Posted by ken on May 02, 2006 at 19:32:18:
Do you have a relationship with a title company?If yes explain the situation to them and see if they will hold the payoff till the pre payment is past.You will need to make a payment for may and june but that is probably cheaper than the penalty. My title company has done this sort of thing for me in the past it is no big deal
small dilemma with a house I’m selling - Posted by brian_wa
Posted by brian_wa on May 02, 2006 at 18:28:43:
One of the houses I’m selling has a prepayment penalty that won’t expire until 7/01/06. I recently received an offer that is acceptable but they want to close quickly. If I close before 7/01/06, I’d have to pay around $5k in prepayment penalty. I talked to the bank and see if they’re willing to forgive the prepayment but they won’t. My Buyer wants to close quickly and move in right away. Do you think it would be a good idea to rent it to him until the prepayment penalty period expire?
What would be a good solution?
Brian
Re: small dilemma with a house I’m selling - Posted by Kristine-CA
Posted by Kristine-CA on May 02, 2006 at 20:49:59:
To me, an acceptable offer is one that includes the price I will accept
and terms I will accept. Can you counter the offer you received to
compensate for the PPP? Or give the buyer’s options? A higher price to
close now, a lower price to close later? Kristine