REO Cancellation of K re Missed Deadline

Has anyone out there ever had or heard of a bank cancelling a sale on a REO because the buyer was 2 days late in making the additional deposit due at the end of due diligence ??

 

They did/do not have any back-ups – craziest thing !!! Yes, it’s within their contractual rights to do so but I would think their 1st priority would be to get the deal done for the banks & their depositors best interest.

Would appreciate all your comments.  Thanks much

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Comment by Chuck Fleischer on February 27, 2012 at 12:53am

Happens more than you realize. Once it goes "out of contract" they close the file. Much of it is automated. I list REO's, and the deadlines tend to be absolute. The Listing Agent can appeal to the Asset Manager for a review, but the odds are low. Best bet? Write a new contract and include the late amount in the original EM. REO offers containing the fewest contingencies are the one first and most seriously considered. Good luck with it.

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