Foreclosure in 33309>Question Details

Mustafa, Home Buyer in Broward County, FL

Sign extension letter after executed contract on addendum A

Asked by Mustafa, Broward County, FL Wed Jun 17, 2009

According to addendum A if I extend the contract, I would pay bank $250 per day but bank wants me to sign a letter stating that they want to extend closing on the property without paying per diem. Not even sure if they would keep the date and not extend it further? Should I sign or back off from this deal. Its been 3 months already.

Help the community by answering this question:


Mustafa: That's a question you really should run by your own Realtor and the title company that you have hired - there is usually an attorney that will help you with legal questions at the title company. However, the decision is ultimately yours. Is this a short sale? If you have waited this long, isn't it worth it to wait a little longer? Sometimes yes, sometimes no, it really is your call. However, most contracts stipulate a per diem fee but it doesn't come into play if the delay is due to reasons beyond your own control, as is the case in this situation.

I would find out the reason for the extension and try and get an idea of the new closing date.

Either way, I wish you the best of luck.

Best regards,

Villa G Realty, Inc.
Tel: 954-816-7996
Web Reference:
1 vote Thank Flag Link Thu Jun 18, 2009
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