Escrow Closing process with REO property – Piggington's Econo-Almanac

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February 2, 2009 at 2:54 PM #14960

Sandiagon
Participant

One of my colleague is in escrow with REO property. All documents received by escrow company two days after proposed escrow closing date. As per escrow company, closing may take 10 to 15 work days from now. Seller is not willing to waive penalty ($100.00/Day). If my colleague cancel’s contract, he will lose earnest money deposit, as per realtor (my colleague’s agent). As of now, my colleague did not signed contingency removal form. Can you guy’s suggest the best approach in his scenario?

February 3, 2009 at 7:54 PM #340607

waiting hawk
Participant

i had to get an extention on my 2 foreclosed properties i bought. Best to get an extention. The bank allows it no problem as they see it closing in a timely matter. It’s very common.

February 3, 2009 at 7:54 PM #340930

waiting hawk
Participant

i had to get an extention on my 2 foreclosed properties i bought. Best to get an extention. The bank allows it no problem as they see it closing in a timely matter. It’s very common.

February 3, 2009 at 7:54 PM #341153

waiting hawk
Participant

i had to get an extention on my 2 foreclosed properties i bought. Best to get an extention. The bank allows it no problem as they see it closing in a timely matter. It’s very common.

February 3, 2009 at 7:54 PM #341031

waiting hawk
Participant

i had to get an extention on my 2 foreclosed properties i bought. Best to get an extention. The bank allows it no problem as they see it closing in a timely matter. It’s very common.

February 3, 2009 at 7:54 PM #341059

waiting hawk
Participant

i had to get an extention on my 2 foreclosed properties i bought. Best to get an extention. The bank allows it no problem as they see it closing in a timely matter. It’s very common.

February 3, 2009 at 9:04 PM #340636

moneymaker
Participant

My suggestion is to hard ball them. Threaten to cancel if they don’t waive fee. My guess is they know they will get less now with rates rising and atleast 2 more months on the market. 10 to 15 working days = 2 to 3 weeks=$1400 to $2100, unless you are really stuck on this property, there are more houses about to come to market and everybody knows this.Of course I guess it really depends on how much earnest money you put down too! Let this be a lesson to everybody else out there, no more than 1% earnest money.Bigger question is why so late to get docs to escrow,was the bank holding things up?

February 3, 2009 at 9:04 PM #341183

moneymaker
Participant

My suggestion is to hard ball them. Threaten to cancel if they don’t waive fee. My guess is they know they will get less now with rates rising and atleast 2 more months on the market. 10 to 15 working days = 2 to 3 weeks=$1400 to $2100, unless you are really stuck on this property, there are more houses about to come to market and everybody knows this.Of course I guess it really depends on how much earnest money you put down too! Let this be a lesson to everybody else out there, no more than 1% earnest money.Bigger question is why so late to get docs to escrow,was the bank holding things up?

February 3, 2009 at 9:04 PM #340960

moneymaker
Participant

My suggestion is to hard ball them. Threaten to cancel if they don’t waive fee. My guess is they know they will get less now with rates rising and atleast 2 more months on the market. 10 to 15 working days = 2 to 3 weeks=$1400 to $2100, unless you are really stuck on this property, there are more houses about to come to market and everybody knows this.Of course I guess it really depends on how much earnest money you put down too! Let this be a lesson to everybody else out there, no more than 1% earnest money.Bigger question is why so late to get docs to escrow,was the bank holding things up?

February 3, 2009 at 9:04 PM #341061

moneymaker
Participant

My suggestion is to hard ball them. Threaten to cancel if they don’t waive fee. My guess is they know they will get less now with rates rising and atleast 2 more months on the market. 10 to 15 working days = 2 to 3 weeks=$1400 to $2100, unless you are really stuck on this property, there are more houses about to come to market and everybody knows this.Of course I guess it really depends on how much earnest money you put down too! Let this be a lesson to everybody else out there, no more than 1% earnest money.Bigger question is why so late to get docs to escrow,was the bank holding things up?

February 3, 2009 at 9:04 PM #341089

moneymaker
Participant

My suggestion is to hard ball them. Threaten to cancel if they don’t waive fee. My guess is they know they will get less now with rates rising and atleast 2 more months on the market. 10 to 15 working days = 2 to 3 weeks=$1400 to $2100, unless you are really stuck on this property, there are more houses about to come to market and everybody knows this.Of course I guess it really depends on how much earnest money you put down too! Let this be a lesson to everybody else out there, no more than 1% earnest money.Bigger question is why so late to get docs to escrow,was the bank holding things up?

February 3, 2009 at 10:17 PM #341104

donaldduckmoore
Participant

The seller (bank) usually extends another month or so so that it should not be a problem.

February 3, 2009 at 10:17 PM #341199

donaldduckmoore
Participant

The seller (bank) usually extends another month or so so that it should not be a problem.

February 3, 2009 at 10:17 PM #341076

donaldduckmoore
Participant

The seller (bank) usually extends another month or so so that it should not be a problem.

February 3, 2009 at 10:17 PM #340975

donaldduckmoore
Participant

The seller (bank) usually extends another month or so so that it should not be a problem.
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