Home Buying in Orlando>Question Details

Henrietta Ja…, Home Buyer in Florida

can a bank charge a per diem if you decide not to buy afterall they have taken so long and so we found another house that is a better deal can they?

Asked by Henrietta Jacobson, Florida Mon Jun 7, 2010

can a bank charge a per diem if you decide not to buy afterall they have taken so long and so we found another house that is a better deal can they

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5
WHAT DOES THE CONTRACT SAY? Sorry, but "taken so long" doesn't mean anything. "Better deal" doesn't mean anything. What does count is that contract you signed. Sit down and read it. If it's still not clear to you then discuss it with your realtor or a lawyer.
2 votes Thank Flag Link Thu Jun 10, 2010
Hi Henrietta,

The time it's taken them isn't part of the equation. The important thing is what the contract dictates and if the home in question is still under contract for you to purchase. The per diem is spelled out in the contract so you need to read the contract and it will tell you the answer. If you have any confusion after that you should ask your realtor and/or your attorney. Good Luck.
1 vote Thank Flag Link Mon Jun 7, 2010
Time is important in a transaction. From the time you sign the contract, the clock starts ticking. Every contract should have an end time. Look at the contract/talk to your agent to see what the end time is. It could be a specific date or a specified period of time (Ie, 60 days). By knowing how long it's been and the date the contract expires, you can determine if you are out of contract or not. Your agent should be able to assist you with this.

If in doubt, it's always good to seek the advice of an attorney. Just because you found a better deal does not relieve you of your obligations under a contract. There are other mitigating factors as well, but the most obvious one will be the dates on the contract. It is NOT a good idea to move forward with another home until you know for sure you are out of contract with the first one. You could end up buying two homes! Be careful!
Web Reference: http://www.KarenArlick.com
0 votes Thank Flag Link Mon Jun 7, 2010
Henrietta,
The bank may charge you if you are still under contract, please put more information on your question.
This will be the only good way to get a good unswer, good luck.

Mike Wald
http://www.AMWald.com
Phone:
U.S.A.: Miami: +1 786 277-7744
Orlando: +1 407 965-2928
Brazil: São Paulo: +55 11 3013-2772
Web Reference: http://www.AMWald.com
0 votes Thank Flag Link Mon Jun 7, 2010
There's not enough information to correctly answer your question. Is it a short sale? How long have you been waiting for this home? Are you still under contract? Essentially if you are still under contract, it may be possible that they can enforce their per diem. If you are not under contract, then I wouldn't think so. Look at the dates of the contract closely and ask your agent if you are still obligated to purchase the first home due to the legalities set forth in the contract.
Web Reference: http://www.KarenArlick.com
0 votes Thank Flag Link Mon Jun 7, 2010
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