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4/18/2021 9:59:29 PM
Posted: 4/20/2017 5:13:17 PM EDT
Packed the entire house up to be ready to go to closing tomorrow and got a call that our buyers had to redo their loan. Now we have to wait 3 more days. No closing until next week!

We were doing back to back closings so we could get into our newly built house after the sale of ours

And people think having "XX days after closing to get out" is so weird. Would have saved us hundreds if we would have done it the "traditional" way for around here!

As I post from my phone because the wifi is already disconnected.....
Link Posted: 4/20/2017 5:15:27 PM EDT
Negotiate how much they're paying for this. A Homewood Suite would be my minimum level.

Kharn
Link Posted: 4/20/2017 5:17:06 PM EDT
shit man.

We had the house packed in boxes, furniture in the back of a truck, bedroom suite sitting in the garage.  Our buyer's loan had some issues and we were on indefinite hold.

Sucks, but there's not much else you can do.
Link Posted: 4/20/2017 5:20:44 PM EDT
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Quoted:
Negotiate how much they're paying for this. A Homewood Suite would be my minimum level.

Kharn
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financing fell thru  

odds are shit low he gets anything extra

cant squeeze blood from a rock  


what are the odds the house gets foreclosed on the new (  maybe new cant call them a buyer with no loan yet)  buyer  within the next  5 years
Link Posted: 4/20/2017 5:25:41 PM EDT
That sucks... the buyers probably fucked their credit taking out other loans just before the underwriters. Dumb shits.

You gonna be able to move into your new place?
Link Posted: 4/20/2017 5:29:08 PM EDT
...
Link Posted: 4/20/2017 5:33:25 PM EDT
My neighbor is putting his house up for sale next week, his wife works for several lenders so she is familiar with your type of situation...

Last night when they were setting up the agreement with the real estate agent, one of the conditions of sale is that any potential buyer MUST cross qualify with one of the sellers lenders.

This plan (1) allows the sellers to get a good idea if the buyers are qualified (2) ensure that there is funding available if the first lender backs out.

I had never heard of doing this before, if he is successful in finding a buyer to agree to his terms, I will probably add this to any future real estate deals when I sell.
Link Posted: 4/20/2017 5:36:35 PM EDT
Don't worry OP. When I dealt with mortgages I saw some real stupid shit - you're not close to the top. 

Impatient woman in FL packed her entire family up and drove to NH and parked in front of the house expecting closing to happen the same day. It didn't for another week and a half. Because she was impatient and missed some vital docs needed by underwriting. 
Link Posted: 4/20/2017 5:39:40 PM EDT
Poor Planning on your part
Link Posted: 4/20/2017 5:51:09 PM EDT
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Quoted:
That sucks... the buyers probably fucked their credit taking out other loans just before the underwriters. Dumb shits.

You gonna be able to move into your new place?
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That's the silver lining. Builder is letting us move in since it's insured. New closing date is next Wednesday. We just have to have this one not fall through. We CAN finance the new house without the sale of the old one, but we plan on having $95K from the sale of ours to put towards the new one. To keep from having a HUGE mortgage payment(or two of them)

Huge roll of the dice but praying it works out.
Link Posted: 4/20/2017 5:55:24 PM EDT
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Quoted:
Poor Planning on your part
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Lol. It's what I get for listening to you guys. Around here we don't move out until after closing to prevent this type of shit. It's just how it works around here. People heard that these buyers wanted "keys at closing" and everyone around here thinks that's so strange!
Link Posted: 4/20/2017 6:04:14 PM EDT
It could be that their financing was good for 30 days and the closing went beyond that. So they get to start over.

Hoping it's something simple. Good luck!
Link Posted: 4/20/2017 6:06:31 PM EDT
Link Posted: 4/20/2017 6:06:41 PM EDT
Could have been something minor that required the lender re-disclose to your buyer.  Unfortunately, the new regulations require a three business day wait after re-disclosure before the buyer can close.
Link Posted: 4/20/2017 6:09:07 PM EDT
Do you insist neighborhood kids address you as Mister?
Link Posted: 4/20/2017 6:12:43 PM EDT
The last time I bought a house we had everything squared away, and then a week before closing the bank calls in a panic and wants a bunch of shit, half of which they'd already gotten twice.

It's a crazy process, could be anything, hope it works out.
Link Posted: 4/20/2017 6:15:23 PM EDT
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Quoted:


Lol. It's what I get for listening to you guys. Around here we don't move out until after closing to prevent this type of shit. It's just how it works around here. People heard that these buyers wanted "keys at closing" and everyone around here thinks that's so strange!
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I demand keys at closing when I close on a house. I also have it written in contract that if there are any items left then they belong to the  buyer. I don't have time for drama and I expect rent at the price of the mortgage payment plus 200% because it's now my house and not yours. When I buy a house I have people waiting to scrub, paint, replace shit and fix shit. If your shit is in there then it's causing me money.
Link Posted: 4/20/2017 6:22:52 PM EDT
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Quoted:


Lol. It's what I get for listening to you guys. Around here we don't move out until after closing to prevent this type of shit. It's just how it works around here. People heard that these buyers wanted "keys at closing" and everyone around here thinks that's so strange!
View Quote
you wouldn't want "keys at closing" if you were buying?   I simply wouldn't want to buy a place that I couldn't take possession of right then and there. It can be hard to evict renters.
Sorry about your troubles though. That surely sucks.
Link Posted: 4/20/2017 6:23:29 PM EDT
Our house just went under contract this morning.  We took a lower offer since it was cash in hopes to avoid any shit screwing up closing.

We probably could have gotten them to match the other offer but they seem like a nice couple who's ready to retire.  And they complimented some furniture I made for the wife and that made her happy.
Link Posted: 4/20/2017 6:26:20 PM EDT
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Quoted:
you wouldn't want "keys at closing" if you were buying?   I simply wouldn't want to buy a place that I couldn't take possession of right then and there. It can be hard to evict renters.
Sorry about your troubles though. That surely sucks.
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I'm paying that much for a house you better hand me the keys as soon as it's funded.  First house I bought was the builders last house before he retired.  Cock sucker couldn't be bothered to drive an hour to bring the keys for 2 days.  Really wanted to break in but didn't want to break my own shit.
Link Posted: 4/20/2017 6:40:36 PM EDT
Count your blessings if it actually closes.  Also, you are lucky that you are purchasing a brand new home.  At least you aren't in danger of losing it, providing your's still closes.    

Those of us who work in Real Estate know that it isn't over until the loan actually funds.   I knew a Realtor that had a deal fall through at closing which caused a domino effect that took out 5 more closings behind it.  That's 6 families that had their shit loaded up in trucks and then didn't get to close.
Link Posted: 4/20/2017 6:52:11 PM EDT
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Quoted:


That's the silver lining. Builder is letting us move in since it's insured. New closing date is next Wednesday. We just have to have this one not fall through. We CAN finance the new house without the sale of the old one, but we plan on having $95K from the sale of ours to put towards the new one. To keep from having a HUGE mortgage payment(or two of them)

Huge roll of the dice but praying it works out.
View Quote
See if your loan has a one-time principle pay down with re-amortization.
Link Posted: 4/20/2017 6:54:18 PM EDT
A few years back I had a buyer who backed out several hours before the closing. His wife decided she didn't want to be married any more and he couldn't close without her. He wanted his earnest money back since it wasn't his fault
Link Posted: 4/20/2017 6:57:52 PM EDT
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Quoted:
Negotiate how much they're paying for this. A Homewood Suite would be my minimum level.

Kharn
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LOL
OP is in no position to negotiate anything. What's he going to do? Tell the buyer to take a hike?
Link Posted: 4/20/2017 7:03:05 PM EDT
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Quoted:
A few years back I had a buyer who backed out several hours before the closing. His wife decided she didn't want to be married any more and he couldn't close without her. He wanted his earnest money back since it wasn't his fault
View Quote
That's rough, but atleast it happened before he closed - even though he lost his earnest money.
During my closing, my loan officer told me about another guy who walked out of one of his closing meetings when he learned about one of his wife's unmentioned previous marriages in all of the document signing.

Alot of shit is laid bare in the modern home buying experience.
Link Posted: 4/20/2017 7:06:52 PM EDT
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Quoted:
LOL
OP is in no position to negotiate anything. What's he going to do? Tell the buyer to take a hike?
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I suppose he could if he had a backup contract with another buyer.
Link Posted: 4/20/2017 7:09:20 PM EDT
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Quoted:
A few years back I had a buyer who backed out several hours before the closing. His wife decided she didn't want to be married any more and he couldn't close without her. He wanted his earnest money back since it wasn't his fault
View Quote
Dumb broad should've waited until after closing so she could live in the house shit him paying for it.
Link Posted: 4/20/2017 7:19:01 PM EDT
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Quoted:
Negotiate how much they're paying for this. A Homewood Suite would be my minimum level.

Kharn
View Quote
LOL.  Good luck with that.  It appears OP needs this sale to buy his new house.  He's not in a position to be making a bunch of demands that causes the buyer to walk.  What demands should the sellers of OPs new home make since they're being delayed as well.  This happens all the time.  Doing the close one this morning and another in the afternoon is a rocky road.  Hopefully it will work out for OP.  A large number of mortgage folks are literally retarded.  Your agent needs to be in their ass.  Deep.
Link Posted: 4/20/2017 7:29:40 PM EDT
I'm lucky in that my one and only house sale was a cash deal.  I negotiated some concessions with the buyer that I might normally have told him to take a hike on, because I figured that if I let this one get away, I might be facing issues with the next buyer's loan, after leaving the house on the market for a few more months (and we were entering the low season for this area).

There actually was a delay of 5 days because apparently he didn't understand the procedure for a wire transfer from his bank.  But the title company had his earnest money, so I wasn't too concerned, and the sale was recorded a day before expected.
Link Posted: 4/20/2017 7:34:05 PM EDT
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Quoted:

I suppose he could if he had a backup contract with another buyer.
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We should have done this but this WAS our back up offer!  Or at least this was the best of the two at the time of listing

Looks like as others stated it was them buying something or something that made that 72 hours before you can close

New closing is next Wednesday. We have the moving truck coming tomorrow to load it all up again and deliver it to the house.
Link Posted: 4/20/2017 8:14:24 PM EDT
I processed short sales for two and a half years. I lost count of all the dumb shit events. Some people were perpetual train wrecks.
Link Posted: 4/20/2017 8:30:11 PM EDT
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Quoted:
I processed short sales for two and a half years. I lost count of all the dumb shit events. Some people were perpetual train wrecks.
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This has been a difficult time with these people. Every time we tried to get a closing date there was " issues".

Some people suck at organization I guess.

I'll just sit here in my packed up house and my kids will eat soup from a cup on a make shift table!Attachment Attached File
Link Posted: 4/20/2017 8:36:35 PM EDT
I also sold one house where I got a phone call the Saturday night before the Monday morning closing. The realtor said the title search revealed that my ex wife hadn't signed one piece of paperwork giving up any claim on the property. I hadn't seen my ex for about 4 years and didn't even know where she lived. After making many phone calls I found that she had moved to a city about 3 hours away. This was before the WWW so I had to hunt up her phone number and when I finally talked to her I found that she had remarried. This was Sunday morning by this time and I had to get the title lawyer to redo the paperwork for her to sign to include her new husband. I drove to her home and by this time it was late Sunday afternoon. Her husband wasn't there and she wasn't sure when he would be back.

Well the hubby finally showed up and we took my car to a used car dealer who notarized the signatures. A three hour trip back home and we had to get the paperwork to the title lawyer. The closing took place as scheduled but I was a nervous wreck. My wife really enjoyed it because she got to meet my ex and see the hovel she lived in.
Link Posted: 4/21/2017 12:36:30 AM EDT
We had all our shit packed and in storage. Our new house was 4 weeks out. we would move into an RV park after a 2 week RV trip. We had it all figured out. Then the buyer wouldn't sign. Turns out they couldn't sign. Their agent lied about being cash buyers. Not only were they contingent buyers, they were the 3rd in a line of contingent buyrers and the first buyer didn't like the way the docs were translated into Spanish. Their agent quit taking out agents call. I was going to have to come up with another mortgage payment, another month on the R.V. park and another month on the storage fees. It ran right up to the new home seller wanting the down payment and were had no idea what would happen. We were waking up in cold sweats in the middle of the night. When our agent called to tell us they finally signed, she was sobbing so hard we thought the whole thing fell through. She had been an agent for 15 years and never had anything like that. She was surprised we hadn't split up over it. I'll never make a move without the buyers cash in hand.
Link Posted: 4/21/2017 1:07:19 AM EDT
Reminds me of the last house the wife and I were to buy but backed out of. Except, our finances were already approved, and we signed the contract. My realtor was disappointed when I walked into the office for the purpose of signing one more waiver form, and instead I told her that the wife and I had changed our mind and were instead backing out of the contract. Wife and I were very fortunate that the seller decided at the last minute that she wanted to take her flower pot with her. That $20 cement flower pot caused an addtional waiver form which required our consent ..... and gave the wife and I the means to back out of the whole deal. Little did we know that some years later that the house and the surrounding 6 houses were all to be declared flood zone, codemned, and demolished

Moral of the story; WHILE YOU'RE WAITING FOR THE BUYERS FINAL APPROVAL, DON'T GET ATTACHED TO THE FLOWER POT!   I don't know what upset and moving difficulties we caused the seller, (don't know if they were already packed up) but all I know is the good Lord must have been looking after the wife and I. We witnessed that house flood out at least twice before it was torn down!! When we move, we like to stay put. The house we moved into within the coming months is our current home of 28  years.
 
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