reo extension fees: You have to pay the late / extention penalties not closing an REO deal on time!!!!!
- 12/28/08 04:58 AM
So, for the past 2 months, there hasn't been not one deal that I've had close on time (meaning the original closing date on the contract). The problem that I'm seeing is that EVERY SINGLE TIME the buyers don't want to pay the penalties for closing late!!! Just about every bank has it in their addendum/counter offer that if the buyer doesn't close on time, then they have to pay both an extension fee and per diam until they actually close the deal. IT DOESN'T MATTER WHO ON THE BUYER SIDE IS CAUSING THE DELAY. IT CAN BE THE BUYER, BUYER'S … (15 comments)
So, for the past 2 months, there hasn't been not one deal that I've had close on time (meaning the original closing date on the contract). The problem that I'm seeing is that EVERY SINGLE TIME the buyers don't want to pay the penalties for closing late!!! Just about every bank has it in their addendum/counter offer that if the buyer doesn't close on time, then they have to pay both an extension fee and per diam until they actually close the deal. IT DOESN'T MATTER WHO ON THE BUYER SIDE IS CAUSING THE DELAY. IT CAN BE THE BUYER, BUYER'S … (15 comments)
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