I need your help fast ...
I have been making offers on REO props for weeks now. With every offer, i submit a POF letter (cash offer) and an addendum with "inspection" and "assignment" clauses. The listing agent presents this to the seller (bank), the bank then says that they accept the offer and they then send me and my attorney an addendum that they have with a whole bunch of things in it that must be signed off by me in order to proceed with the deal. they stipulate no assignments and a shorter time framed inspection period. My attorney then sends them a letter letting them know that i need to assign and i wish for a slighly longer inspection period (letter was sent on Monday). Their response today Wednesday is "we make no changes!!!!".
Here is the subject property/deal information: Offered 167,085, priced 35% below FMV, equity $78,000. I have been marketing home to both investors and retail buyers. Yesterdsay Tuesday, i showed the home to a potential retail buyer who is interested in the property and she is also a mortgage contigent buyer (she has a prequal - but that's nothing1). She was aware of the fact that i would be assigning the contract to her for $10K. However, now the seller (bank)will not allow me to assign from my LLC to an end buyer, i only have about 7 days to fulfil inspection, and my contract showed my LLC as a cash deal .... now what??? How do i go about getting this retail buyers into the home for the price that i told her and how do i get paid my fee? PLEASE HELP ME, as i don't want this to be my second opportunity down the drain
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