Stalling for Time - Posted by Demetrius

Posted by del-ohio on June 12, 2003 at 14:18:15:

Good advise from Nate.

We just purchased a bank forclosure(Bank One)it was listed with a realtor. Our bank was not ready to close when scheduled. We asked (nicely) for an extension, there was already a predetermined late closing penalty in the contract for $25.00 per day.

You should not have a problem getting an extension if you ask. In our case it cost us $175 for a week.


Stalling for Time - Posted by Demetrius

Posted by Demetrius on June 11, 2003 at 19:03:19:

I have a contract with a bank on a property that I need to close next week.Because of the quantity of properties I buy
,my plate can easily get full.Is there a good way that I can stall the closing for about an extra week to give myself some extra time? Unfortunately I did not put anything in my contract that would buy me extra time.Thanks

Re: Stalling for Time - Posted by rm

Posted by rm on July 14, 2003 at 20:02:53:

If you’ve got a good relationship with your title company, have THEM contact the bank and tell them it’s their fault that the deal can’t close on time.

Re: Stalling for Time - Posted by Nate(DC)

Posted by Nate(DC) on June 11, 2003 at 21:19:47:

The easiest way is to approach them NICELY, be contrite, and OFFER $$$ for their time. Maybe an extra $500 for a week’s delay. The worst they can say is no.