The Top 10 Things You Need to Know When Purchasing a Foreclosure in Metro Atlanta

 

Tip # 9.    Penalties

There are stiff penalties for every day the closing is delayed, beyond the date specified in the contract, by the Buyer or the Buyer’s Lender.  A typical penalty is $100 per day, and there can me a minimum fee if you request an extension.  It is imperative that you as the Buyer cooperate fully with your lender in providing documentation in order to ensure your loan makes it through underwriting so you can close on time.

If a delay in closing is experienced as a result of some action not taken by the Seller/Bank, there is no penalty assessed.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: