I have a COOP approved short sale, buyers have requested two extensions to the original close date.  Approval letter states BofA will charge daily interest through closing for closing extensions. I've also read on other discussions where they could charge up to $100 per day for per diem.  I've been trying to find out the costs for this from the closing officer but no response.  Does anyone have experience with this?  I want to let the buyer know what they'll have to come up with at closing for it...thanks 

Views: 120

Replies to This Discussion

I have had this occur once, let the buyer know the maximum and calculate that way - for example if it is 15 days its $1500 though it may be less set the expectation high - i was only ever been able to get extensions twice before the fees kicked in

the bigger question though is why are they repeatedly asking for extensions?

hope this helps

RSS


 _________________________

FOLLOW US!

 

Property Management Pages

San Salito

Bartram Park

Discussion Forum

BofA Escalations - any goo dsuggestions?

Started by Olesya Drozdova. Last reply by Rozalyn Franklin Mar 3, 2014. 5 Replies

Preapproved shortsale

Started by JILL BERNI. Last reply by Douglas Heise Aug 25, 2013. 9 Replies

Bank of America Co-Op program nightmare

Started by Ana Huffer. Last reply by lynnette shifman Aug 21, 2013. 3 Replies

Dignified Transition Solutions

Started by Andrew Sawyer. Last reply by lynnette shifman Aug 21, 2013. 8 Replies

Bank of America, FHA PFS and Equator

Started by Kevin - Greenville, SC. Last reply by lynnette shifman Aug 21, 2013. 1 Reply

© 2017   Created by Mike Linkenauger.   Powered by

Badges  |  Report an Issue  |  Terms of Service