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
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