On a recent REO deal, I had to call Freddie Mac directly to get a signature even though I was representing the buyer because the listing agent wouldn't do anything but tell us to wait(everyday for two weeks waiting to close gets a bit old) and escrow didn't have the right contact people. The next day after my phone call and we got the document and were able to close.
If it's any consolation, your closing later in the month will mean less closing costs for you(less property taxes and prepaid interest).
Remember, the banks view it...if at all...as just business as usual.
Joan Wilson Realtor
Banks can be a little slow on responses or provide none at all. This unfortunately happens but if you are with an agent experienced with the REO LISTING side of the transaction, your headaches will be all but eliminated because they will be able to clearly communicate timelines and procedures in the bank world.
As for waiving the per diem, this is completely subjective depending on the selling Bank. In this case the per diem should not be waived because the delay was caused by "your" lender. In many cases the seller requests you use their preferred lender. If you did this, most likely the extension will be granted with no per diem, if you did not do this, chances are you will still get the extension but will be hit with the per diem fees.
The advice I saw below about having your agent "stand firm" may end up hurting you. The reality is you violated the terms of the contract. The best defense to this would have been a good offense when the contract was first being negotiated. Should they ask for it to be waived???? Absolutely, but how they go about doing this can make all the difference.
Another thing not mentioned is your deposit. If you end up "standing firm" then you run the chance of losing the home and losing your deposit. Your contingency period most likely expired and thus your deposit is live.
What we typically see is the lender paying for the per diem not the buyer. Again this does need to be negotiated but a good agent can help you in this area as well.
We have closed over 100 bank deals in the last year working on the listing side and buying side, I see a lot of mis-information out there.
Unfortunately, the lender is on your side of the transaction so he needs to make sure things are done in a timely manner so you dont get stuck with per diem fees. Most of the time the bank will allow one extension without fees. If you need to extend again they may want to charge the entire per diem. I had a transaction that went 32 days over. We were able to negotiate the per diem be only $900 instead of $3200 (100 per day with some banks). If they havent answered yet its most likely that the listing agent hasnt received a response. I would have your agent call the listing agent at least twice a day to get an answer. Sometimes these listing agents with REOs have so many that they cant keep track of it all and if they dont have assistants with a good work ethic you get stuck playing the waiting game.
Since I just noticed the date on your posting, I hope everything closed already.
Happy New Year,
Claudia Morales, ABR
Century 21 Fairway Realty
Your best bet is not to get stressed out. COntact your agent and let then work it out. There is always an answer ( not always the one we want). These delays do happen frquently.
Banks want to sell the home they have in inventory so just hang in there.
Bank are quite overwhelmed with the amount of deals thay have so it is not uncommon to experience delays.