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Replies (5)
- Craig Fialkowski GRI ,CDPE, "craigfial"
- Contributions:572
Altisource? Not very easy to deal with.
- Michael Emery, "MikeEmery"
- Contributions:7298
I had an issue with Fannie Mae several years back where THEY delayed the closing (always seems to be the bank/owner and not the buyer that delays). They attempted to charge the buyer a per diem until I made them aware it was THEIR fault. The per diem issue came up maybe 10 minutes before closing, so it's best to deal with that issue early on - especially if it is not the buyers fault.
There really should be a per diem paid to the buyer when it's not their fault.
There really should be a per diem paid to the buyer when it's not their fault.
- Dan, "the_country_hick"
- Contributions:4699
Michael. when I do buy a house having a per diem of $150 (minimum) per day the closing is delayed to cover my costs for being stuck will be part of the contract.
This should be a standard part of any purchase contract on both sides.
I am willing to put the closing day any time the seller wants but am not willing to be 1,000 miles from home needing a palce to stay and not be reimbursed. If the sellers cost me more money by not being ready to close that is fair. I will also have in the contract that I can park my truck and trailer on the purchasing property for up to one week before the closing date. That way if I get there 2 days early I will have a place I can park my 40' trailer without problems.
This should be a standard part of any purchase contract on both sides.
I am willing to put the closing day any time the seller wants but am not willing to be 1,000 miles from home needing a palce to stay and not be reimbursed. If the sellers cost me more money by not being ready to close that is fair. I will also have in the contract that I can park my truck and trailer on the purchasing property for up to one week before the closing date. That way if I get there 2 days early I will have a place I can park my 40' trailer without problems.
- ConnieK_Oklahoma
- Contributions:2899
@Craig - yes but I was working hard not to name names.they are horrible. I've taken the attitude with them this time that I will push and push to make this smoother for everyone else and if the cost is that they drop me as a listor....hooray for me!
@Mike- totally agree!!!
@Dan the problem is that with these REO companies, they have their own corporate addendums and won't agree to modifications of them. it sets the tone that if you want to buy their property you must agree to all of their terms unconditionally. Then the problem is that agents don't TRY to fight when issues come up or they don't try to do addendums.
so it is my hope in posting this that maybe some of those agents will realize that they should still address the delays and get extensions signed etc. This transaction I mentioned has STILL NOT closed because of the lender (big bank that I still won't name despite acknowledging the REO company). lender has caused delay after delay with the 203k loan, and with not ordering appraisal and with their goofy "queue" being the ONLy way to get things done. I just requested a third extension. - again the buyer's agent wasn't even going to try. So if I didn't care about the buyer- Imagine where they'd be while we wait on the lender to get their stuff together.
I'm told by the lender that the final appraisal is in and we should close next week. I would love to see the seller have to agree to the same per diem cost that they ask of buyers- but they will never agree to that in the contract in the first place.
@Mike- totally agree!!!
@Dan the problem is that with these REO companies, they have their own corporate addendums and won't agree to modifications of them. it sets the tone that if you want to buy their property you must agree to all of their terms unconditionally. Then the problem is that agents don't TRY to fight when issues come up or they don't try to do addendums.
so it is my hope in posting this that maybe some of those agents will realize that they should still address the delays and get extensions signed etc. This transaction I mentioned has STILL NOT closed because of the lender (big bank that I still won't name despite acknowledging the REO company). lender has caused delay after delay with the 203k loan, and with not ordering appraisal and with their goofy "queue" being the ONLy way to get things done. I just requested a third extension. - again the buyer's agent wasn't even going to try. So if I didn't care about the buyer- Imagine where they'd be while we wait on the lender to get their stuff together.
I'm told by the lender that the final appraisal is in and we should close next week. I would love to see the seller have to agree to the same per diem cost that they ask of buyers- but they will never agree to that in the contract in the first place.
- sunnyview
- Contributions:25139
What a mess Connie. I hope that you tell your clients about your experiences with this lender even if you can't name names here. Fingers crossed for a close next week...
buying an REO with Per Diem Penalty and buyer has lender delays moving closing.
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- 4.9/5.0
- (5 reviews)
Contributions:2899It's stressful when you know the buyer will have $100 per day penalty charge for each day that closing is postponed. So I am sure it's far more stressful for the buyer. We always try to plan that closing date far enough out to not stress over this. However, there is a misconception that the REO company won't extend. So much that there's been times that you suspect the listing agent didn't try because they knew the answer would be no. That's not the case. I'm putting this discussion here in hopes that if you're in this situation you'll push for that extension and get it.
I have listed for one of the most difficult and unresponsive REO companies out there- they are an incredible pain, communication is slow as they appear to have moved ALL of their assest managers to an overseas call center that struggle at times with clear English. Even with these circumstances, they will still extend when notified in advance that the appraisal is not in, there is a lender issue, there are reasons beyond the buyer's control. I've done it successfully a couple of times. I have a current transaction where the buyer is using a large well known bank that most of us CRINGE when we see the buyer is using them because you KNOW closing will be 2 weeks late- since they have their "automated" processes for ordering appraisal and such. Thankfully after some nagging and protesting to the REO company they agreed to extend. The buying side agent not only assumed the answer would be no but wasn't really going to try. Don't be that agent. TRY...demand it. argue until they agree. These REO companies don't need to hold all of the cards, they are already difficult with inspections and everything else, don't let them unfairly penalize the buyer!!!
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