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Per Diem Charges on Delayed REO Closing

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Real Estate Agent with Samson Properties VA 0225-059831, MD 646410

Per Diem Charges on Delayed REO Closing

Copyright (c) 2011, Deanna and Jim's GOLD Team

 

     These charges are always documented in the bank addendum in black and white.

     We suspect that they are intended primarily to intimidate the selling agent and buyer to get serious about striving to get their loan in order in a timely fashion.

     In handling perhaps 150 REO listings and several dozen REO buyer sides we have very rarely seen these collected even on a buyer side delay.  Perhaps 1 in 30 times they will actually be paid.

     They are however, used as a threat virtually every time there is a buyer side delay.

     What is your experience?

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The Gold Homes Team, LLC. MBA, MSE, MA, CDPE, Associate Broker VA, MD, FL

goldhomesteam.com   va-probate.com

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