I have only 30 min. We are in the last phase of escrow. We asked for first extention, due to a death. Granted
to 6/26. Zetabid forgot to ck for city violations, so this delayed us till 9. Now we are still waiting for city papers because violations were fixed. They are asking us to sign an extention until the 7/15.....so we don't get charged $100.00 a day. This sounds backwards doesn't it. Shouldn't they be paying us? Are they just trying to misuse words to protect themselves?
Hello Sonia and thanks for your question.
Marge is absolutely correct that the extension of time is intended to show that the fault lies with the Seller (in this case, I suspect because of the $100 per day clause, with the REO owner--the bank). If you are in a transaction to purchase an REO property, you--as the buyer--will not be compensated for any delays in your escrow close, so do not bother asking them for payment.
Talk with your agent about the delays and the ramifications of executing the extension of time form.
Good luck!!
Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
the extention is to show it is their fault for the delay, not yours so you won't get charged the penalty for not closing on time. Didn't your agent explain this to you?
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