REO property buying experience

[donaldduckmoore]

Dear all, will REO properties usually delay on closing date? If so, how much further beyond the closing date they first mentioned? Any feedbacks welcome?

[robyns_song]

Usually they try to get the closing done before the end of the month and would prefer an earlier closing. Closings may be delayed if the LTV (loss to value) ratio is such that they need approval from the investor or if they are waiting on the trustee’s deed to be recorded, etc.

[donaldduckmoore]

Thanks for your feedback. Who are the investors?

[donaldduckmoore]

Thanks for your feedback. Who are the investors?

[donaldduckmoore]

Thanks for your feedback. Who are the investors?

[donaldduckmoore]

Thanks for your feedback. Who are the investors?

[donaldduckmoore]

Thanks for your feedback. Who are the investors?

[robyns_song]

Usually they try to get the closing done before the end of the month and would prefer an earlier closing. Closings may be delayed if the LTV (loss to value) ratio is such that they need approval from the investor or if they are waiting on the trustee’s deed to be recorded, etc.

[robyns_song]

Usually they try to get the closing done before the end of the month and would prefer an earlier closing. Closings may be delayed if the LTV (loss to value) ratio is such that they need approval from the investor or if they are waiting on the trustee’s deed to be recorded, etc.

[robyns_song]

Usually they try to get the closing done before the end of the month and would prefer an earlier closing. Closings may be delayed if the LTV (loss to value) ratio is such that they need approval from the investor or if they are waiting on the trustee’s deed to be recorded, etc.

[robyns_song]

Usually they try to get the closing done before the end of the month and would prefer an earlier closing. Closings may be delayed if the LTV (loss to value) ratio is such that they need approval from the investor or if they are waiting on the trustee’s deed to be recorded, etc.

[vizcaya]

I bought a Countrywide foreclosure, and the bank had me agree that if the escrow did not close within 30 days, I would pay 1 tenth of 1 percent per day of the sales price if the home did not close on time or sooner.

These banks want these properties off thier books fast.

[donaldduckmoore]

Really! I had the offer accepted by them and they sent me a counter offer or addendum or whatever it is called in end of January. We agreed with everything they said and signed and they wanted to close before 3/3. Up to now, no words from the bank and I really doubt that if we can close on the day they mentioned. I did not delay anything but they tend to hold up the process. Listing agent does not know what we are waiting for either.

Vizcaya, after the addendum, did you still have to sign any other paperwork from the bank or is that it until close of escrow?

[vizcaya]

You should have gotten something by now, as far as your agreeing with the counter.

I do however remember the bank having to check with “investors” to approve my lower offer. This was done within a few days of me placing my bid. In my situation, they had 4 offers, on the same property, and mine was the best one. They never countered. We went in escrow when they accepted.

I am still confused on who these “investors” were. The other realtor made it seem that the offer was too low, and they(the investors) had to rework some numbers, then agree with the sale.

Good luck with your purchase. Hope you really love this house.

[robyns_song]

“Banks” like Countrywide, Wells Fargo, WAMU, etc. are actually just loan servicers for investors who ultimately front the money for the loans. If the property’s investor loses too much money on the deal, the bank (servicing company) has to fork up the difference to pay the investor. So, they would prefer to first get the investor’s approval to avoid having to pay the difference.

[robyns_song]

“Banks” like Countrywide, Wells Fargo, WAMU, etc. are actually just loan servicers for investors who ultimately front the money for the loans. If the property’s investor loses too much money on the deal, the bank (servicing company) has to fork up the difference to pay the investor. So, they would prefer to first get the investor’s approval to avoid having to pay the difference.

[robyns_song]

“Banks” like Countrywide, Wells Fargo, WAMU, etc. are actually just loan servicers for investors who ultimately front the money for the loans. If the property’s investor loses too much money on the deal, the bank (servicing company) has to fork up the difference to pay the investor. So, they would prefer to first get the investor’s approval to avoid having to pay the difference.

[robyns_song]

“Banks” like Countrywide, Wells Fargo, WAMU, etc. are actually just loan servicers for investors who ultimately front the money for the loans. If the property’s investor loses too much money on the deal, the bank (servicing company) has to fork up the difference to pay the investor. So, they would prefer to first get the investor’s approval to avoid having to pay the difference.

[robyns_song]

“Banks” like Countrywide, Wells Fargo, WAMU, etc. are actually just loan servicers for investors who ultimately front the money for the loans. If the property’s investor loses too much money on the deal, the bank (servicing company) has to fork up the difference to pay the investor. So, they would prefer to first get the investor’s approval to avoid having to pay the difference.

[vizcaya]

You should have gotten something by now, as far as your agreeing with the counter.

I do however remember the bank having to check with “investors” to approve my lower offer. This was done within a few days of me placing my bid. In my situation, they had 4 offers, on the same property, and mine was the best one. They never countered. We went in escrow when they accepted.

I am still confused on who these “investors” were. The other realtor made it seem that the offer was too low, and they(the investors) had to rework some numbers, then agree with the sale.

Good luck with your purchase. Hope you really love this house.

[vizcaya]

You should have gotten something by now, as far as your agreeing with the counter.

I do however remember the bank having to check with “investors” to approve my lower offer. This was done within a few days of me placing my bid. In my situation, they had 4 offers, on the same property, and mine was the best one. They never countered. We went in escrow when they accepted.

I am still confused on who these “investors” were. The other realtor made it seem that the offer was too low, and they(the investors) had to rework some numbers, then agree with the sale.

Good luck with your purchase. Hope you really love this house.

[vizcaya]

You should have gotten something by now, as far as your agreeing with the counter.

I do however remember the bank having to check with “investors” to approve my lower offer. This was done within a few days of me placing my bid. In my situation, they had 4 offers, on the same property, and mine was the best one. They never countered. We went in escrow when they accepted.

I am still confused on who these “investors” were. The other realtor made it seem that the offer was too low, and they(the investors) had to rework some numbers, then agree with the sale.

Good luck with your purchase. Hope you really love this house.

[vizcaya]

You should have gotten something by now, as far as your agreeing with the counter.

I do however remember the bank having to check with “investors” to approve my lower offer. This was done within a few days of me placing my bid. In my situation, they had 4 offers, on the same property, and mine was the best one. They never countered. We went in escrow when they accepted.

I am still confused on who these “investors” were. The other realtor made it seem that the offer was too low, and they(the investors) had to rework some numbers, then agree with the sale.

Good luck with your purchase. Hope you really love this house.

[SD Realtor]

Sounds peculiar. If they sent YOU a counter offer and you accepted the counter offer then the only remaining item that is needed is confirmation of the counter offer you signed. Did escrow indeed open? Have you started your loan processing yet? Did you send the accepted counter offer along with the original purchase agreement to your loan officer? Do you have an escrow number?

As Viz posted, most REO transactions will indeed levy a fine upon the buyer on a daily basis if the escrow does not close due to the buyers performance.

What is your realtor doing to help you out? My advice is that you get an addendum generated immediately stating that escrow will close 30 days from the day that you received a confirmation of acceptance from your accepted counter offer.

If you have indeed signed the addendum which is generally the liability release then no there is not much more that you will get. The lender may send you some token disclosure information. I assume you will also get a CLUE report and an NHD, (Hopefully your realtor asked for one) along with the cookie cutter local area disclosure. You should also get a termite inspection report. Even with REO properties you should get one (again assuming you asked) and that pretty much wraps it up. Then all the other work is your due diligence.

SD Realtor

[The OC Scam]

You need to ask more of your agent and get involved! Don’t just sit back and expect everyone to be thinking about your house. This is one lesson I have learned in my REO purchase experience. Put pressure on those involved and be proactive.
I don’t care if I offended my agent but I went as far as contacting the asset management company to see what was the holdup and regularly called my loan office and processor to see if they needed anything from me or waiting for anything in particular from the seller. I found the listing agent to be completely worth less after the negotiation process once we agreed on a price that was last we heard the listing agent theoretically speaking.
My attitude was….This my house I’m buying I really don’t care if I brother people or seen as that annoying buyer in fact this is what I wanted to achieve
You may ask why use an agent…..In the end my agent was my home buying friend and physiologist that always assured me that this was a great deal and that other entire entire BS that kept me going!!!!
As SD R mention in the beginning my lender was waiting about 11 days for the seller to open the escrow account during the period the seller asked for a 17 day close..?
Also ask your agent to request for more time if you need in closing and that $100 a day thing …ask they give you an extension on that also …..The negotiation doesn’t end on the price

[donaldduckmoore]

Thank you very much for your feedback and advice. So far, we have only signed and initial a counter offer, standard seller’s addendum, property condition addendum, mold disclosure and release, water heater and smoke detector statement of compliance, and a bunch of lead paint info. That is all. That was issued on 2/1 and they did ask to close on or before 3/3. They also said that there is no extension on closing and if indeed extend escrow, there is a $50 per day charge on us. They never mention anything if they cannot close on time. Are we supposed to receive a contract from them? If not, then am I worried too much because all we are waiting is to close? In the counter offer, they in fact highlighted “FINAL OFFER ACCEPTANCE IS SUBJECT TO INVESTOR APPROVAL”. Is this the major cause of delay, if any?

SDR and OCS, I am trying to get involved but my agent does not want to offend anyone because I have asked her to ask the listing agent so many times and the listing agent thought that the lender is loaded with work and therefore the delay. No matter what I did, they won’t tell me any details of the lender and the closer, so basically, we are all waiting here. We have the real loan approval already but we did not lock in any rate because we are not so sure if we can really close on 3/3 according to my agent. It is frustrating. Can I back out at this point if I want to offer another one? Thanks.

[robyns_song]

I always thought a buyer can back out of a reale state contract at any time before closing, but risks losing the earnest money deposit. If the home inspection finds something you didn’t expect, you can back out without losing your deposit. If you’re uncertain about the property, I’d definately back out.

[robyns_song]

I always thought a buyer can back out of a reale state contract at any time before closing, but risks losing the earnest money deposit. If the home inspection finds something you didn’t expect, you can back out without losing your deposit. If you’re uncertain about the property, I’d definately back out.

[robyns_song]

I always thought a buyer can back out of a reale state contract at any time before closing, but risks losing the earnest money deposit. If the home inspection finds something you didn’t expect, you can back out without losing your deposit. If you’re uncertain about the property, I’d definately back out.

[robyns_song]

I always thought a buyer can back out of a reale state contract at any time before closing, but risks losing the earnest money deposit. If the home inspection finds something you didn’t expect, you can back out without losing your deposit. If you’re uncertain about the property, I’d definately back out.

[robyns_song]

I always thought a buyer can back out of a reale state contract at any time before closing, but risks losing the earnest money deposit. If the home inspection finds something you didn’t expect, you can back out without losing your deposit. If you’re uncertain about the property, I’d definately back out.

[SD Realtor]

Yes you can back out. Your agent should not be so timid. The fact that you cannot even tell if you are in escrow on your own transaction is quite ominous.

I would either start demanding performance or bail.

I will ask again. Are you in escrow? Do you have an escrow number? Do you know if your contingency period started? If you don’t know this then take things into your own hands and call the listing agent yourself.

The fact that you are getting more information from an internet post board then the agents involved in your transaction is odd.

SD Realtor

[donaldduckmoore]

The lender seems to have some movement at the turtle speed today, we will see. I have no answers for all your questions. Listing agent is reluctant to speak. She always mentions heavy workload, and be patient that makes me so impatient because I cannot see things in the tank. Maybe I should wait because it won’t hurt. Besides, more and more REOs are coming sooner or later and who cares about how slow they act. Their speed will back fire their profit. If I see another one, I will go for it. That is my strategy now.

[vizcaya]

No need to rush. If time and prices are on your side.

[donaldduckmoore]

Dear wise men on the board, if a loan program discontinues before the close of escrow because of all the delay by the lender and people who did the paperwork in the middle, can I back out the deal and have my earnest money back?

[farbet]

What about this scenario:
You make and offer on a house on a short sale. The Bank(seller) approves.
Before Close of escrow and within the escrow peiod weeks a few houses(one opposite) same size, same street and within 1/2 mile etc comes on as REO’s and short sales at about 50K-70 K lower.
Will the appraiser pick these up?Is there ,other than walking away, to ask that the price be lowered to match comps ?
appreciate your replies

[NotCranky]

DDM
What has your agent told you?
Check your contingencies. It sounds like you are past your removal dates? People should know that they can have the loan contingency applied until the loan is funded so that there actually much less risk of this type of thing becoming and issue. Look at your RPA, hopefully you checked “the loan contingency shall remain in effect until the designated loans are funded.” In these times it seems imperative to do that. Maybe it makes the offer a little weaker but with lending all over the place it seems like You say take it or leave it. I would even consider writing an addendum,included withthe offer, that explains it further becasue the contract wording could be better. I am not picking on you just trying to warn others who might be reading.

If you cancel escrow you should try to get some or all of your money back but you really have to make that decision in accordance with the contract for the seller to be obligated . Are there any other grounds by which you can cancel? Usually those pass concurrently or before the loan contingency but if people have been sloppy there might be a way.

Are you interested in asking for an extension to get funded another way?

I had a person come to me once. Not a client of mine. They lost their earnest money deposit this way. It was clear the realtor and lender had abandoned them and failed to represent them with regards to the loan contingency. I wrote some letters which they signed and they got their money reimbursed from the supervising broker. Don’t know if that applies here?

[donaldduckmoore]

Rustico, here is my situation: We put an offer back on Jan 29. We signed the addendum on Jan 30 and we were told to close on March 3. We had everything ready before that day. The seller is Wellsfargo, it is an REO. They did not send out the contract until March 10. yes, the seller did file for extension. COntingency is 5 days after they signed the contract. Since March 10, we (me and my agent) are trying to figure out where the closing instruction is and since then, we are waiting to close. There is another problem. I got an 80-10-10 laon, which will soon discontinue because the lender does not want to have that service after April 1. If we cannot close before April 1, then i will not have enough money to buy. Is this my fault if by then I want to back out because I do not have a loan? How can I retrieve the money? Are you a lawyer? Can I get your service if it really cannot close on time and I need to back out? Thank you?

[NotCranky]

No sorry Donald I am not a lawyer. I am an agent.I was probably exceeding my capacity getting the money back for those people. I’ll plead good samaritian if it ever catches up with me. In any case the lender had choosen the agent who abandoned the client so there was so much leverage to press the abandonement issue. I just wanted you to think if a scenario like that really applies to you.

So it looks like the loan contingency expired march 25th. Do I follow?What is the current contractual close of escrow? hopefully it is before April 1 but I am afraid it is not or you would understand that your situation is O.K.

“I got an 80-10-10 laon, which will soon discontinue because the lender does not want to have that service after April 1. If we cannot close before April 1, then i will not have enough money to buy. Is this my fault if by then I want to back out because I do not have a loan? escrow?”

Fault due to the loan won’t matter because the contingency ramification of the contract doesn’t say…”unless there is a glitch”.If all your contingencies have been actively or pasiively removed it has to be the seller’s doing that causes the problem. Maybe a lawyer could interrpret it a different way so you might actually talk with one.

You have to find a way that the seller has failed contractually or hope they will be lenient. I don’t have any idea about the odds for the latter with this REO. Seems like you culd have some leverage with considering the delays but I really can’t say how it would playout if you don’t perform according to the conatract.

I want to say you should notify the seller of the situation by phone and in writing if you haven’t but I guess that is a judgement call.

[donaldduckmoore]

Thanks Rustico, I will keep my fingers crossed for closing before april 1.

[NotCranky]

You are welcome, I meant to ask if the contingency expired on the 15th in the above post. Sorry about your troubles.
Good Luck.

[NotCranky]

You are welcome, I meant to ask if the contingency expired on the 15th in the above post. Sorry about your troubles.
Good Luck.

[NotCranky]

You are welcome, I meant to ask if the contingency expired on the 15th in the above post. Sorry about your troubles.
Good Luck.

[NotCranky]

You are welcome, I meant to ask if the contingency expired on the 15th in the above post. Sorry about your troubles.
Good Luck.

[NotCranky]

You are welcome, I meant to ask if the contingency expired on the 15th in the above post. Sorry about your troubles.
Good Luck.

[donaldduckmoore]

Thanks Rustico, I will keep my fingers crossed for closing before april 1.

[donaldduckmoore]

Thanks Rustico, I will keep my fingers crossed for closing before april 1.

[donaldduckmoore]

Thanks Rustico, I will keep my fingers crossed for closing before april 1.

[donaldduckmoore]

Thanks Rustico, I will keep my fingers crossed for closing before april 1.

[NotCranky]

No sorry Donald I am not a lawyer. I am an agent.I was probably exceeding my capacity getting the money back for those people. I’ll plead good samaritian if it ever catches up with me. In any case the lender had choosen the agent who abandoned the client so there was so much leverage to press the abandonement issue. I just wanted you to think if a scenario like that really applies to you.

So it looks like the loan contingency expired march 25th. Do I follow?What is the current contractual close of escrow? hopefully it is before April 1 but I am afraid it is not or you would understand that your situation is O.K.

“I got an 80-10-10 laon, which will soon discontinue because the lender does not want to have that service after April 1. If we cannot close before April 1, then i will not have enough money to buy. Is this my fault if by then I want to back out because I do not have a loan? escrow?”

Fault due to the loan won’t matter because the contingency ramification of the contract doesn’t say…”unless there is a glitch”.If all your contingencies have been actively or pasiively removed it has to be the seller’s doing that causes the problem. Maybe a lawyer could interrpret it a different way so you might actually talk with one.

You have to find a way that the seller has failed contractually or hope they will be lenient. I don’t have any idea about the odds for the latter with this REO. Seems like you culd have some leverage with considering the delays but I really can’t say how it would playout if you don’t perform according to the conatract.

I want to say you should notify the seller of the situation by phone and in writing if you haven’t but I guess that is a judgement call.

[NotCranky]

No sorry Donald I am not a lawyer. I am an agent.I was probably exceeding my capacity getting the money back for those people. I’ll plead good samaritian if it ever catches up with me. In any case the lender had choosen the agent who abandoned the client so there was so much leverage to press the abandonement issue. I just wanted you to think if a scenario like that really applies to you.

So it looks like the loan contingency expired march 25th. Do I follow?What is the current contractual close of escrow? hopefully it is before April 1 but I am afraid it is not or you would understand that your situation is O.K.

“I got an 80-10-10 laon, which will soon discontinue because the lender does not want to have that service after April 1. If we cannot close before April 1, then i will not have enough money to buy. Is this my fault if by then I want to back out because I do not have a loan? escrow?”

Fault due to the loan won’t matter because the contingency ramification of the contract doesn’t say…”unless there is a glitch”.If all your contingencies have been actively or pasiively removed it has to be the seller’s doing that causes the problem. Maybe a lawyer could interrpret it a different way so you might actually talk with one.

You have to find a way that the seller has failed contractually or hope they will be lenient. I don’t have any idea about the odds for the latter with this REO. Seems like you culd have some leverage with considering the delays but I really can’t say how it would playout if you don’t perform according to the conatract.

I want to say you should notify the seller of the situation by phone and in writing if you haven’t but I guess that is a judgement call.

[NotCranky]

No sorry Donald I am not a lawyer. I am an agent.I was probably exceeding my capacity getting the money back for those people. I’ll plead good samaritian if it ever catches up with me. In any case the lender had choosen the agent who abandoned the client so there was so much leverage to press the abandonement issue. I just wanted you to think if a scenario like that really applies to you.

So it looks like the loan contingency expired march 25th. Do I follow?What is the current contractual close of escrow? hopefully it is before April 1 but I am afraid it is not or you would understand that your situation is O.K.

“I got an 80-10-10 laon, which will soon discontinue because the lender does not want to have that service after April 1. If we cannot close before April 1, then i will not have enough money to buy. Is this my fault if by then I want to back out because I do not have a loan? escrow?”

Fault due to the loan won’t matter because the contingency ramification of the contract doesn’t say…”unless there is a glitch”.If all your contingencies have been actively or pasiively removed it has to be the seller’s doing that causes the problem. Maybe a lawyer could interrpret it a different way so you might actually talk with one.

You have to find a way that the seller has failed contractually or hope they will be lenient. I don’t have any idea about the odds for the latter with this REO. Seems like you culd have some leverage with considering the delays but I really can’t say how it would playout if you don’t perform according to the conatract.

I want to say you should notify the seller of the situation by phone and in writing if you haven’t but I guess that is a judgement call.

[NotCranky]

No sorry Donald I am not a lawyer. I am an agent.I was probably exceeding my capacity getting the money back for those people. I’ll plead good samaritian if it ever catches up with me. In any case the lender had choosen the agent who abandoned the client so there was so much leverage to press the abandonement issue. I just wanted you to think if a scenario like that really applies to you.

So it looks like the loan contingency expired march 25th. Do I follow?What is the current contractual close of escrow? hopefully it is before April 1 but I am afraid it is not or you would understand that your situation is O.K.

“I got an 80-10-10 laon, which will soon discontinue because the lender does not want to have that service after April 1. If we cannot close before April 1, then i will not have enough money to buy. Is this my fault if by then I want to back out because I do not have a loan? escrow?”

Fault due to the loan won’t matter because the contingency ramification of the contract doesn’t say…”unless there is a glitch”.If all your contingencies have been actively or pasiively removed it has to be the seller’s doing that causes the problem. Maybe a lawyer could interrpret it a different way so you might actually talk with one.

You have to find a way that the seller has failed contractually or hope they will be lenient. I don’t have any idea about the odds for the latter with this REO. Seems like you culd have some leverage with considering the delays but I really can’t say how it would playout if you don’t perform according to the conatract.

I want to say you should notify the seller of the situation by phone and in writing if you haven’t but I guess that is a judgement call.

[donaldduckmoore]

Rustico, here is my situation: We put an offer back on Jan 29. We signed the addendum on Jan 30 and we were told to close on March 3. We had everything ready before that day. The seller is Wellsfargo, it is an REO. They did not send out the contract until March 10. yes, the seller did file for extension. COntingency is 5 days after they signed the contract. Since March 10, we (me and my agent) are trying to figure out where the closing instruction is and since then, we are waiting to close. There is another problem. I got an 80-10-10 laon, which will soon discontinue because the lender does not want to have that service after April 1. If we cannot close before April 1, then i will not have enough money to buy. Is this my fault if by then I want to back out because I do not have a loan? How can I retrieve the money? Are you a lawyer? Can I get your service if it really cannot close on time and I need to back out? Thank you?

[donaldduckmoore]

Rustico, here is my situation: We put an offer back on Jan 29. We signed the addendum on Jan 30 and we were told to close on March 3. We had everything ready before that day. The seller is Wellsfargo, it is an REO. They did not send out the contract until March 10. yes, the seller did file for extension. COntingency is 5 days after they signed the contract. Since March 10, we (me and my agent) are trying to figure out where the closing instruction is and since then, we are waiting to close. There is another problem. I got an 80-10-10 laon, which will soon discontinue because the lender does not want to have that service after April 1. If we cannot close before April 1, then i will not have enough money to buy. Is this my fault if by then I want to back out because I do not have a loan? How can I retrieve the money? Are you a lawyer? Can I get your service if it really cannot close on time and I need to back out? Thank you?

[donaldduckmoore]

Rustico, here is my situation: We put an offer back on Jan 29. We signed the addendum on Jan 30 and we were told to close on March 3. We had everything ready before that day. The seller is Wellsfargo, it is an REO. They did not send out the contract until March 10. yes, the seller did file for extension. COntingency is 5 days after they signed the contract. Since March 10, we (me and my agent) are trying to figure out where the closing instruction is and since then, we are waiting to close. There is another problem. I got an 80-10-10 laon, which will soon discontinue because the lender does not want to have that service after April 1. If we cannot close before April 1, then i will not have enough money to buy. Is this my fault if by then I want to back out because I do not have a loan? How can I retrieve the money? Are you a lawyer? Can I get your service if it really cannot close on time and I need to back out? Thank you?

[donaldduckmoore]

Rustico, here is my situation: We put an offer back on Jan 29. We signed the addendum on Jan 30 and we were told to close on March 3. We had everything ready before that day. The seller is Wellsfargo, it is an REO. They did not send out the contract until March 10. yes, the seller did file for extension. COntingency is 5 days after they signed the contract. Since March 10, we (me and my agent) are trying to figure out where the closing instruction is and since then, we are waiting to close. There is another problem. I got an 80-10-10 laon, which will soon discontinue because the lender does not want to have that service after April 1. If we cannot close before April 1, then i will not have enough money to buy. Is this my fault if by then I want to back out because I do not have a loan? How can I retrieve the money? Are you a lawyer? Can I get your service if it really cannot close on time and I need to back out? Thank you?

[NotCranky]

DDM
What has your agent told you?
Check your contingencies. It sounds like you are past your removal dates? People should know that they can have the loan contingency applied until the loan is funded so that there actually much less risk of this type of thing becoming and issue. Look at your RPA, hopefully you checked “the loan contingency shall remain in effect until the designated loans are funded.” In these times it seems imperative to do that. Maybe it makes the offer a little weaker but with lending all over the place it seems like You say take it or leave it. I would even consider writing an addendum,included withthe offer, that explains it further becasue the contract wording could be better. I am not picking on you just trying to warn others who might be reading.

If you cancel escrow you should try to get some or all of your money back but you really have to make that decision in accordance with the contract for the seller to be obligated . Are there any other grounds by which you can cancel? Usually those pass concurrently or before the loan contingency but if people have been sloppy there might be a way.

Are you interested in asking for an extension to get funded another way?

I had a person come to me once. Not a client of mine. They lost their earnest money deposit this way. It was clear the realtor and lender had abandoned them and failed to represent them with regards to the loan contingency. I wrote some letters which they signed and they got their money reimbursed from the supervising broker. Don’t know if that applies here?

[NotCranky]

DDM
What has your agent told you?
Check your contingencies. It sounds like you are past your removal dates? People should know that they can have the loan contingency applied until the loan is funded so that there actually much less risk of this type of thing becoming and issue. Look at your RPA, hopefully you checked “the loan contingency shall remain in effect until the designated loans are funded.” In these times it seems imperative to do that. Maybe it makes the offer a little weaker but with lending all over the place it seems like You say take it or leave it. I would even consider writing an addendum,included withthe offer, that explains it further becasue the contract wording could be better. I am not picking on you just trying to warn others who might be reading.

If you cancel escrow you should try to get some or all of your money back but you really have to make that decision in accordance with the contract for the seller to be obligated . Are there any other grounds by which you can cancel? Usually those pass concurrently or before the loan contingency but if people have been sloppy there might be a way.

Are you interested in asking for an extension to get funded another way?

I had a person come to me once. Not a client of mine. They lost their earnest money deposit this way. It was clear the realtor and lender had abandoned them and failed to represent them with regards to the loan contingency. I wrote some letters which they signed and they got their money reimbursed from the supervising broker. Don’t know if that applies here?

[NotCranky]

DDM
What has your agent told you?
Check your contingencies. It sounds like you are past your removal dates? People should know that they can have the loan contingency applied until the loan is funded so that there actually much less risk of this type of thing becoming and issue. Look at your RPA, hopefully you checked “the loan contingency shall remain in effect until the designated loans are funded.” In these times it seems imperative to do that. Maybe it makes the offer a little weaker but with lending all over the place it seems like You say take it or leave it. I would even consider writing an addendum,included withthe offer, that explains it further becasue the contract wording could be better. I am not picking on you just trying to warn others who might be reading.

If you cancel escrow you should try to get some or all of your money back but you really have to make that decision in accordance with the contract for the seller to be obligated . Are there any other grounds by which you can cancel? Usually those pass concurrently or before the loan contingency but if people have been sloppy there might be a way.

Are you interested in asking for an extension to get funded another way?

I had a person come to me once. Not a client of mine. They lost their earnest money deposit this way. It was clear the realtor and lender had abandoned them and failed to represent them with regards to the loan contingency. I wrote some letters which they signed and they got their money reimbursed from the supervising broker. Don’t know if that applies here?

[NotCranky]

DDM
What has your agent told you?
Check your contingencies. It sounds like you are past your removal dates? People should know that they can have the loan contingency applied until the loan is funded so that there actually much less risk of this type of thing becoming and issue. Look at your RPA, hopefully you checked “the loan contingency shall remain in effect until the designated loans are funded.” In these times it seems imperative to do that. Maybe it makes the offer a little weaker but with lending all over the place it seems like You say take it or leave it. I would even consider writing an addendum,included withthe offer, that explains it further becasue the contract wording could be better. I am not picking on you just trying to warn others who might be reading.

If you cancel escrow you should try to get some or all of your money back but you really have to make that decision in accordance with the contract for the seller to be obligated . Are there any other grounds by which you can cancel? Usually those pass concurrently or before the loan contingency but if people have been sloppy there might be a way.

Are you interested in asking for an extension to get funded another way?

I had a person come to me once. Not a client of mine. They lost their earnest money deposit this way. It was clear the realtor and lender had abandoned them and failed to represent them with regards to the loan contingency. I wrote some letters which they signed and they got their money reimbursed from the supervising broker. Don’t know if that applies here?

[farbet]

What about this scenario:
You make and offer on a house on a short sale. The Bank(seller) approves.
Before Close of escrow and within the escrow peiod weeks a few houses(one opposite) same size, same street and within 1/2 mile etc comes on as REO’s and short sales at about 50K-70 K lower.
Will the appraiser pick these up?Is there ,other than walking away, to ask that the price be lowered to match comps ?
appreciate your replies

[farbet]

What about this scenario:
You make and offer on a house on a short sale. The Bank(seller) approves.
Before Close of escrow and within the escrow peiod weeks a few houses(one opposite) same size, same street and within 1/2 mile etc comes on as REO’s and short sales at about 50K-70 K lower.
Will the appraiser pick these up?Is there ,other than walking away, to ask that the price be lowered to match comps ?
appreciate your replies

[farbet]

What about this scenario:
You make and offer on a house on a short sale. The Bank(seller) approves.
Before Close of escrow and within the escrow peiod weeks a few houses(one opposite) same size, same street and within 1/2 mile etc comes on as REO’s and short sales at about 50K-70 K lower.
Will the appraiser pick these up?Is there ,other than walking away, to ask that the price be lowered to match comps ?
appreciate your replies

[farbet]

What about this scenario:
You make and offer on a house on a short sale. The Bank(seller) approves.
Before Close of escrow and within the escrow peiod weeks a few houses(one opposite) same size, same street and within 1/2 mile etc comes on as REO’s and short sales at about 50K-70 K lower.
Will the appraiser pick these up?Is there ,other than walking away, to ask that the price be lowered to match comps ?
appreciate your replies

[donaldduckmoore]

Dear wise men on the board, if a loan program discontinues before the close of escrow because of all the delay by the lender and people who did the paperwork in the middle, can I back out the deal and have my earnest money back?

[donaldduckmoore]

Dear wise men on the board, if a loan program discontinues before the close of escrow because of all the delay by the lender and people who did the paperwork in the middle, can I back out the deal and have my earnest money back?

[donaldduckmoore]

Dear wise men on the board, if a loan program discontinues before the close of escrow because of all the delay by the lender and people who did the paperwork in the middle, can I back out the deal and have my earnest money back?

[donaldduckmoore]

Dear wise men on the board, if a loan program discontinues before the close of escrow because of all the delay by the lender and people who did the paperwork in the middle, can I back out the deal and have my earnest money back?

[vizcaya]

No need to rush. If time and prices are on your side.

[vizcaya]

No need to rush. If time and prices are on your side.

[vizcaya]

No need to rush. If time and prices are on your side.

[vizcaya]

No need to rush. If time and prices are on your side.

[donaldduckmoore]

The lender seems to have some movement at the turtle speed today, we will see. I have no answers for all your questions. Listing agent is reluctant to speak. She always mentions heavy workload, and be patient that makes me so impatient because I cannot see things in the tank. Maybe I should wait because it won’t hurt. Besides, more and more REOs are coming sooner or later and who cares about how slow they act. Their speed will back fire their profit. If I see another one, I will go for it. That is my strategy now.

[donaldduckmoore]

The lender seems to have some movement at the turtle speed today, we will see. I have no answers for all your questions. Listing agent is reluctant to speak. She always mentions heavy workload, and be patient that makes me so impatient because I cannot see things in the tank. Maybe I should wait because it won’t hurt. Besides, more and more REOs are coming sooner or later and who cares about how slow they act. Their speed will back fire their profit. If I see another one, I will go for it. That is my strategy now.

[donaldduckmoore]

The lender seems to have some movement at the turtle speed today, we will see. I have no answers for all your questions. Listing agent is reluctant to speak. She always mentions heavy workload, and be patient that makes me so impatient because I cannot see things in the tank. Maybe I should wait because it won’t hurt. Besides, more and more REOs are coming sooner or later and who cares about how slow they act. Their speed will back fire their profit. If I see another one, I will go for it. That is my strategy now.

[donaldduckmoore]

The lender seems to have some movement at the turtle speed today, we will see. I have no answers for all your questions. Listing agent is reluctant to speak. She always mentions heavy workload, and be patient that makes me so impatient because I cannot see things in the tank. Maybe I should wait because it won’t hurt. Besides, more and more REOs are coming sooner or later and who cares about how slow they act. Their speed will back fire their profit. If I see another one, I will go for it. That is my strategy now.

[SD Realtor]

Yes you can back out. Your agent should not be so timid. The fact that you cannot even tell if you are in escrow on your own transaction is quite ominous.

I would either start demanding performance or bail.

I will ask again. Are you in escrow? Do you have an escrow number? Do you know if your contingency period started? If you don’t know this then take things into your own hands and call the listing agent yourself.

The fact that you are getting more information from an internet post board then the agents involved in your transaction is odd.

SD Realtor

[SD Realtor]

Yes you can back out. Your agent should not be so timid. The fact that you cannot even tell if you are in escrow on your own transaction is quite ominous.

I would either start demanding performance or bail.

I will ask again. Are you in escrow? Do you have an escrow number? Do you know if your contingency period started? If you don’t know this then take things into your own hands and call the listing agent yourself.

The fact that you are getting more information from an internet post board then the agents involved in your transaction is odd.

SD Realtor

[SD Realtor]

Yes you can back out. Your agent should not be so timid. The fact that you cannot even tell if you are in escrow on your own transaction is quite ominous.

I would either start demanding performance or bail.

I will ask again. Are you in escrow? Do you have an escrow number? Do you know if your contingency period started? If you don’t know this then take things into your own hands and call the listing agent yourself.

The fact that you are getting more information from an internet post board then the agents involved in your transaction is odd.

SD Realtor

[SD Realtor]

Yes you can back out. Your agent should not be so timid. The fact that you cannot even tell if you are in escrow on your own transaction is quite ominous.

I would either start demanding performance or bail.

I will ask again. Are you in escrow? Do you have an escrow number? Do you know if your contingency period started? If you don’t know this then take things into your own hands and call the listing agent yourself.

The fact that you are getting more information from an internet post board then the agents involved in your transaction is odd.

SD Realtor

[donaldduckmoore]

Thank you very much for your feedback and advice. So far, we have only signed and initial a counter offer, standard seller’s addendum, property condition addendum, mold disclosure and release, water heater and smoke detector statement of compliance, and a bunch of lead paint info. That is all. That was issued on 2/1 and they did ask to close on or before 3/3. They also said that there is no extension on closing and if indeed extend escrow, there is a $50 per day charge on us. They never mention anything if they cannot close on time. Are we supposed to receive a contract from them? If not, then am I worried too much because all we are waiting is to close? In the counter offer, they in fact highlighted “FINAL OFFER ACCEPTANCE IS SUBJECT TO INVESTOR APPROVAL”. Is this the major cause of delay, if any?

SDR and OCS, I am trying to get involved but my agent does not want to offend anyone because I have asked her to ask the listing agent so many times and the listing agent thought that the lender is loaded with work and therefore the delay. No matter what I did, they won’t tell me any details of the lender and the closer, so basically, we are all waiting here. We have the real loan approval already but we did not lock in any rate because we are not so sure if we can really close on 3/3 according to my agent. It is frustrating. Can I back out at this point if I want to offer another one? Thanks.

[donaldduckmoore]

Thank you very much for your feedback and advice. So far, we have only signed and initial a counter offer, standard seller’s addendum, property condition addendum, mold disclosure and release, water heater and smoke detector statement of compliance, and a bunch of lead paint info. That is all. That was issued on 2/1 and they did ask to close on or before 3/3. They also said that there is no extension on closing and if indeed extend escrow, there is a $50 per day charge on us. They never mention anything if they cannot close on time. Are we supposed to receive a contract from them? If not, then am I worried too much because all we are waiting is to close? In the counter offer, they in fact highlighted “FINAL OFFER ACCEPTANCE IS SUBJECT TO INVESTOR APPROVAL”. Is this the major cause of delay, if any?

SDR and OCS, I am trying to get involved but my agent does not want to offend anyone because I have asked her to ask the listing agent so many times and the listing agent thought that the lender is loaded with work and therefore the delay. No matter what I did, they won’t tell me any details of the lender and the closer, so basically, we are all waiting here. We have the real loan approval already but we did not lock in any rate because we are not so sure if we can really close on 3/3 according to my agent. It is frustrating. Can I back out at this point if I want to offer another one? Thanks.

[donaldduckmoore]

Thank you very much for your feedback and advice. So far, we have only signed and initial a counter offer, standard seller’s addendum, property condition addendum, mold disclosure and release, water heater and smoke detector statement of compliance, and a bunch of lead paint info. That is all. That was issued on 2/1 and they did ask to close on or before 3/3. They also said that there is no extension on closing and if indeed extend escrow, there is a $50 per day charge on us. They never mention anything if they cannot close on time. Are we supposed to receive a contract from them? If not, then am I worried too much because all we are waiting is to close? In the counter offer, they in fact highlighted “FINAL OFFER ACCEPTANCE IS SUBJECT TO INVESTOR APPROVAL”. Is this the major cause of delay, if any?

SDR and OCS, I am trying to get involved but my agent does not want to offend anyone because I have asked her to ask the listing agent so many times and the listing agent thought that the lender is loaded with work and therefore the delay. No matter what I did, they won’t tell me any details of the lender and the closer, so basically, we are all waiting here. We have the real loan approval already but we did not lock in any rate because we are not so sure if we can really close on 3/3 according to my agent. It is frustrating. Can I back out at this point if I want to offer another one? Thanks.

[donaldduckmoore]

Thank you very much for your feedback and advice. So far, we have only signed and initial a counter offer, standard seller’s addendum, property condition addendum, mold disclosure and release, water heater and smoke detector statement of compliance, and a bunch of lead paint info. That is all. That was issued on 2/1 and they did ask to close on or before 3/3. They also said that there is no extension on closing and if indeed extend escrow, there is a $50 per day charge on us. They never mention anything if they cannot close on time. Are we supposed to receive a contract from them? If not, then am I worried too much because all we are waiting is to close? In the counter offer, they in fact highlighted “FINAL OFFER ACCEPTANCE IS SUBJECT TO INVESTOR APPROVAL”. Is this the major cause of delay, if any?

SDR and OCS, I am trying to get involved but my agent does not want to offend anyone because I have asked her to ask the listing agent so many times and the listing agent thought that the lender is loaded with work and therefore the delay. No matter what I did, they won’t tell me any details of the lender and the closer, so basically, we are all waiting here. We have the real loan approval already but we did not lock in any rate because we are not so sure if we can really close on 3/3 according to my agent. It is frustrating. Can I back out at this point if I want to offer another one? Thanks.

[The OC Scam]

You need to ask more of your agent and get involved! Don’t just sit back and expect everyone to be thinking about your house. This is one lesson I have learned in my REO purchase experience. Put pressure on those involved and be proactive.
I don’t care if I offended my agent but I went as far as contacting the asset management company to see what was the holdup and regularly called my loan office and processor to see if they needed anything from me or waiting for anything in particular from the seller. I found the listing agent to be completely worth less after the negotiation process once we agreed on a price that was last we heard the listing agent theoretically speaking.
My attitude was….This my house I’m buying I really don’t care if I brother people or seen as that annoying buyer in fact this is what I wanted to achieve
You may ask why use an agent…..In the end my agent was my home buying friend and physiologist that always assured me that this was a great deal and that other entire entire BS that kept me going!!!!
As SD R mention in the beginning my lender was waiting about 11 days for the seller to open the escrow account during the period the seller asked for a 17 day close..?
Also ask your agent to request for more time if you need in closing and that $100 a day thing …ask they give you an extension on that also …..The negotiation doesn’t end on the price

[The OC Scam]

You need to ask more of your agent and get involved! Don’t just sit back and expect everyone to be thinking about your house. This is one lesson I have learned in my REO purchase experience. Put pressure on those involved and be proactive.
I don’t care if I offended my agent but I went as far as contacting the asset management company to see what was the holdup and regularly called my loan office and processor to see if they needed anything from me or waiting for anything in particular from the seller. I found the listing agent to be completely worth less after the negotiation process once we agreed on a price that was last we heard the listing agent theoretically speaking.
My attitude was….This my house I’m buying I really don’t care if I brother people or seen as that annoying buyer in fact this is what I wanted to achieve
You may ask why use an agent…..In the end my agent was my home buying friend and physiologist that always assured me that this was a great deal and that other entire entire BS that kept me going!!!!
As SD R mention in the beginning my lender was waiting about 11 days for the seller to open the escrow account during the period the seller asked for a 17 day close..?
Also ask your agent to request for more time if you need in closing and that $100 a day thing …ask they give you an extension on that also …..The negotiation doesn’t end on the price

[The OC Scam]

You need to ask more of your agent and get involved! Don’t just sit back and expect everyone to be thinking about your house. This is one lesson I have learned in my REO purchase experience. Put pressure on those involved and be proactive.
I don’t care if I offended my agent but I went as far as contacting the asset management company to see what was the holdup and regularly called my loan office and processor to see if they needed anything from me or waiting for anything in particular from the seller. I found the listing agent to be completely worth less after the negotiation process once we agreed on a price that was last we heard the listing agent theoretically speaking.
My attitude was….This my house I’m buying I really don’t care if I brother people or seen as that annoying buyer in fact this is what I wanted to achieve
You may ask why use an agent…..In the end my agent was my home buying friend and physiologist that always assured me that this was a great deal and that other entire entire BS that kept me going!!!!
As SD R mention in the beginning my lender was waiting about 11 days for the seller to open the escrow account during the period the seller asked for a 17 day close..?
Also ask your agent to request for more time if you need in closing and that $100 a day thing …ask they give you an extension on that also …..The negotiation doesn’t end on the price

[The OC Scam]

You need to ask more of your agent and get involved! Don’t just sit back and expect everyone to be thinking about your house. This is one lesson I have learned in my REO purchase experience. Put pressure on those involved and be proactive.
I don’t care if I offended my agent but I went as far as contacting the asset management company to see what was the holdup and regularly called my loan office and processor to see if they needed anything from me or waiting for anything in particular from the seller. I found the listing agent to be completely worth less after the negotiation process once we agreed on a price that was last we heard the listing agent theoretically speaking.
My attitude was….This my house I’m buying I really don’t care if I brother people or seen as that annoying buyer in fact this is what I wanted to achieve
You may ask why use an agent…..In the end my agent was my home buying friend and physiologist that always assured me that this was a great deal and that other entire entire BS that kept me going!!!!
As SD R mention in the beginning my lender was waiting about 11 days for the seller to open the escrow account during the period the seller asked for a 17 day close..?
Also ask your agent to request for more time if you need in closing and that $100 a day thing …ask they give you an extension on that also …..The negotiation doesn’t end on the price

[SD Realtor]

Sounds peculiar. If they sent YOU a counter offer and you accepted the counter offer then the only remaining item that is needed is confirmation of the counter offer you signed. Did escrow indeed open? Have you started your loan processing yet? Did you send the accepted counter offer along with the original purchase agreement to your loan officer? Do you have an escrow number?

As Viz posted, most REO transactions will indeed levy a fine upon the buyer on a daily basis if the escrow does not close due to the buyers performance.

What is your realtor doing to help you out? My advice is that you get an addendum generated immediately stating that escrow will close 30 days from the day that you received a confirmation of acceptance from your accepted counter offer.

If you have indeed signed the addendum which is generally the liability release then no there is not much more that you will get. The lender may send you some token disclosure information. I assume you will also get a CLUE report and an NHD, (Hopefully your realtor asked for one) along with the cookie cutter local area disclosure. You should also get a termite inspection report. Even with REO properties you should get one (again assuming you asked) and that pretty much wraps it up. Then all the other work is your due diligence.

SD Realtor

[SD Realtor]

Sounds peculiar. If they sent YOU a counter offer and you accepted the counter offer then the only remaining item that is needed is confirmation of the counter offer you signed. Did escrow indeed open? Have you started your loan processing yet? Did you send the accepted counter offer along with the original purchase agreement to your loan officer? Do you have an escrow number?

As Viz posted, most REO transactions will indeed levy a fine upon the buyer on a daily basis if the escrow does not close due to the buyers performance.

What is your realtor doing to help you out? My advice is that you get an addendum generated immediately stating that escrow will close 30 days from the day that you received a confirmation of acceptance from your accepted counter offer.

If you have indeed signed the addendum which is generally the liability release then no there is not much more that you will get. The lender may send you some token disclosure information. I assume you will also get a CLUE report and an NHD, (Hopefully your realtor asked for one) along with the cookie cutter local area disclosure. You should also get a termite inspection report. Even with REO properties you should get one (again assuming you asked) and that pretty much wraps it up. Then all the other work is your due diligence.

SD Realtor

[SD Realtor]

Sounds peculiar. If they sent YOU a counter offer and you accepted the counter offer then the only remaining item that is needed is confirmation of the counter offer you signed. Did escrow indeed open? Have you started your loan processing yet? Did you send the accepted counter offer along with the original purchase agreement to your loan officer? Do you have an escrow number?

As Viz posted, most REO transactions will indeed levy a fine upon the buyer on a daily basis if the escrow does not close due to the buyers performance.

What is your realtor doing to help you out? My advice is that you get an addendum generated immediately stating that escrow will close 30 days from the day that you received a confirmation of acceptance from your accepted counter offer.

If you have indeed signed the addendum which is generally the liability release then no there is not much more that you will get. The lender may send you some token disclosure information. I assume you will also get a CLUE report and an NHD, (Hopefully your realtor asked for one) along with the cookie cutter local area disclosure. You should also get a termite inspection report. Even with REO properties you should get one (again assuming you asked) and that pretty much wraps it up. Then all the other work is your due diligence.

SD Realtor

[SD Realtor]

Sounds peculiar. If they sent YOU a counter offer and you accepted the counter offer then the only remaining item that is needed is confirmation of the counter offer you signed. Did escrow indeed open? Have you started your loan processing yet? Did you send the accepted counter offer along with the original purchase agreement to your loan officer? Do you have an escrow number?

As Viz posted, most REO transactions will indeed levy a fine upon the buyer on a daily basis if the escrow does not close due to the buyers performance.

What is your realtor doing to help you out? My advice is that you get an addendum generated immediately stating that escrow will close 30 days from the day that you received a confirmation of acceptance from your accepted counter offer.

If you have indeed signed the addendum which is generally the liability release then no there is not much more that you will get. The lender may send you some token disclosure information. I assume you will also get a CLUE report and an NHD, (Hopefully your realtor asked for one) along with the cookie cutter local area disclosure. You should also get a termite inspection report. Even with REO properties you should get one (again assuming you asked) and that pretty much wraps it up. Then all the other work is your due diligence.

SD Realtor

[donaldduckmoore]

Really! I had the offer accepted by them and they sent me a counter offer or addendum or whatever it is called in end of January. We agreed with everything they said and signed and they wanted to close before 3/3. Up to now, no words from the bank and I really doubt that if we can close on the day they mentioned. I did not delay anything but they tend to hold up the process. Listing agent does not know what we are waiting for either.

Vizcaya, after the addendum, did you still have to sign any other paperwork from the bank or is that it until close of escrow?

[donaldduckmoore]

Really! I had the offer accepted by them and they sent me a counter offer or addendum or whatever it is called in end of January. We agreed with everything they said and signed and they wanted to close before 3/3. Up to now, no words from the bank and I really doubt that if we can close on the day they mentioned. I did not delay anything but they tend to hold up the process. Listing agent does not know what we are waiting for either.

Vizcaya, after the addendum, did you still have to sign any other paperwork from the bank or is that it until close of escrow?

[donaldduckmoore]

Really! I had the offer accepted by them and they sent me a counter offer or addendum or whatever it is called in end of January. We agreed with everything they said and signed and they wanted to close before 3/3. Up to now, no words from the bank and I really doubt that if we can close on the day they mentioned. I did not delay anything but they tend to hold up the process. Listing agent does not know what we are waiting for either.

Vizcaya, after the addendum, did you still have to sign any other paperwork from the bank or is that it until close of escrow?

[donaldduckmoore]

Really! I had the offer accepted by them and they sent me a counter offer or addendum or whatever it is called in end of January. We agreed with everything they said and signed and they wanted to close before 3/3. Up to now, no words from the bank and I really doubt that if we can close on the day they mentioned. I did not delay anything but they tend to hold up the process. Listing agent does not know what we are waiting for either.

Vizcaya, after the addendum, did you still have to sign any other paperwork from the bank or is that it until close of escrow?

[vizcaya]

I bought a Countrywide foreclosure, and the bank had me agree that if the escrow did not close within 30 days, I would pay 1 tenth of 1 percent per day of the sales price if the home did not close on time or sooner.

These banks want these properties off thier books fast.

[vizcaya]

I bought a Countrywide foreclosure, and the bank had me agree that if the escrow did not close within 30 days, I would pay 1 tenth of 1 percent per day of the sales price if the home did not close on time or sooner.

These banks want these properties off thier books fast.

[vizcaya]

I bought a Countrywide foreclosure, and the bank had me agree that if the escrow did not close within 30 days, I would pay 1 tenth of 1 percent per day of the sales price if the home did not close on time or sooner.

These banks want these properties off thier books fast.

[vizcaya]

I bought a Countrywide foreclosure, and the bank had me agree that if the escrow did not close within 30 days, I would pay 1 tenth of 1 percent per day of the sales price if the home did not close on time or sooner.

These banks want these properties off thier books fast.

[Author]

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