I just had the REO from heck nightmare with some insane per diem issues. I anted to spread the word of caution around to anyone who is listening.
Believing that there could be more problems ahead if we did not move forward, we continued on with our offer. This is why I am lucky to have experience in this field. I have witnessed this happen with several other clients, and I just reassure them to continue on with what their responsibilities, and forget about the bank for a moment.
Getting out of paying for that per Diem is as simple as keeping on track and proving the delay was not of our doing. I stayed on top of the inspections making sure they were completed in a day period, and that my Realtor had the termite inspection done as well. Luckily since my client is purchasing this property with cash, we did not have any issues with the appraisal. It works a little differently if someone is buying a house with a loan from the bank, because you need to be in direct contact with the lender the whole time making sure an appraisal is completed on time.
If at all possible, you do not want any last minute situations popping up during the closing period. More then likely not everything is going to go your way, but if you follow the steps you need to take throughout the process, things will turn out just fine. I find myself always telling my clients that the banks really don’t have an idea of what may be happening at every moment throughout the process. It seems as though they just kind of float through just waiting for something to happen.
It hasn’t been uncommon for me in the last few years to observe a bank doing something completely out of the ordinary. It doesn’t happen very often that a property owned by a bank has a smooth closing. As long as you hire an experienced Realtor that knows what they are doing, and you stay on top of things on your part, you should have a successful closing on a home.
Author Info: Amy Brynn has much experience shopping property listings and real estate overall. Read her other posts online.