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Old 07-03-2008, 12:15 PM
 
2 posts, read 7,564 times
Reputation: 12

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We signed a purchase agreement on a foreclosed home that was sold back to the lender. The contract is valid until July 9. I'm all approved for the mortgage, its been through underwriting, and now we are waiting for the title agency to receive the deed from the seller (A big mortgage company) before we can set a closing date. We were told that the agency would have the deed no later than Wednesday. (Yesterday) It is now Thursday and they still don't have it. It takes a couple of days after receiving hte deed to close.

What happens if it goes beyond the July 9 date? How long can they drag this out for? What is my recourse if they just continually drag this out?

In the meantime, I am homeless along with my two young children. All of my stuff is in a U-haul that charges by the day. We were originally told by my loan officer we should be able to schedule closing at the end of June, before all this feet-dragging took place. Then I was told July 1st, then finally, at the VERY VERY latest July 7 (Monday). Now, since its Thursday on a holiday weekend its very apparent it won't even happen then. I am getting very frustrated!!!!!!!!!!!!!!!!!!!!!!!!!
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Old 07-03-2008, 12:21 PM
 
Location: Cary, NC
19,701 posts, read 31,516,722 times
Reputation: 16799
Quote:
Originally Posted by approvedbuyer View Post
We signed a purchase agreement on a foreclosed home that was sold back to the lender. The contract is valid until July 9. I'm all approved for the mortgage, its been through underwriting, and now we are waiting for the title agency to receive the deed from the seller (A big mortgage company) before we can set a closing date. We were told that the agency would have the deed no later than Wednesday. (Yesterday) It is now Thursday and they still don't have it. It takes a couple of days after receiving hte deed to close.

What happens if it goes beyond the July 9 date? How long can they drag this out for? What is my recourse if they just continually drag this out?

In the meantime, I am homeless along with my two young children. All of my stuff is in a U-haul that charges by the day. We were originally told by my loan officer we should be able to schedule closing at the end of June, before all this feet-dragging took place. Then I was told July 1st, then finally, at the VERY VERY latest July 7 (Monday). Now, since its Thursday on a holiday weekend its very apparent it won't even happen then. I am getting very frustrated!!!!!!!!!!!!!!!!!!!!!!!!!

This is nearly a textbook case study on why folks on a timeline should think about avoiding foreclosed homes.
No one can really answer you.

You had to sign the Seller's contract didn't you?
I bet the contract has absolutely no penalty for the Seller to close whenever it suits them, if you read it closely.

Good luck, and I feel your frustration.
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Old 07-03-2008, 12:25 PM
 
2 posts, read 7,564 times
Reputation: 12
I think it was just a basic purchase agreement through my RE agent that I signed.

I dont' understand why they would want dink around with this - aren't they anxious to get these foreclosed homes off the books? Most ARE NOT selling around here, (OH) period.
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Old 07-03-2008, 01:10 PM
 
Location: Salem, OR
10,995 posts, read 18,900,293 times
Reputation: 6945
Banks aren't anxious about a lot of things. They close when it suits their needs. It may be that they didn't want to record until after July 1 depending on their fiscal year. They might want the loss to show up at certain time to reflect in the books in a certain way.

With the magnitude of losses that many lenders are going to take, they often need to postpone the loss for profit and loss purposes in order to make the balance sheet appear more stable than they are. Banks have a different agenda than you do.
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Old 07-03-2008, 01:53 PM
 
Location: Orlando FL
1,052 posts, read 2,780,302 times
Reputation: 390
In all likelihood you also signed the banks special addendums which specifically state they are not liable for any damages you may or may not incur due to a delay in closing. And even without that addendum, most likely your only recourse would be to cancel the purchase contract and receive your deposit back, anything more would require the assistance of an attorney.

Banks are notorious for taking forever to sign contracts, and even close on time. I think it has more to do with understaffed REO dept's, but could also be for Fiscal Qtr reasons too, who really knows.
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Old 07-04-2008, 08:11 PM
SKB
 
Location: WPB
898 posts, read 2,412,645 times
Reputation: 310
How many cents on the dollar did you pay and in what State Please?

Why didn't you go with a real estate attorney?
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Old 07-04-2008, 09:54 PM
 
Location: Cary, NC
19,701 posts, read 31,516,722 times
Reputation: 16799
Quote:
Originally Posted by approvedbuyer View Post
I think it was just a basic purchase agreement through my RE agent that I signed.

I dont' understand why they would want dink around with this - aren't they anxious to get these foreclosed homes off the books? Most ARE NOT selling around here, (OH) period.

REO clerks have seen the number of files on their desks increase greatly, and they don't have time, even to expedite the no-brainer deals.

So... Bnaks may "care," (right...) but aren't nimble enough to do business properly.
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Old 07-05-2008, 05:44 AM
 
Location: NJ
7,126 posts, read 13,809,115 times
Reputation: 3868
Quote:
Originally Posted by approvedbuyer View Post
In the meantime, I am homeless along with my two young children. All of my stuff is in a U-haul that charges by the day. We were originally told by my loan officer we should be able to schedule closing at the end of June, before all this feet-dragging took place. Then I was told July 1st, then finally, at the VERY VERY latest July 7 (Monday). Now, since its Thursday on a holiday weekend its very apparent it won't even happen then. I am getting very frustrated!!!!!!!!!!!!!!!!!!!!!!!!!
I'm sending you a link via DM.

IMO, you should see about renting a motel room or something because it might not happen. At the link I'm giving you, you can do a search to see how many others wasted months on buying, only to be told in the end "no deal"

Good luck.
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Old 07-05-2008, 07:43 AM
 
Location: Palm Coast, Fl
2,248 posts, read 5,908,958 times
Reputation: 969
Aww, I feel your frustration. This can happen with 'regular' deals also...it's just part of the whole buying/selling process. It's quite possible that something wasn't filed correctly with the county so it has to be redone. Having an attorney really wouldn't have done anything...you more than likely would be in the same boat. It is what it is. But it will end. And you'll be in your new home that you got for a great price and light at the end of the tunnel.
Hang in there!
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