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Old 10-02-2013, 11:38 AM
 
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I was set to close Oct 7 but due to the shutdown, this may not happen. My issue is the buyer's loan app is waiting for the USDA approval. It didn't make it to the attorney prior to the shutdown.

Anyone else here in a holding period until this shutdown ends? Each day we wait for a new closing date I'm paying to live in 2 places and that is going to get costly.
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Old 10-02-2013, 05:28 PM
 
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My neighbor was set to close Oct 4...FHA...they were told today it isn't gonna happen.
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Old 10-02-2013, 09:11 PM
 
Location: MID ATLANTIC
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If you are paying on two homes, that means you were qualified without the sale being required. Before panicking, maybe count your blessings, you're luckier than most. No one likes paying more than they have to, but there are many that will be truly homeless. Those are the ones I am really worried about, the buyers that have approval, but can't close and now they have given notice and need to be out. To those, I recommend, you suck it up, take the family to mom and dad's. friends, or wherever you can land for cheap. Assume you wont' close in the next 2 to 3 weeks and have a plan. We've got one heck of a battle coming up (and possibly at the same time). Next on the calendar, the debt ceiling.......I want to say that expires 10/17?

I hope anyone affected has called their elected officials, and given then a piece of their minds.
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Old 10-02-2013, 11:49 PM
 
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FHA is not yet affected. If you have your FHA Case number, and your Tax Transcripts, and SSA Verification, you would be closing on time with an FHA loan. It's not like FHA personnel review the file prior to close.

USDA? You are screwed until the voluntary shutdown is over. THEN, massive backlog. Extend to on-or-before Thanksgiving. Even before the voluntary shutdown of our government,USDA was running 21 day review times, at least in the PNW.
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Old 10-03-2013, 12:15 AM
 
2,305 posts, read 3,271,131 times
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Quote:
Originally Posted by SmartMoney View Post
If you are paying on two homes, that means you were qualified without the sale being required. Before panicking, maybe count your blessings, you're luckier than most. No one likes paying more than they have to, but there are many that will be truly homeless. Those are the ones I am really worried about, the buyers that have approval, but can't close and now they have given notice and need to be out. To those, I recommend, you suck it up, take the family to mom and dad's. friends, or wherever you can land for cheap. Assume you wont' close in the next 2 to 3 weeks and have a plan. We've got one heck of a battle coming up (and possibly at the same time). Next on the calendar, the debt ceiling.......I want to say that expires 10/17?

I hope anyone affected has called their elected officials, and given then a piece of their minds.
Count my blessings? I am the seller. Closing has been postponed twice. I'm living out of boxes. I found a rental and have paid for 2 months of living there when I haven't spent one night there. This house is 200 miles away. Because of the loan the buyer has applied for I feel like I'm getting jerked around. I will need to break my lease because I just can't keep paying for 2 places. I am not rich and can't afford to be paying for 2 homes at the same time. I don't consider myself blessed in my situation at all. 2 closing have already gone and passed. I can't keep this up and I'm being serious. It's 2am where I live and I can't sleep. I'm extremely worried.

I know I'm not the only one in a bad way and I feel for all. It's not good.

To be honest I'd really like to get out of the situation and just stay in my home. I'm going to be losing too much money with so many closings coming and going. It's a damn mess.
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Old 10-03-2013, 06:03 AM
 
311 posts, read 496,124 times
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Quote:
Originally Posted by Pfhtex View Post
FHA is not yet affected. If you have your FHA Case number, and your Tax Transcripts, and SSA Verification, you would be closing on time with an FHA loan. It's not like FHA personnel review the file prior to close.

USDA? You are screwed until the voluntary shutdown is over. THEN, massive backlog. Extend to on-or-before Thanksgiving. Even before the voluntary shutdown of our government,USDA was running 21 day review times, at least in the PNW.

I've read that even conventional loans are having trouble because 4560T are not getting done.

Of course I read that on the internet and as we all know if it's on the internet it's true.
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Old 10-03-2013, 06:17 AM
 
423 posts, read 348,934 times
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Quote:
Originally Posted by diddlydudette View Post
Count my blessings? I am the seller. Closing has been postponed twice. I'm living out of boxes. I found a rental and have paid for 2 months of living there when I haven't spent one night there. This house is 200 miles away. Because of the loan the buyer has applied for I feel like I'm getting jerked around. I will need to break my lease because I just can't keep paying for 2 places. I am not rich and can't afford to be paying for 2 homes at the same time. I don't consider myself blessed in my situation at all. 2 closing have already gone and passed. I can't keep this up and I'm being serious. It's 2am where I live and I can't sleep. I'm extremely worried.

I know I'm not the only one in a bad way and I feel for all. It's not good.

To be honest I'd really like to get out of the situation and just stay in my home. I'm going to be losing too much money with so many closings coming and going. It's a damn mess.
This is why I never, I repeat NEVER accept an offer from someone going the FHA or CHDAP route, especially in a sellers market. It's been my experience that they practically never close per contract.

Have you broached the subject of a per diem with the buyer's agent?
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Old 10-03-2013, 07:46 AM
 
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Originally Posted by Red_Diamond View Post
This is why I never, I repeat NEVER accept an offer from someone going the FHA or CHDAP route, especially in a sellers market. It's been my experience that they practically never close per contract.

Have you broached the subject of a per diem with the buyer's agent?
After the last closing didn't go through, I did have an addendum done up that each day after the next closing the buyer doesn't make the closing that I get 50.00 per day.

I reminded my realtor of this addendum and she claims that this Government Shutdown is unforeseen and not the buyer's fault. This means that the addendum is null and void in this case. Is this true? I was just taking her word for it.

Also as a first time home seller, I don't know these things. I had no clue that I should beware and stay away from certain loan types. I had NO idea. I've learned that now but it is too late.

I was up until the very early hours this morning doing research and found out that a loan of this type takes usually 45-60 days to close. My realtor was aware that I went to the town where I was moving to find a place to rent. She knew I was about to sign a lease as I had called her before signing. Why didn't she then maybe tell me that these closings rarely happen on time. I was made to believe that the Sept 26 closing would happen.

My realtor kept informing me that the seller has great credit and the loan will go thru. Great, I know it will go thru but why didn't you tell me it would take a long time and to hold off finding a place to live right now. I would have listened if she mentioned that.

The guy next door sold his house after mine sold and their buyer is already in the house and putting up a fence and here I still sit with a garage full of boxes thinking I won't get to move till maybe around the holidays. I feel like there should be some sort of recourse for me.

I take it the buyer is applying for this type loan because it doesn't require any money down. Well how fair is it to me that I sit and pay for 2 places that I can't afford just because this buyer wants a loan with no money down?

I had questioned to my realtor and even posted her my concern as to why the appraisal was taking so long as it was getting close to my closing date. The appraisal finally happened about a week prior to closing but no one at that time told me chances are it is not going to make closing. No. They waited until 2 days before my move that closing was not happening. I was upset but realized that this was typical and not uncommon for homes not to close on time. I accepted that fact and felt like we would definitely make the Oct. 7 closing. I felt good also because of the addendum we wrote up to protect me should the house not close again.

When my realtor called to tell me about the house not closing again on Oct 7, I was upset but told my realtor that at least we have the addendum. She said that doesn't help in a case where it isn't their fault.

To me I do think it's their fault. My realtor told me she put a fire under them to get this paperwork moved and that they would call each and everyday to the lender to make sure it was getting the USDA approval. Well, that was a couple of weeks ago. If they knew there was a possibility of a government shutdown, then why weren't they on that phone nagging the hell out of them to get this done. In the back of my mind, I don't they they were calling each day.

How all this is fair to me, I don't know. Why wasn't I told about this type of loan and told that closing probably isn't happening the first date set? No one told me and this isn't something as a new home seller that I would just know. I hadn't a clue.

Sure I got a decent deal on the house, but what good is that now when it is costing me so much to keep staying here awaiting to close? It's as if I accepted the lowest offer by the time I can move.

I am so frustrated and feel not a thing I can do.

I looked at my addendum that I signed requiring the buyer to pay 50.00 per day that the house doesn't make closing. There is nothing in there saying that it is void if a government shutdown happens. It just states that I am paid 50.00 per day it does not close. Wouldn't it still be affective in this case? Nothing on there states any exceptions such as a shutdown.

ETA: I just got a call from my realtor. She has been on the phone with the buyer's realtor and they've been trying to work on a fix for this mess.
She has proposed that I go ahead and move and let the buyer move in and pay me rent. That way I'm not paying for 2 places and the buyer can go ahead and move in.

I asked what if while the buyer is here, the air conditioner blows and if I'd be responsible. She said she would write that in the contract that I would not be responsible for any repairs.

So perhaps this will fix things and I can go ahead and move as planned. I worry too though because what if the buyer sees something wrong while renting. Can she start making demands on the house and ask these issues be fixed before she closes on the house? She can still refuse to close on the house is she wants and that might get scary if after moving in as a renter, she decides she doesn't care for it for some reason.

Last edited by diddlydudette; 10-03-2013 at 08:54 AM..
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Old 10-04-2013, 10:26 AM
 
Location: Southern California
4,350 posts, read 4,929,984 times
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Quote:
Originally Posted by Northern Bound View Post
I've read that even conventional loans are having trouble because 4560T are not getting done.

Of course I read that on the internet and as we all know if it's on the internet it's true.
I received it via email, sadly it is true. I'm preparing borrowers for alternative higher cost options to capitalize on this locally. This shutdown significantly hurts sellers and helps buyers.
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Old 10-04-2013, 11:38 AM
 
405 posts, read 476,122 times
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can you elaborate what alternatives there are?
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