If you want to buy a short sale, you must be willing to wait for the seller's lender to review and approve the deal. Ideally, the process takes no more than 45 to 60 days. But there are instances where it takes 3 months or more. You've got to be patient and prepared to wait it out.
Having said that, if you make an offer on a short sale, be sure that your offer contains the appropriate contingencies that give you the right to back out if it is taking too long and to get your earnest money back.... more
Is there preferred lender affiliated with the builder (in other words does the builder have a vested interested in the lending company?)........
And to answer your question regarding the fee per day....yes, they can charge a fee of there is a delay in the closing date and it is not uncommon to see this. But the delay must caused by something to your fault (i.e. YOUR lender can't close on time, docs aren't at escrow on time, etc.) but it depends on the language within the contract. Do you have an agent who represented you? Have you signed a contract yet?
Feel free to call me. I have extensive experience in New Construction, work in the Windermere Woodinville Office and am happy to help any way possible. I cannot offer legal advice, obviously....but if you are not yet working with an agent and are seeking representation I would be happy to review the contract or be sure that your interests are well represented through this process.
Also curious, if the builder has an agent who is representing their side of the transaction?... more