From: jimhoppman@hotmail.com (gunrock)
Newsgroups: misc.consumers.house misc.invest.real-estate
Subject: Re: Forclosure/Counter Offer Question-Monday 12-8-03
Date: 7 Dec 2003 10:23:13 -0800

jimhoppman@hotmail.com (gunrock) wrote in message news:<17dfac3c.0312061900.5e33e1bc@posting.google.com>...
> Hello,
> 
> Is it normal for a forclosure company to specify clauses such as a
> "$100/Diem" clause?  The counter offer is 64K, pending financing and
> the $100/day clause if it doesn't close by January 26, 2004.  They lay
> it out pretty good in the addendum, but seems to me if any thing goes
> wrong, whether it's on their end or not I could possibly be out of
> luck since they are a corporation and I with really no money to spare
> for legal battles.  Plus, $100/day could really hurt.
> 
> That clause reads as follows:  "Buyer agrees to the $100/day per diem
> if not closed by 1/26/04 through date of closing provided the delay is
> not caused by the seller."
> 
> Is this type of clause normal with foreclosure property?
> 
> The only other thing I worry about is closing by 1/26/04.  They
> specify the appraisal of the property must be completed in 19 days and
> loan approval in 21 days.  Is it possible to get a bank to move that
> fast?  Is that fast?  The bank says they can do it, but everyone is in
> it for their own cut, not my best interest.  I appreciate any thoughts
> or opinions realizing this is not a substitute for an attorney.  I
> would just like experiences or opinions on the closing date being
> feasible and if that clause is normal. :-)
> 
> Thanks.

Hello,

I should add the foreclosure company is Beneficial/Household Finance
Corp.  I have seen a "shady" posts about them on ripoffreports.com, so
if anyone out there knows anything else I don't, I figureed I'd add
this just in case.