Foreclosures part 2

Yesterday I wrote about Foreclosures and a few thing to help understand the banks.  Today I am going to share a bit more. 

One of the things to be aware of is with every foreclosure, the bank has the buyer sign an addendum stating if the buyer delays the closing, the buyer will pay a per day per diem for each day the closing is delayed.  That per diem fee could be waved, if you use the bank that is selling to get your loan.  Here is their caveat – if they are the cause for the delayed closing, there is no compensation to the buyer.  So if there are delays in getting title (the most common reason for the seller to delay closing with foreclosures), you the buyer have to wait, no compensation or consideration given.   If you are doing a loan, not with the sellers bank, be sure to get your documents signed REALLY early, they have to be sent off and reviewed prior to funding, so be on top of it!

Some of the banks are on the ball, and get a home from the courthouse steps to the listing agent and on the MLS in hours, others take months.  So that house you have been looking at could take a while before it is back on the market.  Better to make your move when you find the right place and go thru the fun of a short sale.