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Buying or Selling a Home/Settlement Date
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Question
My wife and I are selling our home and buying a new one and everything is contingent upon the sale of our home. The contract we have have signed with the buyer of our home has a settlement date that we cannot negotiate nor are we willing to. This person has been pre-approved for an FHA loan, but the final approval/clear 2 close has not been given and it does not look like it will happen today, which is the final day that it could happen in order for everything to go as planned. My wife and I have a 7 month old baby, most of our stuff is in boxes and ready to go, and we aren't getting any good answers from our realtor or anybody. We both are getting really frustrated and panic is starting to set in. how do we light a fire under these people and what could a lawyer do for us?
AARON--
Too often PRE-APPROVAL LETTERS aren't worth the paper they're written on!
The Borrower is approved "subject to this/contingant upon that!"That's
not to say that ALL Pre-Approved Borrowers present a risk to their Sellers,
BUT some certainly do. As has your Buyer. And it's likely NOT the Buyers' fault.
You're not getting any good answers from your Realtor (and/or the
Buyers Loan Officer?)because there's obviously been some sort of "snafu" and "someone's
working on it!" And nobody wants to take the blame for it!
Unless your Buyers will "OK" it, their Lender can't talk to you about their
Loan.So "lighting a fire under them" is difficult if not impossible.
(Privacy Act)I suggest you see a Lawyer NOW and see if he/she can advise you on
what to do. (If you have financial DAMAGES because of this,
an Attorney can help you get reimbursed)
Sorry I can't be of more help. GOOD LUCK!
--JIM
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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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