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.
Fearing that the problems would escalate if we didn’t proceed with the offer, we kept up our part of the offer on the cabin. Thank goodness for my experience in situations like this. From having dealt with situations like this with clients of mine before, I know that it is best to stay calm, keep up your part of the deal, and not to get worked up about the bank.
As long as we can show the delay is not of our making, we can get out of paying the per Diem. I made sure our inspections were all done within 10 days and I made sure the listing agent had the termite inspection done also. Since my buyer is paying cash, the appraisal was not an issue. On a property where the buyer is getting a loan, you need to be on the phone with the lender every step of the way to get the appraisal done before the contingency period is up.
If at all possible, you do not want anything going wrong in the last moments. Things typically will not always go completely the way you would like them to, but as long as you do everything you are required to do, they will turn out just fine. Most banks don’t have the ability to know what is going on every step of the way. It always appears that they kind of just hang around 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.
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