Another Tip to Help you Succeed in Buying REO or Bank Owned Homes in Orange County
When you receive a response on your offer to buy a Bank Owned property in Orange County, the Bank will almost always insist that you to agree to pay a per diem amount for any delays in the close of escrow that you cause. Amounts we’ve seen recently are $100 to $200 per day – but this can vary based on the price you are paying for the home. Just be aware that it is also likely that the Bank may be the one who causes the delay. On a recent Bank Owned transaction, it took the bank 3 weeks to find the deed to the property, which held up many activities necessary to move forward. Make sure you that if the close of escrow date is later that what you agreed to in the contract, all parties are clear about which side caused the delay. You certainly don’t want to get hit will daily charges that you are not responsible for. If something does delay the close of escrow when you’re buying a Bank Owned home in Orange County, work with your Realtor to clarify what the implications are to you. Now go find some great deals on buying a home in Orange County.
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