Replies to This Discussion

Permalink Reply by James ferebee jr on October 4, 2009 at 5:03am

WAMU does this too and will almost demand that it be paid.
Got them to take off some but they were playing hardball about it.
How did you get them to take it off at Saxon?

Permalink Reply by Laurel Starks on October 4, 2009 at 9:50am

I stood very, very firm.....said this will kill the deal. We had been working on this deal for about 11 months, and it came down to the per diem. I had good communication with the negotiator and he would bounce emails back and forth between me and the investor, FNMA.

BofA, however, is "my way or the highway." As soon as you argue something, they close the file. Done. And their negotiators don't communicate well. I will still fight it, and they may just close the file, but if the deal's dead w/ per diem, then what have I got to lose?

Permalink Reply by Dawn Barrier eXp Realty Vegas on October 4, 2009 at 9:50am

Curious as to what the per diam rate is?

Permalink Reply by Laurel Starks on October 4, 2009 at 9:59am

Dawn - they are usually about $65 - $75 per day. That isn't much for a few days' delay, but it really adds up if you don't have the second's approval and they take 30-60 days. That's when it is a big problem.

Permalink Reply by Dawn Barrier eXp Realty Vegas on October 5, 2009 at 7:44am

Laurel,
Thanks will keep that in mind on the few I have w/BOA. It is higher than wamu, recently was about $31/day with them.
Yeah, that would be about $2k extra per month, most buyers will walk.