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by CareyBot

Some homes take longer to sell than others, adding anxiety to sellers who absolutely have to get a transaction closed within a specific period of time. And, when it rains, it pours. For example, I recently got a call from a former college classmate who had taken a new job in a different state. After his home sat on the market for months, he finally struck a deal with a potential buyer. For weeks the deal appeared to be headed to closing, and the seller, feeling confident with the buyer's borrowing power, had even made a down payment on another home. The seller became upset, however, when the buyer walked away from the deal because the buyer would not agree to a "soft prepay" loan provision offered by a national lender. A "soft prepayment penalty" or "soft prepay" loan is a requi...