Home Buying in Lakewood>Question Details

ljstroud, Home Seller in Lakewood, CA

The lender is paying me $100 a day if the escrow does not close in 30 days AND it did not close! Why would the do this?

Asked by ljstroud, Lakewood, CA Wed Mar 27, 2013

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Kawain Payne’s answer

Sounds like you have a really great lender.

I have NEVER heard of this.

As long as you get it in writting, you are good to go

Best of Luck to You!
Kawain Payne, Realtor
0 votes Thank Flag Link Fri Apr 19, 2013
This is a way for the lender to build your confidence in them.
0 votes Thank Flag Link Fri Aug 1, 2014
This is a performance guarantee. It's designed to instill confidence and win your business.
0 votes Thank Flag Link Tue Apr 8, 2014
Sometimes a lender will pitch in on any per diems that you may be charged on a transaction if it goes over the initial timeframe. It sounds like your lender is or was confident that it would close on time. If he or she is willing to do this, it is definitely to your benefit.
0 votes Thank Flag Link Wed Mar 12, 2014
I think that's great that the lender is willing to do this...They probably do it because many listing agents and sellers will charge the buyer $100 a day for being late. It' a common clause in many purchase agreements.
0 votes Thank Flag Link Wed Mar 27, 2013
I don't know.... never heard of this one BUT if you have it in writing, stretch it out for the whole year, collect some money and go to Vegas.
0 votes Thank Flag Link Wed Mar 27, 2013
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