A Contract Is ... What, Exactly?
There’s no news regarding the house. My lawyer has exchanged a few calls and letters with their lawyer, now that they finally hired one. I still say that we had a contract and they still say that we didn’t have a contract. (Then what the hell was that thing I signed?) We’re now asking for mediation as per the contract before we file suit, but they’re still trying to sell the house… to people other than myself or myself for more than the agreed-upon price.
But in other news, my loan was fully approved (at the contracted price), so I could essentially close at any time once they finally uphold their end of the contract.
I just don’t get it. We have a signed contract and they can sell the house to me right now. I want to buy the house from them. My lender’s underwriter has guaranteed that they’ll back the loan at the contracted price. There’s no risk at all now to Big Bank. All they have to do is say, “Here are the title and the keys. Thanks for your money. Enjoy. Bye.” Almost all contingencies have been removed. Why do I have to fight so hard to give them thousands upon thousands of dollars for this nonperforming asset that they surely want to remove from their books? The Asset Management Company is screwing this one up big time, and I doubt Big Bank has heard much – if anything – of their mistake(s) so far.
Asset Management Company has a Limited Power of Attorney to sell Big Bank’s foreclosed homes. But Asset Management Company claims that Big Bank didn’t authorize them to sign the contract at the price that was on the contract. The way I interpret the contract, once it was signed, Asset Management Company had a duty to give the contract to Big Bank for approval from “senior management,” and while AMC claims BB would not approve it, I sincerely doubt that they even took it to BB.
How slowly the wheels turn in the head of Mr. Middleman.
This situation pisses me off to no end.