Expert: Dick Dennis - 4/11/2009

Question
After paying for an inspection and appraisal and completing a contact in February, 2009. The original closing date was for 3/2009 and was extended two times because several aires have not signed off on title, now the mortgage co is saying that we don't qualify after 4/2009 due to a new law that was published stating that credit scores had to be above 620 on that date and we were pre-qualified in 2/2009. My question is if we were pre-qalified before 4/2009 and the mortgage co is still waiting on aires to sign, what can we do now that we are on month to month rental which is higher than we were paying. I don't understand how can a home be sold thats tied up with aires or should my realtor have told us this before spending out of pocket monies on this home? Please help!

Answer
Unfortunately, Sheila, you apparently bucked up against an incompetent Realtor. Any Realtor worth his or her salt would keep you advised all the way through this matter. If it was me, I would have got on a plane, if necessary, to get those heirs to sign on the dotted line. Sorry, Sheila, you just got a real numbskull for a Realtor. If I were you, I would go find another Realtor and go find yourself another house to buy. I do wish you well.

Dick Dennis