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Question
We closed our house today (10/03/08) and handed the keys to the buyers but were later notified that the funds could not be transferred as the funds from the lender were not available.
As per the temporary occupancy agreement, we have to vacate the house by 10/05/08. We are not sure at this stage if the funds would even be available on monday (10/06/08). What are the options under the circumstances? Can the buyers move in to the house without funds being transferred as the closing's already done? our realtor's not much help.
Thank you for your input
Sorry for the delay in this response--I had a medical emergency last Thursday PM and just go out of the Hospital this AM.I can't believe that your Realtor couldn't be much help! I'll bet he/she will want the Commission when the Loan funds.
And your Loan Officer and Closing Agent(at the Title Company, Escrow Office or Attorney's Shop) are all to be admonished if they failed to inform you of your OPTIONS.
Actually, you said "the closing's already done," but that's not so! Closing doesn't occur until after everything is signed by all parties to the transaction, funds are released by the Lender and all parties are delivered their 'share of the funds.' THEN THE TRANSFER OF OWNERSHIP IS RECORDED IN THE LOCAL JURISDICTION--ONLY THEN HAS CLOSING OCCURRED! Those 'pros' who have worked you through the process of "Closing" SHOULD know enough about it to (1) explain it to you, and help you with decisions AND (2)know enough about what they're doing to deserved being paid a fee!
Hopefully by now, the funds have been released. If not,have your Realtor (If your Realtor doesn't know, seek help from the Realty Co. Boss) go over your Contract with the Buyers to see what your 'options' are on their 'moving in' Before Closing! Also, 'push' your Loan Officer for details on why funding is/was delayed (If the 'LO' is 'clueless, ask for the Branch Manager)--and seek info on the finalization of your Closing from the Rep at the Title Company OR Lawyer's Office handling the signings, disbursement of funds and recording of the sale.(and don't 'take stupid for an answer' here either. Go to the 'Honcho' if you aren't' satisfied by the 'Troops!")
Sorry again about the delay on my part. Hope things work out OK for you!
GOOD LUCK!
--JIM
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| Rating(1-10) | Knowledgeability = 9 | Clarity of Response = 10 | Politeness = 10 |
| Comment | Jim Root, Hope all is Ok. Very much appreciate your response. We were able to resolve the issue as funds came into account within couple of days. Your answers were great and informative. Please continue to help people like us. | ||
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Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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