Seller has not made bank requested repairs, closing next week (interest rate, approval)
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.
Hello,
I am in the process of obtaining a mortgage and the bank had several conditions. One of them was the sellers had to fix a broken vent in the attic. Once they fix that the bank appraiser was to evaluate and then finalize things.
We are a week away from closing and the sellers have yet to inform everyone whether the repairs have been done.
Both attorneys and agents (seller/buyer) have been trying to contact the sellers for the past several days. They do not return voicemails and provide no update. So we do not know whether the repairs have been made and so the bank is also still waiting to give the final approval seal.
If the closing date passes, we will lose our locked interest rate. My question is, if we decide to back out since the sellers did not fulfill the contract obligations (the repairs were also required in the contract) do we still have to pay bank fees associated with closing? What options do we have. I know that if the date extends beyond closing then we have to pay fees to keep the interest rate.
Any suggestions? Has anyone been through a similar situation? We are really stressed out, since we have started packing, given our apt move out notice.
Cooks.
Last edited by cooks2010; 09-14-2010 at 01:46 PM..
No, you should have to pay no fees with the exception of anything you have already paid for like appraisal or credit report. If you back out, that money will not be refunded.
If your lock expires, you might have to pay a fee to extend, but ask the lender first if they will extend for free.
yeah ask if they will extend for free, but depending on which rate you locked, it might be lower now and maybe a blessing in disguise?!
as for the seller - i went through this crap with my closing also. got some extra money at closing because they didn't fix 2 windows. would have rather had the windows fixed though.
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.
