Closing date keeps changing (Realtor, state, loan, lender)

[delta07]

When I spoke with our realtor last, the problem had to do with the VA loan itself. Apparently, the buyer has to requalify each time they apply for a VA loan. The holdup had to do with them qualifying as a buyer, when they were still listed as an owner. I don't fully understand this, but my realtor was trying to explain it to me. He is frustrated by the process as well and even mentioned contacting our senator to see what the holdup was. When I talk with our agent I will ask for the specifics. I also felt a two week extension was a long time, especially since the buyer originally stated they would go with a conventional loan if the VA was taking too long.

[dolphin34]

Originally Posted by delta07

When I spoke with our realtor last, the problem had to do with the VA loan itself. Apparently, the buyer has to requalify each time they apply for a VA loan. The holdup had to do with them qualifying as a buyer, when they were still listed as an owner. I don't fully understand this, but my realtor was trying to explain it to me. He is frustrated by the process as well and even mentioned contacting our senator to see what the holdup was. When I talk with our agent I will ask for the specifics. I also felt a two week extension was a long time, especially since the buyer originally stated they would go with a conventional loan if the VA was taking too long.

I believe it has to do with his Va Certificate of Eligibility..... Since he had a VA Loan before he HAS to show the VA that the loan has been paid off before they will re-issue another Va Certificate so he can obtain a Va Loan

Here is the link to Va website Loan Guaranty Service, Obtaining a Certificate of Eligibility (U.S. Department of Veterans Affairs)[/SIZE]

[middle-aged mom]

Originally Posted by delta07

When I spoke with our realtor last, the problem had to do with the VA loan itself. Apparently, the buyer has to requalify each time they apply for a VA loan. The holdup had to do with them qualifying as a buyer, when they were still listed as an owner. I don't fully understand this, but my realtor was trying to explain it to me. He is frustrated by the process as well and even mentioned contacting our senator to see what the holdup was. When I talk with our agent I will ask for the specifics. I also felt a two week extension was a long time, especially since the buyer originally stated they would go with a conventional loan if the VA was taking too long.

I am picking up a bad vibe on this one, like the tail wagging the dog. Any chance your agent is also the buyer's agent?

The " contacting our senator" thing is really way, way out there.
I would recind the POA so fast the agent's ahead would spin. Get yourself a lawyer. It's more than reasonable given you are out of state.

[TexasHorseLady]

Silverfall, the property is evidently in Colorado, not Oregon.

You can also call the title company directly, and they should be happy to tell you, as one of the parties to the contract, what the holdup is.

[delta07]

Originally Posted by dolphin34

I believe it has to do with his Va Certificate of Eligibility..... Since he had a VA Loan before he HAS to show the VA that the loan has been paid off before they will re-issue another Va Certificate so he can obtain a Va Loan

Here is the link to Va website Loan Guaranty Service, Obtaining a Certificate of Eligibility (U.S. Department of Veterans Affairs)[/SIZE]

Yes, I believe this sounds correct. I'm pretty sure this is what our agent was telling us.

[delta07]

Originally Posted by middle-aged mom

I am picking up a bad vibe on this one, like the tail wagging the dog. Any chance your agent is also the buyer's agent?

The " contacting our senator" thing is really way, way out there.
I would recind the POA so fast the agent's ahead would spin. Get yourself a lawyer. It's more than reasonable given you are out of state.

No, I know for a fact that our agent is not the buyer's agent as well. I think he was telling me that they were talking about contacting our senator because he could tell I was weary of the whole deal. I will have my husband talk to his cousin who is a real estate lawyer. He lives in PA and deals with PA laws, but he should be able to tell us whether a lawyer is needed. This was supposed to be a clean cut, easy home sale!

[keeperk]

I'm sure the power of attorney is a beaten dead horse, but almost ALL of my closings for buyer and seller sides are done from out of state. No big deal. We email closing doc's, then mail them back. I would never do a POA as a broker and have been asked and I said heck no! Get someone else!

I smell a rat.
Take back the POA and get control. I'd say get a handle on your POA like he can sign closing doc's only? It has to be specific. I would not think it give POA to extend plus leave you clueless. Get some proof on what's going on. I've been Bs'd on extensions when in fact the buyer was just trying to buy time and it was a lost cause.

[christeen]

Originally Posted by keeperk

I'd say get a handle on your POA like he can sign closing doc's only? It has to be specific. I would not think it give POA to extend plus leave you clueless. Get some proof on what's going on.

I agree.

delta07: Do you have a copy of your power of attorney? I imagine it varies by state, but I had power of attorney for my sister when she had a stroke and was going to have further treatment we didn't know she'd get through. Even though she's my closest sister, it felt like a huge responsibility -- because it was.

Not sure about your state, but IIRC, our forms allowed power of attorney over very specific matters, or broad powers for almost anything. Please, please make sure yours is very narrow and still allows you to retain control over the decision-making, and that you absolutely trust this agent with the powers you've given him. If you have any doubt, but are hesitant to question him now because you don't want to insult him or something, just tell him no offense, but your friends have urged you to revoke the POA and just have docs faxed/overnighted etc. We don't mind taking the blame. Based on the responses from the realtors here (of which I am not one), a decent, honest agent would understand and not give you a hard time about it. It's more important to protect yourself.

Don't want to stress you out more than you are, but it really is important. Good luck to you!

[delta07]

I was under the impression that my POA was only for signing the closing documents. I had already given our agent POA when the original closing date changed. We had to fax him our signatures for that. He wasn't able to do it. However, I don't have a copy, so in the very least it sounds like I better get one.

I'm very upset right now by this whole thing. I do trust my agent, but I'm a little angry that he still has not returned my call from yesterday! I will be calling again this morning and if I don't reach him, I will contact his partner, his managing broker, as well as the buyer's agent. I do know who that is.

[suzie02]

An agent signed our paper work at closing once. Well afterwards we get a form they want us to sign regarding something their survey found. I tell them why should we sign that. It should have been given to us ahead of time. We were told that if we didn't want to sign it we should have said so earlier so the buyer could have have the choice of walking from the closing. What about us we should have been informed ahead of time. Considering the low offer we accepted we would have added to the contract that it was their problem now. Yeah no more POA for us.