Upcoming Foreclosures

I am buying a foreclosure property and the bank/ower agreed to pay up to $10,000 as a closing cost credit.?

They have refused to now pay certain closing costs including title insurance, state taxes, basically every charge not included between line 801 and 1107 of the HUD1. The contract language does not specifically spell out which charges can or can not be included. It states "...including but not limited to" loan origination fees, etc. "Purchaser will pay all remaining Purchaser's charges." How can the bank decide in the 11th hour they are not going to utilize the agreed closing cost credit? So far, their realtor, settlement company and my lender have never seen this happen to this extent! What can I do to get them to honor the agreement? If I don't settle, they can sue me and charge me a fine for every day I don't settle.

Public Comments

1. have they threatened to sue you on this? if they do, you have the right to counter-sue for their breach of contract.
2. You should have a real estate attorney. It is not too late. What you spend on him will be a lot less than what they'll take you for if you don't.
3. why do you not a have a lawyer involved??