I'm like a kid in mid-December, waiting for Christmas … CAN'T WAIT TO MOVE APRIL 28!!!!! (North Port: new home, closing)

[neildiamond11790]

Originally Posted by jmqueen

I understand this -- my gripe was 1. The buyer's broker, after 25 years in the business, apparently didn't know the income guidelines for the state's mortgage program he was applying for. 2. When he found out, it took him at least a week to re-submit with only one buyer on the application. 3. When he re-submitted, he forgot to rework our contract to take the wife's name off … until a few days before the scheduled closing. 4. He NEVER returns calls or emails.

And when it's not your broker, you don't technically have access to that person. I had to call my realtor to find out what was happening, then he had to call the other realtor, who called the broker, who … didn't return calls.

Which is why I insisted that I be directly in the loop with the new broker, who so far is doing great.

We have large state program in New York, when I was in the business there would be guys 30 years in the business that would get someone who was interested in that program and they would either turn the person away or pass them off to someone else. They typically require more forms and more handholding that many don't want to deal with. I think when even those "i don't need that business" guys start slowing down, they really do need the business and take on more than they can handle. In New York, we have realtors that will try and push state program buyers away, because they know that they are harder to do, and take more time to process.

Hope you get this done, if anything your story has tought me to rent first when moving, I would lose my mind in your position.

Keep it up, seems only being a pest works in real estate transactions. Push for that commitment paper and a closing date.

[jmqueen]

Originally Posted by neildiamond11790

We have large state program in New York, when I was in the business there would be guys 30 years in the business that would get someone who was interested in that program and they would either turn the person away or pass them off to someone else. They typically require more forms and more handholding that many don't want to deal with. I think when even those "i don't need that business" guys start slowing down, they really do need the business and take on more than they can handle. In New York, we have realtors that will try and push state program buyers away, because they know that they are harder to do, and take more time to process.

Hope you get this done, if anything your story has tought me to rent first when moving, I would lose my mind in your position.

Keep it up, seems only being a pest works in real estate transactions. Push for that commitment paper and a closing date.

Thanks, and you're right. I have to keep up the pressure. And I will NEVER accept a buyer for any property of mine again that's going through government programs -- and I decided that before I read your post. Now I'm even more certain!

I originally planned to rent first to avoid all this stress. But the harder I looked for a rental that would allow pets AND give us a place to store hubby's tools while he searches for a commercial space and starts his business, the more I realized that we just weren't going to find it.

Or, well, buying first seemed like a good idea at the time.

Latest: All documents but a couple of things like the buyer's latest paystub are in the hands of the new broker, and knowing the buyers, I'm positive they'll be there tomorrow. Then it goes to underwriting, and the broker will let me know as soon as that happens.

One miracle at a time.

[neildiamond11790]

You don't have to omit government programs, just insist they have a conditional pre-approval (subject to a property and contract of sale), meaning they have to apply for the loan before they find the house. They need to provide that with their offer, otherwise they can go pound sand. Provided the housing payment is the same or less than they were pre-approved, only the property itself (appraisal, title issues) could cause them be declined.

Best of luck.

They probably need a new appraisal right?

[Cardiff by the Sea]

Originally Posted by neildiamond11790

You don't have to omit government programs, just insist they have a conditional pre-approval (subject to a property and contract of sale), meaning they have to apply for the loan before they find the house. They need to provide that with their offer, otherwise they can go pound sand. Provided the housing payment is the same or less than they were pre-approved, only the property itself (appraisal, title issues) could cause them be declined.

Best of luck.

They probably need a new appraisal right?

Other things can go wrong. We sold a rental condo to a woman who borrowed her down payment from the city. The city had rules that the purchase could not displace someone. The closing was supposed to be Dec 1. the tenant's lease ran out Dec 31 and he was already planning to move back east on about Dec 15. We couldn't close cause they would not allow her to rent back to him for 15 days.

He decided to stay until Dec 31. They assured us it would close quickly in January. They lied. They had to have another appraisal and another inspection The city coordinator was on vacation which held it up a week or so. But for reasons we still don't understand it did not close until Feb 23. And the appraisal was low cause they used an out of town appraiser.

So I am in the camp I would never sell someone with a government loan again.

[neildiamond11790]

Originally Posted by Cardiff by the Sea

Other things can go wrong. We sold a rental condo to a woman who borrowed her down payment from the city. The city had rules that the purchase could not displace someone. The closing was supposed to be Dec 1. the tenant's lease ran out Dec 31 and he was already planning to move back east on about Dec 15. We couldn't close cause they would not allow her to rent back to him for 15 days.

He decided to stay until Dec 31. They assured us it would close quickly in January. They lied. They had to have another appraisal and another inspection The city coordinator was on vacation which held it up a week or so. But for reasons we still don't understand it did not close until Feb 23. And the appraisal was low cause they used an out of town appraiser.

So I am in the camp I would never sell someone with a government loan again.

Yikes.

[jmqueen]

Originally Posted by neildiamond11790

You don't have to omit government programs, just insist they have a conditional pre-approval (subject to a property and contract of sale), meaning they have to apply for the loan before they find the house. They need to provide that with their offer, otherwise they can go pound sand. Provided the housing payment is the same or less than they were pre-approved, only the property itself (appraisal, title issues) could cause them be declined.

Best of luck.

They probably need a new appraisal right?

Nope, the mortgage broker, my new best friends, says not.

[jmqueen]

Update -- buyer approved for his loan yesterday, just four days after denial at the stupid company he started out with! I'd marry this new mortgage broker if I could.

We're supposed to close May 14, and do an absentee closing in FL May 15, on the last day of my extension. Still keeping fingers crossed, but … we're a little bit closer to becoming NP residents!!!

[Restrain]

It took us 2 months to get from first app to closing. UW was always asking for more stuff, most absolutely stupid (putting down $20K on the home and UW was asking for documentation as to where the 1K earnest money came from, etc.). Always something else, even up to 4 days before closing.

A lot of this is the lenders being hyper-cautious and the fact that there are only 5 big lenders now due to consolidation.

[Florida Freebird]

I hope everything's working out.

[jmqueen]

Hi kids!

I will officially become a North Port …ian (?) on May 22!!!!!

Both closings are final -- can you believe it? There was a hitch when BofA, my mortgage broker for the new house, insisted, for no apparent reason, that my mail-away closing documents be post dated to May 15, even though I had to have them notarized on May 13 and overnight them down there. The notary at my local BofA branch understandably didn't want to do that.

I had a teensy-weensy meltdown in her office. She changed her mind. I feel a little bad about that, but I had just lost hold of that rope I'd been at the end of for the past three weeks.

ANYWAY my daughter graduates from Boston University this weekend, so we're staying here for that, then pack up my husband's trailer of equipment on Monday and hit the road Tuesday.

Hope to meet some of you some day!

[happy dance]