Dear Heaven123,
My expereince with Short Sales is that all banks vary in their policies. It sounds as if the bank wanted the per diem and when you did not accept it, they did give you a week with no per diem to get your ducks in a row.
Ideally you got a lot of details done, like the inspection and appraisal as soon as you got the word that the bank approved your short sale. The unofficial approval is often an email a week or so before you get the official Agreement to your Short Sale. I have found it prudent to take the risk to move forward and get the inspection (if you have one) and the appraisal in the gap before you get the official Approval.
Yes, we are seeing very short time frames for closing dates on Short Sale Approvals, so move as fast as you can and then, hopefully your agent has great rapport with the Bank's negotiator, and you can buy a few more days until closing if you need them.
In your case, because of the per diem, you will be paying for extra days. It is difficult, but still possible to get sales closed in about 25 days. As new regulations kick in starting January 2010, closings will take longer.
If the bank gave you their Short Sale with a per diem, that is how it will be, if you want to close on this property. Banks seem to be very motivated to get these properties closed by the end of the year.
Remember, in a short sale, there is a seller losing money and a bank losing money, and an interest clock ticking. The per diem helps the bank, and thus the seller, cover costs, and it motivates you to close as soon as possible.
Good luck, and move fast if this is the property you want.
Warm Regards,
Karen - Tue Dec 22 2009, 20:04