Admin

The Top 10 Things You Need to Know When Purchasing a Foreclosed Property in Metro Atlanta - #9

By
Real Estate Agent with Keller Williams Realty - Atlanta Partners GARE#173400

9. Penalties

There are stiff penalties for every day the closing is delayed, beyond the date specified in the contract, by the Buyer or the Buyer's Lender.

A typical penalty is $100 per day, and there can be a minimum fee if you request an extension.  It is imperative that you as the Buyer cooperate fully with your lender in providing documentation in order to ensure your loan makes it through underwriting so you can close on time. If a delay in closing is experienced as a result of some action not taken by the Seller/Bank, there is no penalty assessed.

Time is of the essence if you want to eliminate penalties. As a Buyer, communication with your real estate agent, lender, inspector and appraiser are essential. Don't give back money when you don't need to.

If you are thinking of buying or selling a home, contact Andre Allen, REALTOR® with Keller Williams Realty - Atlanta Partners servicing the real estate needs of Metro Atlanta, GA.  Contact me at (404) 939-3731 or AndreAllen@kw.com.