My client who is in a contract with a bank owned property offered $120,000 cash, 2 week escrow that was listed for $125,000 and was on the market a little over 30 days.
The banks response was $121,000 AND the buyer to pay the BANK'S (seller) escrow and title insurance fee. Sweet deal for the bank. The bank would have helped with the closing costs IF the buyer obtained a loan to buy the property rather than cash.
I guess because a buyer is responsible with her money and is able to pay cash, then she should be penalized. Then, to rub a little more salt in the wounds... we get the bank addendum which says there will be verbiage in the deed that says the buyer may not sell the property for 3 months for a price over a certain amount OR put a loan on it for over a certain amount for 3 months. All of this from an organization who wants to make home ownership easier and available to more people???
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