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Foreclosure Tip for Friday


If you’ve bought a foreclosure or about to –  you know the banks (Sellers) have special addendum requirements that override the original TREC 1-4 residential contract.  They all differ somewhat depending on how aggressive the lawyer is that day.:)  One thing they all have in common are more ancillary fees added to the buyers side.

Like if you miss the closing date they are going to charge you a late fee of $100. or more a day.  Even though title companies are only open Mon. – Fri. – the banks are charging the late fee for Saturday and Sunday too, even though you can’t close.  They work on calendar days for late fees.

Why? because it’s policy, that’s what the representative stated. And so it goes…

On any foreclosure I would go ahead and schedule closings on a Monday that way if you’re late you won’t be charged for the weekend.  You shouldn’t have to think like that but when banks are sellers the rules change. Another Buyer Beware moment.

About Terry Smith

Passionate about real estate, positive problem solver, specialty boutique real estate brokerage that does things your way! A full-time Broker & REALTOR®, helping people buy and sell homes in the Dallas - Plano area. Whether you're a buyer just starting out or someone with luxury properties to sell. I have extensive knowledge and experience to help you with your real estate transaction. I am a native Dallasite. Have questions? Ask me. You can find me on Google+ and Pinterest.

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