All Forum Posts by: Jacob Gildea

Thanks for the replies.  It is a long term buy and hold so the rate matters.  I'm not going to let the deal terminate for $500.  It just makes me mad that the bank expects me to jump through all these hoops, but when it comes to them doing anything in a timely manner they take their own sweet time.

I have an REO property under contract. We were scheduled to close tomorrow, but the bank said that the sherrif's sale deed was not filed yet, so I need to wait until it is. In the mean time my broker tells me that if we don't close the loan tomorrow we will have to file for an extension on the load because interest rates are rising. This would cost me as much as $500 if I extend for a month. My question is should the seller be responsible to pay this? Do I have any options besides terminating the contract? Should I extend the contract? If I do extend for a month and then they deed is still not fixed I lose that money also.

Thanks for all the support.  For now I am mostly interested in single family homes.  I am still debating whether I want to get into multifamily units.

Hi,

I am a long time browser at bigger pockets and recently I decided to become more active in the community.  I am a buy and hold investor in the Harrisburg PA area.

Jake