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Started By
Message
1 week til closing, the purchase of my first house crumbles
Posted on 5/11/09 at 6:09 am
Posted on 5/11/09 at 6:09 am
Originally, I was to close on May 4th. Then they needed and extension...so we were moved the close to the 18th.
They assured me that all repairs would be made May 1st. Last night I passed by, and NOTHING had been done.
The FHA Final Inspection and Walk Through was supposed to be today. I called the Realtor and told her, that I didn't need to walk through it to know it was unacceptable.
She asked for another extension for the seller.
This would be the 3rd problem and the 2nd delay. It seems like a sign that this isn't for me.
I'm thinking I should take my deposit and walk, even if it means that by the time I find another house I will loose my lock on my 5% rate.
They assured me that all repairs would be made May 1st. Last night I passed by, and NOTHING had been done.
The FHA Final Inspection and Walk Through was supposed to be today. I called the Realtor and told her, that I didn't need to walk through it to know it was unacceptable.
She asked for another extension for the seller.
This would be the 3rd problem and the 2nd delay. It seems like a sign that this isn't for me.
I'm thinking I should take my deposit and walk, even if it means that by the time I find another house I will loose my lock on my 5% rate.
This post was edited on 5/11/09 at 6:10 am
2
Posted on 5/11/09 at 7:56 am to Awful Me
Can you just deduct the cost of the repairs from the selling price to push the closing through?
Posted on 5/11/09 at 8:01 am to Awful Me
quote:
This would be the 3rd problem and the 2nd delay. It seems like a sign that this isn't for me.
It's a rare occurence, from personal experiences through friends and family (and the fact that I purchased a home only 2 months ago) that the home buying process typically NEVER goes smooth and without a hitch.
If you want the house bad enough, I would just hold out, do the extension, and get that good interest rate.
Posted on 5/11/09 at 8:20 am to Ziggy
quote:
Can you just deduct the cost of the repairs from the selling price to push the closing through?
Since it is FHA, they won't approve the loan without them.
quote:
If you want the house bad enough, I would just hold out, do the extension, and get that good interest rate.
I only had a 30 day lock, so I would have to pay a fee to keep my rate. If I can find another house quick enough, I can probably get in for 5.25%
Posted on 5/11/09 at 8:30 am to Awful Me
quote:
I only had a 30 day lock, so I would have to pay a fee to keep my rate.
What kind of fee?
And your broker/bank should've locked for 45 days minimum.
Posted on 5/11/09 at 8:32 am to Ziggy
I'm sorry, it was a 45 day lock.
But because of the first extension it will kick it out of date if I give them the second extension.
But because of the first extension it will kick it out of date if I give them the second extension.
This post was edited on 5/11/09 at 8:34 am
Posted on 5/11/09 at 8:35 am to Awful Me
quote:
But there first extension will kick it out of date if I give them the second extension.
What kind of repairs are we talking about here that need to be done?
quote:
I'm sorry, it was a 45 day lock.
Damn - do the sellers realize what the frick is going on and that the deal is going to fall through because of their ignorance? Seems to me these days they'd do anything and everything in their power to get the deal done/closed. That's how my sellers were anyway.
Posted on 5/11/09 at 8:39 am to Ziggy
The siding on the outside is rotten. It's common in that neighborhood, but FHA won't approve loans when there are appearance issues with the house. They like to have the house looking nice.
I just ten the seller and realtor my cancellation notice, on the grounds that the repairs where not made in the allotted time....that had already been extended once.
I just ten the seller and realtor my cancellation notice, on the grounds that the repairs where not made in the allotted time....that had already been extended once.
Posted on 5/11/09 at 9:50 am to Awful Me
did what you had to do. what is sad is the mortgage company you used will get penalized for it from the lender or if its a bank, the loan officer gets hell for it not closing. You had every right to cancel the transaction.
Posted on 5/11/09 at 10:05 am to prplhze2000
Ya - lots of faults in this whole scenario.
1- Realtor should have known the issues when they took the listing - repairs should have been made way back then.
2- Owner needs to get serious about selling the house.
3- If it is bank owned, good luck. The process for a bank to get FHA repairs done takes about 2 months because they have to have an approved / licensed / insured contractor do the work. None of that was probably in place, so it was a nightmare on the back end trying to get repairs started.
4- Seller should have been on that case like white on rice. Be up their azz - call... and when calls don't get results show up in somebody's office. That is, if the loan is that important to you. There's lots of houses out there, but if it's costing you the finance package you want, ball is in your court to make it all happen.
1- Realtor should have known the issues when they took the listing - repairs should have been made way back then.
2- Owner needs to get serious about selling the house.
3- If it is bank owned, good luck. The process for a bank to get FHA repairs done takes about 2 months because they have to have an approved / licensed / insured contractor do the work. None of that was probably in place, so it was a nightmare on the back end trying to get repairs started.
4- Seller should have been on that case like white on rice. Be up their azz - call... and when calls don't get results show up in somebody's office. That is, if the loan is that important to you. There's lots of houses out there, but if it's costing you the finance package you want, ball is in your court to make it all happen.
Posted on 5/11/09 at 10:32 am to prplhze2000
quote:
did what you had to do. what is sad is the mortgage company you used will get penalized for it from the lender or if its a bank, the loan officer gets hell for it not closing.
Yes, how sad. Let's all stop and have a moment of silence for our sad mortgage company brethren.
Posted on 5/11/09 at 4:01 pm to Tiger JJ
you don't know what I am talking about.
They are getting cut off by lenders for fall out on locks. The lenders are ridiculous about it now. but of course I keep forgetting, you are the expert on the mortgage industry even though you don't work in it. You have a good mortgage company or mortgage banker suddenly without a lender because a few closings didn't happen for whatever reason.
They are getting cut off by lenders for fall out on locks. The lenders are ridiculous about it now. but of course I keep forgetting, you are the expert on the mortgage industry even though you don't work in it. You have a good mortgage company or mortgage banker suddenly without a lender because a few closings didn't happen for whatever reason.
Posted on 5/11/09 at 8:19 pm to prplhze2000
UPDATE: After I sent my notice, Realtor called me and said she spoke to the seller....
Even though he had a list of repairs, and two eyes that could easily see what needed to be done, seller claimed he was unsure of the repairs....even though he had signed updated Purchase Agreement, and had over a month to ask any questions but chose not too.
I told her I wouldn't discuss it and my offer was gone.
Realtor called back, seller had a contractor out there making all the repairs properly.
I still canceled my offer because a deal should leave both people feeling like good. I wouldn't buy a car from someone who treated me with indifference, why would I buy a house?
Even though he had a list of repairs, and two eyes that could easily see what needed to be done, seller claimed he was unsure of the repairs....even though he had signed updated Purchase Agreement, and had over a month to ask any questions but chose not too.
I told her I wouldn't discuss it and my offer was gone.
Realtor called back, seller had a contractor out there making all the repairs properly.
I still canceled my offer because a deal should leave both people feeling like good. I wouldn't buy a car from someone who treated me with indifference, why would I buy a house?
Posted on 5/11/09 at 8:32 pm to Awful Me
Posted on 5/11/09 at 10:27 pm to Awful Me
quote:
I still canceled my offer because a deal should leave both people feeling like good. I wouldn't buy a car from someone who treated me with indifference, why would I buy a house?
You should leave a note to the realtor stating exactly this.
Posted on 5/11/09 at 11:35 pm to Awful Me
quote:
I told her I wouldn't discuss it and my offer was gone.
Realtor called back, seller had a contractor out there making all the repairs properly.
I still canceled my offer because a deal should leave both people feeling like good. I wouldn't buy a car from someone who treated me with indifference, why would I buy a house?
Tell them your price is 20 % lower now.
Posted on 5/12/09 at 2:50 am to Tiger JJ
quote:
Tell them your price is 20 % lower now.
Agreed.
No sense in completely walking.
At this point, you can try to milk em for a lower price.
Posted on 5/12/09 at 5:24 am to Meauxjeaux
quote:
You should leave a note to the realtor stating exactly this.
I told her that. I don't blame her at all. She did everything she could and was great. Always courteous and professional, and she almost did sway me back. But the "motivated" seller's indifference just turned me off to him.
Posted on 5/12/09 at 8:11 am to Awful Me
A low rate is not a reason to buy a house you won't be comfortable with. Good job standing up and walking away from the table. You were completely justified.
Posted on 5/12/09 at 8:49 am to Awful Me
You have chosen wisely.
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