Q: Two weeks before Christmas I was told that someone wanted to buy my house and that their loan was already pre approved. My agent said that the closing would in early January. The papers I signed said January 27th. Later I was told that it would be the 30th or 31st. Then I was told to sign an extension for February 8th due to a guy retiring and not completing anything. Then I was told the 15th. I know they will ask for another extension. Should I tell them to shove it? My mortgage is due again and I am so aggravated. WHat should I do and what could be the hold up other than laziness if the loan has been approved already?
? Anonymous, Chalmette, LA
A: Extensions, in your case, means more loan payments being made. Payments being made means the bank is happy getting their interest payments. So, why sell an asset that is making money? Non-performing loans are what banks do not like to own.
Adam Aguilar is a Realtor? with Reliantra in West Toluca Lake, CA.
A: Dear Seller in Chalmette,
Even the best of agents and transactions are having absurd closing problems right now, because of constantly changing loan regulations and resulting policy changes and resulting confusion. However, GOOD lenders should manage this well. I strongly recommend you have a serious face-to-face with your agent, then his broker, and if you are not satisfied by then, then the Board of Realtors in your area, and finally an attorney. We have all been in this situation on one side or the other. You could also ask the buyer for $ for the cost of the delay ? you are still paying mortgage interest and taxes, for example.
Ginny Ollis is a Realtor? with Coldwell Banker Residential Brokerage ? San Diego Mission Hills in San Diego, CA.
A: Do you have any other interested buyers? Has your agent told you what is going on every step of the way? A pre-approval is not full loan approval. It is the beginning of a long road of verifications that the lender requires from the buyer. All kinds of situations arise between the beginning of loan approval and the end, and even if the lender is doing a good job the issues that can delay the process are mind-boggling. You can demand to close escrow and cancel the deal, but if you have no other prospects is that really what you want to do? I?ve had deals drag on for weeks because of a loan processor making new requests for verifications based on the last piece of information received. It?s frustrating, but it can work out in the end.
Tracy King is a Realtor? with Coldwell Banker Residential Brokerage in Pasadena, CA.
A: Are there real estate agents involved?
If so, I would have a really serious conversation with the agents.
Sunny Demko is a Realtor? with Keller Williams Realty in Westlake, OH.
A: Lenders are taking longer to approve loans but that is ridiculous. The question you have to ask yourself, is starting over with a new buyer going to save you any time? You will still have to pay your mortgage either way. I would sign the new extension but add a drop dead date that if they don?t meet, contract is canceled.
Beverly Houlier is a Realtor? with Hilltop Chateau Realty in San Diego, CA.
Are you interested in having a qualified REALTOR answer your questions? Click through to Ask a REALTOR? now.
Are you a REALTOR who would like to answer consumer questions? Click through to become an Ask a REALTOR? participant.
Source: http://rock-n-rollrealestateagent.com/the-closing-date-keeps-being-pushed-back-what-can-i-do/
steve mcnair brooklyn bridge lady antebellum marques colston listeria listeria kendall hunter
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.