Dear Huntington National Bank –
The addendum you are requiring potential home buyers to sign before you will even look at their offer is, in my opinion, ludicrous and borders on criminal.
I’ve seen a lot of banks put a lot of asinine things in their addendums that makes me question whether you people have a lick of sense, but you guys win the grand prize.
You all should be ashamed of yourselves and you should fire whoever wrote this load of bullshit you’re requiring people to sign.
Good luck with your attempts to fleece home buyers,
That’s the letter I’m about to send to Huntington National Bank, the Arizona Association of Realtors, the National Association of Realtors, my elected officials, the AZ Department of Real Estate, the Attorney General’s office and anyone else I can think of.
Go read Heather Barr’s article on ThePhoenixAgents.com, Wrong on So Many Levels.
Seriously, read it. Heather outlines some absolutely ridiculous terms and conditions this bank is requiring a prospective home buyer to agree to ”“ before they will even LOOK at the offer.
- Making the earnest money deposit non-refundable for any reason.
- Requiring inspections to be complete, or waiving the right to inspect the property ”“ again before the bank will even look at the offer.
- Forbidding access to the property unless the banks agent is present. (Really? The REO listing agents usually won’t even answer the phone, email, text or smoke signal. And now they have to be physically present?)
- Removing the financing contingency (in other words, if your loan falls apart you still have to buy the home. So come up with lots of cash, or kiss your earnest money goodbye).
There is more. It makes me want to puke.
What really makes me ill is the knowledge that there are a LOT of people out there trying to buy bank owned homes. And every lender has their own flavor of these insane addendums.
I’ll bet you a lot of those addendums are never read. Some agents say “sign here” and people do just that.
Potential buyers of REO / bank owned / foreclosure properties need to read every word of every document the lender requires you to sign. Every single word. If there is anything in there that you don’t fully understand the ramifications of, discuss it with your agent, or a real estate attorney. These lenders don’t care one thing about you. It’s all about them. They write 10 page addendums in arcane legalese that can cost you thousands of dollars.
And they’ll be the first ones whining to Congress and asking for a handout (and more of your money) when their financials crumble.
Be very very careful out there”¦