Actually, pleading (the search word I used to find this image on Google) does not apply here. The topic I'm trying to address is how to avoid a nervous breakdown when trying to buy an REO or short sale home. Begging does not work in this environment. Hopless submissiveness is better but I couldn't find a picture of that.
The problem is that the pricing on these homes is so low that buyers become much more compliant and far less demanding than in a normal purchase where the buyer is dealing with a real person who may actually live in the home. It's the idea that there probably are other buyers lined up for this bargain and if you don't agree to the seller's demands and way of doing business the seller will just drop you and go on to the next buyer.
For example the seller bank chooses the escrow company. To most buyers, this seems innocent enough but it ends up costing you the buyer not only extra time but more money as well. Buyers have the right to choose their own and normally it is a local one but these big banks are powerful and when you try to exercise that right and keep the escrow local they just refuse and threaten to go on to the next buyer. Don't quote me on this but most of us out here in real estate land suspect collusion and so do the lawyers so a law got passed requiring seller banks to provide a form stating that you have this right. All they had to do was to take a small step sideways (offering to pay the title insurance) and it bypasses the law very neatly.
So here you come, the thirsty buyer looking for a real deal. The price is fantastic so what do the terms matter? Here is where the rubber meets the road. Suddenly a 30 day escrow becomes a six month nightmare. Oops, the closing costs are more than expected (most of these banks won't even SIGN a purchase offer, they will only sign when the deal is in escrow . . . way too late to ask questions.)
So, beware. Expect much more paperwork. More delays. More games. There is a price for the steal you thought you had.
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