Underwriter issue (real estate, mortgage, loans)

[Drmax1111]

Mod delete.wrong area. Sorry

[rrah]

You may want to move this over to the Real Estate forum. You'll get more/better advice.

[Drmax1111]

Oh yes. Sorry. Flubbed up. Will try to remove. Thx and I did post in the correct area

[linicx]

Let me say this. There is only a few types of loans FHA, VA, low-interest Rural Development Loan, bank mortgage Each have different requirements.

Usually what happens to a loan is the buyer goes to his bank and states he wants to buy your house. He provides your address and if he knows who holds your mortgage. The banker sends the bank paid appraisor to look at your house. S/he is he person who advises the bank as to whether or not your bank should take the loan. The buyer's FICO score makes a diference as to whether or not he can get the loan financed. Depending upon the type of loan and where it is financed, it can take anywhere from 30-90 days to Close it. You should have 15-30 days to move. This is standard operating policy from coast to coast.

I don't know what those folks are drinking in their coffee, if everything is in order, rural will take your property. The buyer is paying more than 20% down. The 20% is a standard fixed-rate 20-35 year loan.

If you and the buyers agreed and signed a contact... the house is sold. Unless there is a cloud on the property you should not have any problems. The Lawyer must read the legals on your property title, warranties, etc.. If there is something wrong (a cloud on the property), the house will not proceed to Close until it is corrected. (I owned one of those properties once. It took 26 months and three surveys to correct 12 inches that enroached on the neighbor.) If the buyer backs out YOU get the escrow. The realtors don't get a dime.

You've done all the right things. It sounds like your lawyer needs to look into who is doing what and why things are sour.

[Drmax1111]

I don't have a lawyer. It's the buyers issue. Nothing wrong with my property other that bank don't think it marketable. Possibly the private runway or whatever it is. If he don't get financing, he gets his escrow, as wrtitten in mine and most contracts. Yeah I think somebody is smoking something. House is honestly worth more than I'm asking. Maybe 60k more. Even buyer knows this. We just wanna move on. I'll have my realtor put a closer eye on the appraisal, as the buyer agent sent to my agent LOL. we all want this to work so we are all together on this

[Drmax1111]

Believe it's a conventional

[Drmax1111]

Originally Posted by linicx

Let me say this. There is only a few types of loans FHA, VA, low-interest Rural Development Loan, bank mortgage Each have different requirements.

Usually what happens to a loan is the buyer goes to his bank and states he wants to buy your house. He provides your address and if he knows who holds your mortgage. The banker sends the bank paid appraisor to look at your house. S/he is he person who advises the bank as to whether or not your bank should take the loan. The buyer's FICO score makes a diference as to whether or not he can get the loan financed. Depending upon the type of loan and where it is financed, it can take anywhere from 30-90 days to Close it. You should have 15-30 days to move. This is standard operating policy from coast to coast.

I don't know what those folks are drinking in their coffee, if everything is in order, rural will take your property. The buyer is paying more than 20% down. The 20% is a standard fixed-rate 20-35 year loan.

If you and the buyers agreed and signed a contact... the house is sold. Unless there is a cloud on the property you should not have any problems. The Lawyer must read the legals on your property title, warranties, etc.. If there is something wrong (a cloud on the property), the house will not proceed to Close until it is corrected. (I owned one of those properties once. It took 26 months and three surveys to correct 12 inches that enroached on the neighbor.) If the buyer backs out YOU get the escrow. The realtors don't get a dime.

You've done all the right things. It sounds like your lawyer needs to look into who is doing what and why things are sour.

While I have you here (and no one responding in the correct area) can a lender knowingly decline a property (for some reason) due to the buyer wanting to back out? I'm sure it's illegal, but is it possible?

[5ForksSC]

Originally Posted by Drmax1111

While I have you here (and no one responding in the correct area) can a lender knowingly decline a property (for some reason) due to the buyer wanting to back out? I'm sure it's illegal, but is it possible?

If I am reading your scenario correctly, and I am not certain I am, if you have 20% down, you are ineligible for the USDA Rural Housing program