Our buyer has a USDA loan: When to hang on and when to walk? (insurance, financial)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I really hate to be the bearer of bad news, but the current processing time is 3 months according to one news source (USDA loans halted due to government shutdown - KCBD NewsChannel 11 Lubbock) and a friend who was previously approved for a loan and was in the middle of providing documentation was just now told it will be delayed into 2014 (confirming the news story).
Well, we weren't thinking about any commission stuff. It's just that so many times we ask him questions or ask him for advice, and his hands are tied because he's working for both us and the buyer.
There are also sometimes concerns we have regarding negotiations that we are afraid to tell him about because it could affect what he turns around and tells the buyer.
ok now I'm getting the bigger picture.
You should never be afraid to talk to your agent. He simply cannot do the best job for either the buyer or seller. He's supposed to get you the highest price possible and he's supposed to get the buyer the lowest or best price he can. How is he gonna do that.
Do you and your husband deep down feel that he got you the best deal possible? With as many reservations and the stress of selling a house I bet you got the best deal he could get you given the restrictions he was under. Is the sale price at least in the same ball park as the existing SOLD comps in the area? It's starting to smell from here. You're in closing right? Unless you can get some concrete closing dates I would seriously think about moving on
Last edited by Electrician4you; 10-28-2013 at 10:15 AM..
I really hate to be the bearer of bad news, but the current processing time is 3 months according to one news source (USDA loans halted due to government shutdown - KCBD NewsChannel 11 Lubbock) and a friend who was previously approved for a loan and was in the middle of providing documentation was just now told it will be delayed into 2014 (confirming the news story).
I do see where the date on that story is Oct. 8, midway through the shutdown. However, the fact that your friend was "just now told" it would be 2014 concerns me.
It's my understanding that processing times and delays vary according to region, so while the situation in Texas might not be good, it may be better here in Iowa. We're calling the bank where we know the buyer's loan is going through today again to try to verify that the realtor isn't being overly optimistic.
Wide Eye, I hope they gave you an accurate time to close, and if so, that's great news! Death, moving or selling/buying a home are just the most stressful times ever. I did want to add that my 1st post in no way meant you should hang on to be nice to nice buyers, I totally agree its business. I hoped you could hang onto them because they want as easy a transaction as you do. Keep us updated and I'm sending you good vibes to close soon.
ok now I'm getting the bigger picture.
You should never be afraid to talk to your agent. He simply cannot do the best job for either the buyer or seller. He's supposed to get you the highest price possible and he's supposed to get the buyer the lowest or best price he can. How is he gonna do that.
Do you and your husband deep down feel that he got you the best deal possible? With as many reservations and the stress of selling a house I bet you got the best deal he could get you given the restrictions he was under. Is the sale price at least in the same ball park as the existing SOLD comps in the area? It's starting to smell from here. You're in closing right? Unless you can get some concrete closing dates I would seriously think about moving on
Yes, the sale price is 99% of list, and while it's one of those rather unusual properties that doesn't have any very close comps, it's in the ballpark and we are very comfortable with what we asked and what we were offered. (The realtor and both of us all came up with the same list price, each of us independently of the other two, in fact!)
Yes, supposedly we are in closing. I seem to be the only individual involved in the deal who has a gut feeling it's not going to close on the extended date either. Everyone else is all full of sunshine and flowers.
Funny you should say "It's starting to smell." I may just be paranoid, but the county where our old house is has suddenly gotten real big on wanting to rezone and industrialize its remaining rural sections. The officials have even publicly stated it in the papers. Historically, they've always been really big on preservation, but times have changed, they want more money, and there's no money in preservation. And the factory farm-style hog lots are multiplying as well--just this past week yet another part of the county we moved out of got blindsided by one (the citizens are often left out of the loop in these matters). And this past summer, two properties close to ours were sold and Lord only knows what the new owners may or may not do with them.
My biggest fear is that we're going to keep extending and extending this contract, and then something bad is going to happen in *our* area, and the buyers will end up walking away (at the end of the contract it says that if the buyers can't provide a loan commitment 3 days before closing, the contract is null and void, and they can even get their earnest money back). I feel very much like we are racing the clock and time is running out.
Wide Eye, I hope they gave you an accurate time to close, and if so, that's great news! Death, moving or selling/buying a home are just the most stressful times ever. I did want to add that my 1st post in no way meant you should hang on to be nice to nice buyers, I totally agree its business. I hoped you could hang onto them because they want as easy a transaction as you do. Keep us updated and I'm sending you good vibes to close soon.
Well, my buyer is USDA, and lo and behold I was told yesterday that closing is tomorrow (Wednesday). Closing attorney emailed me the paperwork, I printed out and filled out, notarized and FedEx'ed back to them this afternoon. Keeping fingers crossed all goes well. I asked why all of a sudden we're jumping through hoops and rushing to get this closing and was told the buyer's interest rate expires after tomorrow. I am so ready to get it done. Wide-eyed...hoping your closing is soon also.
Yes, supposedly we are in closing. I seem to be the only individual involved in the deal who has a gut feeling it's not going to close on the extended date either. Everyone else is all full of sunshine and flowers.
Well, guess what? Three days before our alleged new closing date the buyers (who ended up switching to an FHA loan) had the commitment come through. Yay! So we and they and the realtor were all waiting that morning for the call to find out what the time of the closing would be.
Instead we got a call saying that the lender just now discovered that when the appraisal was done 2.5 weeks ago, the buyer was accidentally given an outdated list of "approved appraisers." The appraiser they chose happened to be one that had been deleted from the current list. So now the house has to be re-appraised. The lender is "very sorry" about this.
The realtor said he'd been 95% sure we'd close on the first extended date. I told him I'd been 90% sure that it wouldn't. I don't think this mess is ever, ever going to be over. Fifteen months of hell and counting. I am trying so hard not to be bitter after all that has happened to us. What's the glitch going to be on the next extension, I wonder? I feel like the whole thing from the get-go has been some cruel joke stringing us along and giving us hope and then dashing it. At this point our only option is to keep extending and extending and extending ad nauseum. We're too far into this deal now to start over.
I feel bad for the buyers, too. None of this is their fault and I'm sure they are frustrated that they have to keep telling their kids yes we're moving, no we're not, yes we are, no we're not. I think the boy is old enough to be in middle school, which would cover both his old and new residences, but the younger one, a girl age 5 or 6, has probably been dealing for the past month with not knowing whether or not she'll be at a different elementary school the following week.
So now we're supposed to sign another extension with a target closing date of Nov. 15. Yeah, whatever. I'll believe it when I see it. Sorry for all the negativity, but I have just nothing left in the tank at this point. Going to bed now, practicing some self-care, and hoping to feel better in the morning. Guess I'm just venting here and not asking for any real advice, but thanks to all who read this for being a listening ear when I needed one.
Wow....I know once a file goes sour, if someone is not defensively reviewing it, it's awful easy to get tripped up....like next week the credit report has expired and then they have a new debt and so on.
I know you are not asking for advice, so forgive me. Have your agent or the buyer's agent call the lender and request the underwriter thoroughly review that file to confirm once the appraisal is back, there won't be additional surprises. I know, you would think it's a given and this would be done. You would also think they would know who to order the appraisal from.
(It sounds like this loan is going to be sold to Chase, who actually has an exclusionary list of appraisers that can't be used - most of the FHA investors only care about an FHA approved appraiser).
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Death, moving or selling/buying a home are just the most stressful times ever. I did want to add that my 1st post in no way meant you should hang on to be nice to nice buyers, I totally agree its business. I hoped you could hang onto them because they want as easy a transaction as you do. Keep us updated and I'm sending you good vibes to close soon. 
