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Old 11-08-2011, 06:50 PM
 
100 posts, read 177,536 times
Reputation: 34

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I have spoken to my lawyer and real estate agent and would still like the opinions of the "experts" here.

First the commitment letter from the lender came back and mentions the home is listed as a duplex. It is a colonial. The garage was converted into a studio "apartment". Does that make it a multi family or duplex? I believe this has effected the taxes. The listing agent says it is listed wrong and that I should grieve the taxes and change it to single family. (Is that something they should have corrected? Is that easy to do - change it to a single family?) I believe Id like to take the space and make it into more living area for my family anyway.

ALSO, the lender in the commitment letter says that the rates will now be higher because my name is on a deed from my current home. I am in the process of separating from my husband. My name is NOT on the mortgage. They are saying since my name is on the deed at my current home that the new home will be an investment property. (But really it will be my one and only home.) They are saying that if I get divorced or legally separated that would be proof enough!!! Well, the legal separation is in the works, but they now feel like they will be ready to close in 2 weeks or so and Im SURE it wont be done. So Ill be stuck paying a higher interest rate? I am SOOO stressed out right now.
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Old 11-08-2011, 07:22 PM
 
Location: Long Island
9,038 posts, read 18,382,065 times
Reputation: 4745
Quote:
Originally Posted by fdnywife View Post
I have spoken to my lawyer and real estate agent and would still like the opinions of the "experts" here.

First the commitment letter from the lender came back and mentions the home is listed as a duplex. It is a colonial. The garage was converted into a studio "apartment". Does that make it a multi family or duplex? I believe this has effected the taxes. The listing agent says it is listed wrong and that I should grieve the taxes and change it to single family. (Is that something they should have corrected? Is that easy to do - change it to a single family?) I believe Id like to take the space and make it into more living area for my family anyway.

ALSO, the lender in the commitment letter says that the rates will now be higher because my name is on a deed from my current home. I am in the process of separating from my husband. My name is NOT on the mortgage. They are saying since my name is on the deed at my current home that the new home will be an investment property. (But really it will be my one and only home.) They are saying that if I get divorced or legally separated that would be proof enough!!! Well, the legal separation is in the works, but they now feel like they will be ready to close in 2 weeks or so and Im SURE it wont be done. So Ill be stuck paying a higher interest rate? I am SOOO stressed out right now.

sending you a DM
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Old 11-09-2011, 06:44 AM
 
Location: Village of Patchogue, NY
1,144 posts, read 2,436,570 times
Reputation: 613
push the closing out 30 days. Just tell your attorney. the contract should say "on or about" for the closing date.
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Old 11-09-2011, 07:44 AM
 
Location: Long Island
9,038 posts, read 18,382,065 times
Reputation: 4745
Quote:
Originally Posted by kayo_michael View Post
push the closing out 30 days. Just tell your attorney. the contract should say "on or about" for the closing date.

We don't know what the stipulated dates for the closing were in the contract.
Also, it is very common that once the bank approves the short sale/offer by the buyer, they want to close within 30 days from their decision.
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Old 11-09-2011, 10:46 AM
 
Location: Village of Patchogue, NY
1,144 posts, read 2,436,570 times
Reputation: 613
Quote:
Originally Posted by Elke Mariotti View Post
We don't know what the stipulated dates for the closing were in the contract.
Also, it is very common that once the bank approves the short sale/offer by the buyer, they want to close within 30 days from their decision.
Curious, so what happens when the buyer can't meet that request to close within 30 days? Does the deal fall apart/nulled and the house goes back on the market?

Seems like the buyers get jerked around by parties involved. Buyers wait and wait for them to make a decision, but once they do buyers need to act quick or else!

OP - I know you're stressed but I say don't get emotionally attached to anything. Remember, who's bringing the money to the table here... EVERYONE loses money if the buyer walks away, especially the banks. You are the customer!
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Old 11-09-2011, 10:46 AM
 
880 posts, read 1,690,461 times
Reputation: 623
If it is a illegal apt it did not affect your taxes,the reason its illegal the town is not aware of it, how could they raise your taxes?
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Old 11-09-2011, 02:30 PM
 
Location: East Northport
3,198 posts, read 8,115,606 times
Reputation: 1089
Quote:
Originally Posted by kayo_michael View Post
Curious, so what happens when the buyer can't meet that request to close within 30 days? Does the deal fall apart/nulled and the house goes back on the market?
It all depends upon what it says in the contract. Sometimes the deal will fall apart, but more often, the buyer's attorney will request an extension and it will be granted.
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Old 11-09-2011, 02:35 PM
 
Location: Village of Patchogue, NY
1,144 posts, read 2,436,570 times
Reputation: 613
Quote:
Originally Posted by TomMoser View Post
It all depends upon what it says in the contract. Sometimes the deal will fall apart, but more often, the buyer's attorney will request an extension and it will be granted.
Thought so.

OP - Do what you have to do and things will work out. Keep showing that you are serious about making this purchase. The bank won't cut you loose as long as they don't get any other enticing offers.
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