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.
good job- **SSHOPEFUL** I'm too old for this----- my contract gives seller's bank 90 days- take it or leave it. Nov 3 be first 30 days, I have not heard from anyone. I keep looking at homes on line- just to see whats there.
I didn't hear a thing for over a month. Hang in there...there were many days I wanted to back out, but like you I was still keeping an eye out for new homes on the market. I did not come across anything that I was interested in, so the wait was worth it. Everytime I heard one little bit of information, or a request for a signed affidavit I thought it would be that week the approval would come. It was a lot of highs and lows for me.
And then our agent dropped a bomb on us. We just got an email that the bank isn't covering the 3k in closing costs they supposedly already agreed to. Now what
What you want to do or can do?? $3K is a lot of money- My house, is perfect- but if not close to what I agreed to - walking - too many others to chose from. `good luck with your decision- and if you agree -will they ask for something else? greedy b-
waspie - do you have the ability to use NFCU they have a program to help with closing costs when the seller (or bank) will not contribute. There are a few other banks that do the same kind of program too.
Also, if you KNOW the house is worth it, could you take out a personal loan?
My family and I made major sacrifices to have enough money to close. I sold my truck and bought a jetta, my wife sold some of her hobby cr@p. If you really need the 3k and the house is worth it... you will find the money.
Han in there man.
Another idea is to ask the selling agent, your agent, and the title comp. if they are willing to toss in a few bucks, they may surprise you.
waspie - do you have the ability to use NFCU they have a program to help with closing costs when the seller (or bank) will not contribute. There are a few other banks that do the same kind of program too.
Also, if you KNOW the house is worth it, could you take out a personal loan?
My family and I made major sacrifices to have enough money to close. I sold my truck and bought a jetta, my wife sold some of her hobby cr@p. If you really need the 3k and the house is worth it... you will find the money.
Han in there man.
Another idea is to ask the selling agent, your agent, and the title comp. if they are willing to toss in a few bucks, they may surprise you.
we have the money, not that i want to use it. i ran across a thread on shortsalesuperstars.com about a very similar situation (including from chase) whereby the agents pitched in. i bet they would, im just not confident they could get it done today. i'm assuming they'd have to submit more paperwork back to chase and rather than getting on the phone with them and making it happen today they'd probably waffle around for a few more days.
the house is worth it. its brand new inside and has a large lot. Also, in the 4+ months we've been looking there's been *nothing* that has come up that we've even been interested in looking at let alone did any of them compare to this current house. I know you're not meant to fall in love with it and all that, I'm trying to state it as factually as I can. Nothing has the lot, the sqft, the new kitchen, etc, etc ,etc.
Mostly, I'm highly annoyed. We have the money, but it was destined for other things. Furniture and such. A fence for our 3 dogs. *sigh*
wow, you and I really are in a similar situation. Our house was the "only" thing available. A serious downgrade in lot, sqft, floorplan, age, and features would have been made to go with another home. We only have 2 dogs, and had to give up fence money to help support closing. The big difference is that we had time to plan, and you found out "day of"... that sucks.
I am sticking to my guns- that website superstars-said my seller's bank- US-Bank is the real PITS- I'm using my long time credit union to do my loan. now lets say my offer was $150K asking 4 % credits and 90 approval from them. IT seems to me that in 90 days they neither approve no approve or counter- I cannot see how they can change their minds last minute ? a contract is just that- why is it NOT binding?
They might not even look at the contract within these 90 days... So be ready either to extend your offer by 30-45-60-90 days or walk away.
And pretty much all lenders are real PITS when it comes to short sales (according to internet LOL).
The contract you signed is not a contract because it's only between you and the seller at this point. Sellers lender can change their mind or take as much time as they want and even reject any offer.
wow, you and I really are in a similar situation. Our house was the "only" thing available. A serious downgrade in lot, sqft, floorplan, age, and features would have been made to go with another home. We only have 2 dogs, and had to give up fence money to help support closing. The big difference is that we had time to plan, and you found out "day of"... that sucks.
Keep us posted.
I firmly believe the link I sent her made an impact. We signed an addendum with some changed commission numbers on it. I didn't take the time to read and understand them. At that point I didn't care. I'll look more into it later on. The short of it is instead of 3k we had to bring an extra 1k. Found that out at 330. Our bank closed at 4. Bit of a trip getting that check in time. Signed our docs and keys tomorrow am. This is our anniversary btw. The timing is too weird. I'll make a better accounting of events when I'm not typing on a phone but I figured some of you would be interested. Thanks for the kind words.
House listed at $220,000 (Last sold in 2006 at peak of market for $350,000)
March 16 - Saw house and put in full offer of $220 plus closing costs. March 25 - Paperwork sent in to bank March 26 - May 21 Waiting May 22 - Just heard that our case has been assigned to a bank agent. Moving along. (It's better than hearing nothing!!) June 6 - We contact our realtor and ask if she's heard anything about a BPO. We were told it had been ordered and usually takes 10 days. June 13 - BPO came back at $225,000!!! More paperwork being sent in to bank. June 26 - We were told that the bank negotiator is working with the seller. Apparently, it has something to do with debt (like back taxes or HOA fees, etc). We offered to pay the debt if we could get the house for 220K and hopefully close by Aug. 1. July 11 - Got a text that listing agent sent a detailed e-mail to bank assuring them that the seller has no money and no options at this time. We just found out today that the debt is $150,000! Listing agent says he's seen banks take a harder hit than this one and he's hoping to push along the process. July 28 - We heard that bank was requesting more documents from seller, such as new HUD statement. Listing agent "feels confident" that this sale will go through. Listing agent asked for a 45-day closing period from the time of acceptance by bank. September 6 - Approval Letter from the bank! We're looking at closing in 45 days!!! This house was SO worth the wait!!
September 26 - First Appraisal October 10 - Second Appraisal October 17 - Everything was supposedly taken care of in order to close Oct. 20, but we just found out about a tax lien from the IRS! October 20 - end of 45 day contract, supposed to close
Since the approval letter from the bank, everything has been a nightmare! The first bank we tried to get a loan from wasted two weeks of our time before telling us everything in the whole entire house (40K worth of repairs) had to be completed within 10 days of closing...and that was the only way we could get a loan!! Second bank was going to give us the loan with the agreement of only fixing a couple of things right away...but the second appraiser marked something incorrectly on the appraisal: "appraisal subject to repairs" rather than "As Is" Our house is in need of a lot of repairs, so that has postponed this second bank from giving us a loan. Three days before closing, we found out there's an IRS tax lien against the house that we had no idea about!!
Currently, we're in the process of 1) getting another appraisal and 2) having sellers take care of IRS tax lien issue. Is an IRS tax lien often forgiven? In the meantime, we've had to file for an extension. I hate that things have fallen apart and now it's not looking so good for this house that we've been waiting on since March!
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.
I'm too old for this----- my contract gives seller's bank 90 days- take it or leave it. Nov 3 be first 30 days, I have not heard from anyone.
I keep looking at homes on line- just to see whats there.
! (HATE BANKS) 
