What happens if my bank owned closing gets delayed?

This one can be tough for the buyer. Unlike most resale purchases, the bank expects you to honor your agreement and close on or before the day agreed upon. I can tell you from experience there are many, many hiccups that can happen along the way but the bank doesn’t care, they want it closed per the agreement. So if your lender is slow to react and respond and doesn’t get the documents to closing on time for instance, there is usually a per diem charge in the contract that the bank will expect you to pay from the agreed upon date through the actual closing date, and this usually is non- negotiable unless it’s the banks own fault.

We recommend only lenders who are well versed in working with these kind of deadlines as well as lenders and repair companies who can accomplish what is needed in a timely fashion.

Chris Farkas is a Realtor with EXIT Realty Associates in beautiful Bellingham, WA
www.RealBellingham.com

www.SoundShortSale.com

www.WhatcomBankOwned.com

www.BellinghamMarketValue.com

Qualifying A Property Prior To Purchase

Let’s say that you are driving your car down a stretch of road and you see a beautiful home. Lo and behold, it would appear that this gorgeous home has a for sale sign on its property. It would seem that the gods have smiled upon you as purchasing the home is all you can think of. There is the problem: all you are thinking of is purchasing a home based on its personal appeal to you. Now, it goes without saying that one should purchase a home that is appealing, but there are also practical and pragmatic issues that need to be taken into consideration before making such a purchase. This should include performing a solid and reliable method of qualifying the home first.

On the surface, some may assume that qualifying the home is a complicated procedure. While it is definitely not a cursory venture, it is also not one that is overly complicated either. Basically, what qualifying the property entails is ascertaining the various financial aspects associated with it. For example, what is the market value of the home and what have similar homes in the same area been selling for? If this is a home that is in foreclosure, how much of the remaining mortgage balance does the property owner owe? What is the condition of the home? Is repair work required and what would the costs be? As you can see, answering these questions add additional spheres to an individual’s ability to make a decision as to whether or not the property is worth purchasing.

Chris Farkas is a Realtor with EXIT Realty Associates

www.YourWhatcomAgent.com
www.RealBellingham.com
www.WhatcomShortSale.com

www.SoundShortSale.com
www.RainCityHomeSearch.com
www.SellFastWashington.com
www.SellFastSeattle.com
www.FreeBellinghamHomeSearch.com
www.FreeLyndenHomeSearch.com
www.FreeBlaineHomeSearch.com
www.FreeBirchBayHomeSearch.com
www.ColumbiaNeighborhoodHomes.com