Yesterday, the escrow officer received docs from the lender! If all goes well (and based on how things have been going, that is a mighty big if), the loan should fund on Thursday or Friday.
One good thing is that we were able to get the buyer to agree to a $50 a day fee for each day they are past the scheduled close of escrow. I stole this idea from a comment Empty Spaces made on Hespy's Real Estate blog. The fee is retroactive to the day the Cure Notice period ended, so as of yesterday, it was at $650.
Tuesday, October 04, 2005
We Have Docs!
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6 comments:
Very cool! That's a great idea, charging a per diem! It stinks when you're the buyer, but certainly motivates you to get your butt into gear, too!
Good job, Shaun. If the buyer was feeling enough rage, they should turn around and peg the lender for the charge. Fat chance it would work, but maybe a call to a state agency, like you said, may do the trick. That's ridiculous. Oh well, at least you aren't affected (too much) by it. On to the next house!
It actually may be the lender that is paying the fees. From what my agent told me, I was a bit unclear as to if it was the lender or the buyer that was paying the per diem. Seeing as how it doesn't really matter to me, I didn't ask for a clarification :-)
Glad it worked out for you! when I learnt that trick from the buyer, it was because the escrow officer totally screwed up. [i think she was on drugs]. On the seller's advice, I complained and escrow company refunded that amount.
On my last investment purchase, the seller requested $100 a day. I asked my mortgage broker to pay it because it was the lender's fault. Good idea as the seller. I'm using it the next time I sell a property and COE is delayed.
Congrats Shaun!
From March to October... so much for a quick flip. :) So have you figured out the final numbers on this investment yet?
biophase
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