A Sour REO
I just had the REO from heck nightmare with some insane per diem issues. I anted to spread the word of caution around to anyone who is listening.
Fearing that the problems would escalate if we didn’t proceed with the offer, we kept up our part of the offer on the cabin. Thank goodness for my experience in situations like this. From having dealt with situations like this with clients of mine before, I know that it is best to stay calm, keep up your part of the deal, and not to get worked up about the bank.
As long as we can show the delay is not of our making, we can get out of paying the per Diem. I made sure our inspections were all done within 10 days and I made sure the listing agent had the termite inspection done also. Since my buyer is paying cash, the appraisal was not an issue. On a property where the buyer is getting a loan, you need to be on the phone with the lender every step of the way to get the appraisal done before the contingency period is up.
If at all possible, you do not want any last minute situations popping up during the closing period. More then likely not everything is going to go your way, but if you follow the steps you need to take throughout the process, things will turn out just fine. I find myself always telling my clients that the banks really don’t have an idea of what may be happening at every moment throughout the process. It seems as though they just kind of float through just waiting for something to happen.
In the last couple of years, I have seen numerous instances of banks doing things that make absolutely no sense. It is actually kind of rare to have a bank owned transaction that goes perfectly smoothly. If you hire a good, knowledgeable Realtor and do everything you need to do on time, you will come out ahead in the end.
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