Escrow Closing process with REO property

[Sandiagon]

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?

[waiting hawk]

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.

[waiting hawk]

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.

[waiting hawk]

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.

[waiting hawk]

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.

[waiting hawk]

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.

[moneymaker]

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?

[moneymaker]

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?

[moneymaker]

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?

[moneymaker]

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?

[moneymaker]

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?

[donaldduckmoore]

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

[donaldduckmoore]

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

[donaldduckmoore]

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

[donaldduckmoore]

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

[Author]

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