotiating with the bank - Posted by Jim IL
Posted by Jim IL on April 14, 1999 at 23:06:45:
I have dealt with the same issues.
The way I handled it was to hire a RE attorney to represent me and do DOC prep for the closing.
My attorney then arranged the closing and made sure the title company did a double close.(he called all parties, and prepared the doc’s. His fee to me was approx. $350 for all of this.)
Basically, he called me and told me where and when to show up.
It all worked out fine.
The title company originally said that a double close could not be done. They had never done one, so therefore, to them, it was impossible. Since my attorney did all the DOC prep, they learned otherwise.
As far as the “Assignability clause”, if that will kill the deal, (to remove it that is), leave it in.
You should have made your offer low enough to compensate for any minor adjustments anyway.
Just have the bank cover thier closing costs, your seller thiers, and you will only have to cover maybe 1% to 2% as yours.
On a $100k home, you should only have to pay maybe $1000 give or take.
If your looking at the right profit, this will not make much difference. And, your profit minus $1k, is way better than ZERO, because you wanted the bank to do something they were not willing to do.
Good luck, and I hope this helps,