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Old 05-11-2009, 09:33 AM
 
6 posts, read 90,953 times
Reputation: 14

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My boyfriend has been waiting 2 months now just for final approval from our lender. The sellers are now talking about dropping us because the lender is taking too long. The place we are in now is way too expensive for us and a new baby now that I'm out of work in 3 more weeks. The place we are trying to get into we can survive on one paycheck if needed. They keep telling us they're waiting for the appraisal but that was 2 weeks ago and the lender has told us many times they have to get one because it's an FHA loan. If the sellers back out of the contract which spaciffically stated a loan date OR "within 5 days of final mortgage approval" doesn't could we hold them liable for the money we have already given the bank for processing fees and the appraisal? Fisrt we were told we didn't have to sign a new promise to close, now the same person is saying the bank needs to hurry because we're past our closing date. So which is it?
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Old 05-11-2009, 09:42 AM
 
28,383 posts, read 67,919,335 times
Reputation: 18189
A long time ago 60 day close was standard. Then computers helped drop that by half. Right now there is a backlog for FHA inspections in many areas, but the lender should have told you that.

You need some one to start working for you, ideally you have a buyer's agent, but even the seller's agent SHOULD want to help you get to close.

Ring some phones!
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Old 05-11-2009, 10:02 AM
 
Location: North Texas
2,487 posts, read 5,576,530 times
Reputation: 1690
If you fail on your part of the closing agreement (5 days) then your side is liable. You will lose your money since you are at fault. I would be on the phone like crazy today. You need to light a fire under your lender and their appriaser.

There is guidelines and time frames on your contract, read them through. Your agent should be on top of this. Like for instance, you have the right for inspection. Typically you have five days after the inspection per the contract to back out and get back your earnest money minus inspection cost. Also when making a offer you agent needs to get with your lender and see what time frame is needed on your part for funding approval. Typically 60 days, during that time if there is a delay of sorts typically your agent is told by the lender and he/she can send an adenment to ask for more time on the purchasing side. Usually gives you some more time for your to close. At that time the seller has a choice to either back out or continue. If they back out you get your earnest money back minus the appriasal and inspection fees...since they have already been done.

I am not an agent but I have bought and sold several times. I am sure an agent will chime in and correct if I am wrong.

Good luck to you, and get on the phone...your agent is not earning their money...and your lender is beating around the bush...they get a cut to. So make them earn it.
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Old 05-11-2009, 11:57 AM
 
87 posts, read 347,707 times
Reputation: 35
Lendors are taking longer than 60 days to close because of the refinancing boom. The seller should be aware that if they went with a new buyer they'd have to wait even more than that. They should be happy that they found a buyer. I would just find out from the lendor how much longer they need and when they can send you the mortgage commitment letter. Then ask the agents to extend the deadline by that timeframe to keep the contract valid. The seller always has the option to back out if its taking too long but that would mean they have another buyer who they think can close quicker.

I had to basically call my lender every week to find out the status. If the appraiser is backed up, ask the lendor to use another appraiser. They should be giving priority to purchases over refinances.
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Old 05-11-2009, 09:32 PM
 
41 posts, read 192,276 times
Reputation: 30
What a coincedence..are you my buyer..lol..I'm the seller with the buyer coming on an FHA. They were given final loan approval last week..now they have a list of PTD's (prior to "loan" doc) conditions to met..we are also just over 60 days now into escrow also..but reassuring to hear that these are taking longer than 60 days to close..and it's a FHA..*sigh*
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Old 05-12-2009, 01:55 AM
 
Location: San Jose (Willow Glen)
180 posts, read 626,668 times
Reputation: 96
Quote:
Originally Posted by MorningCalm View Post
What a coincedence..are you my buyer..lol..I'm the seller with the buyer coming on an FHA. They were given final loan approval last week..now they have a list of PTD's (prior to "loan" doc) conditions to met..we are also just over 60 days now into escrow also..but reassuring to hear that these are taking longer than 60 days to close..and it's a FHA..*sigh*
On a purchase I'm still closing my deals (FHA included) in under 30 days.
These buyers are going to the wrong lenders and it's too late by the time you find out.
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Old 05-12-2009, 05:23 AM
 
Location: Wake Forest, NC
835 posts, read 3,527,758 times
Reputation: 646
Purchases should be done in 30 days or less as they are given underwriting priority over refinances.
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Old 05-12-2009, 08:39 AM
 
6 posts, read 90,953 times
Reputation: 14
Finally got a call the lender is MAILING the approval letter and a list of things that they need done before he can close. So yeah he's probably gonna have to get the sellers to sign another contract just to keep on the safe side. Lender wouldn't tell him over the phone what needed to be done and told him "don't worry we have plenty of time" what a crock of ^&* By his additude I see why it's taken this long to get this far! It's very unprofessional for one thing and how can he say now with 5 day from May 11th to close that there's "plenty of time"!
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Old 05-12-2009, 02:31 PM
 
87 posts, read 347,707 times
Reputation: 35
I think there is a shortage of underwriters and there are plenty of loan agents. Therefore the job of the loan agent is to keep the customer happy and do all the prep work until it comes up on the underwriter's desk. The underwriters probably handle the loan applications in order of closing date.
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Old 05-13-2009, 07:20 AM
 
1 posts, read 6,250 times
Reputation: 11
Default Mortgage Problems

I have been trying to get refinanced for over 5 months now using a brokerage company, Wyndham Capital Mortgage. This has been the most outrageous endeavor that I have ever experienced. I am now out $500+ dollars and still have no loan completed. I recommend going directly to a lender to get a loan of any type. These brokerage companies like Wyndham Capital Mortgage are running scams and seem to be playing the market by locking you in at one rate and waiting for the rates to go down so they can sell the loan for additional money. Beware of Wyndham Capital Mortgage and other brokerage companies like them.
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