Quote:
Originally Posted by Jaribu2000
I'm starting to have thoughts about our attorney. She said there is nothing unusual about this deal. That due to this market is normal the seller doesn't want to spend any extra money if he don't have a strong buyer. I'm really starting to get tired of this game and I don't know who te believe! We are first time home buyer and of course we don't know any better than the experienced ones. Is it normal for a deal even with the new bank situations for a closing to take 95 days???
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It's very frustrating to go through anything new for the first time. People who have experience seem to lose sight of the fact that while something is familiar and understanding to them, it can be overwhelming and confusing to someone going through it for the first time.
First, it is my understanding that closings are taking an inordinate amount of time because of the current market changes. There are more foreclosures, short sales, refinances, etc. flooding the industry. However, each area has its own "standard" for what is typical processing time. Therefore, 95 could be "normal" for your area and type of transaction. In that regard, your Realtor and/or Attorney would know best.
Secondly, it seems like "cutting off one's nose to spite the face" when a Seller is not willing to work with a qualified Buyer. Does s/he want to sell or not? Actions speak louder than words. Is there anything in your contract that allows you to walk away due to non-compliance or cooperation from the Seller? Again, your Realtor and/or Attorney will have a better idea of what options you have available to you.
Third, if I were in your position, I would call other R.E. attorneys (that offer a free consultation) and ask what is typical for your area. Try not to give your name or your attorney's name as they tend to "tattle." Just see what other attorneys think is normal for your kind of transaction in your area.
Finally, try to relax. I know it's hard. Trust me! I was so anxious about my first home purchase that I enrolled in and completed a R.E. licensing course just so I could understand the process better. I'm not suggesting anyone else do that, but it really helped me to not get lost in the process. One day, this will be done and you will become a home owner. How exciting! You may or may not have to walk away from this transaction. Either way, you will become more knowledgeable (and comfortable) as you jump these hurdles.
All the best to you.
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