How much is the Per Diem charged when escrow does not close on time?
The acceptance letter (boiler plate) language states that extentions may not be granted and if they are, a per diem penalty may be assessed. The buyer wants some idea what to expect. Has anyone experiened a late closing and been assesed penalties? If so, how much? Thanks!!!
Replies to This Discussion
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Permalink Reply by Janet Nation on
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Yes, I have with HSBC, the assessed penalty was $1500 per month.
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Permalink Reply by Mike Horton on
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I have had per diem charges at $35, $50 and $100 per day. BOA charges have typically been $50 per day.
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Permalink Reply by Ava Anderson on
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I was told today that they only give 60 days to close the file and after that you have to start over, no extensions. This seems crazy to me.
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Why is that crazy, the buyer should be ready?
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Permalink Reply by Shari P on
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Are you kidding me? 60 days! That's forever to close. BofA gave us 19 days and we are begging for a few extra days, which we may or may not get.
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Permalink Reply by Dawn Jones on
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This actually is in BofA's approval letter in most cases. Call the closing dept., NOT YOUR NEGOTIATOR! Closing Dept.'s job is to CLOSE DEALS - Not bust your chops!!!
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They didn't give me 60 days that's the time it's been in there system. I will be calling the closer tomorrow to see about an extension. I think they should just charge a per diem if they have to. It took them almost 90 days to accept this offer/
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