Too good to be true- it's not over....

[MrsReber]

Our closing is scheduled for tomorrow at 4:00. The walk through is at 1:00. I get a call from DH today at 2:45 (about an hour ago) to say that the buyer's attorney called our attorney. The problem? The buyers have no mortgage committment!!

How can this be, you might ask. Didn't they fax it over 2 weeks ago? Yes, they did. They told me they had it and faxed it over to our attorney and our realtor.

Oh my, my, my......looks like a huge lawsuit is brewing.

I left a message with the Weichert regional VP- he's on the case now. I told him that particular office has a HUGE problem. This same scenario just happened to our neighbors 2 doors down- they were going through Weichert financial.

I called the broker and told her that maybe we'll see her next week when Weichert purchases our house for the full contract amount- it's either that or they will be served with a lawsuit.

So, there's no furniture in my house. DD's last day of school was supposed to be today- I can't cook or eat in my house as all my stuff is packed up. I am really about to lose it.

They swear they didn't know about this until this afternoon. Huge, huge problem.

[Grace]

Poor Susan!

The only thing I have to say is, as a mortgage broker myself, it's not all that odd not to have the mortgage committment at the last minute (this just happened to me at one of my closings last Friday). We did end up getting it together at the last second and closed, but had we not done that, the closing would have had to have been moved two days - to this past Tuesday. While hugely annoying and terribly inconvenient, it's not as if the whole deal was in the toilet. In my case the banks came back with another condition for my clients - at 3 pm the day before the closing. Once we get that condition cleared, they require an additional 48 hours to prepare the package and wire the funds. We did get the last condition cleared (which, believe you me, I bitched and bitched and bitched about why they hadn't told us about that condition weeks before, but we have no control over the banks - they apparently found one more thing they wanted satisfied during the final QC check of the file), and it was the owner of my company who jumped through all kinds of hoops to get them to prepare package and funds for the next morning. He worked for 3 hours on the phone getting that accomplished (literally). I had begged and pleaded and even offered a bribe to get it done and that didn't work. So I don't know what my boss did to get it done, but he did.

So let's hope your situation is something similar, and that it's a small delay if anything and the whole deal isn't down the tubes (I'd be very surprised if that were true).

I don't know how contracts are written in NJ, but here in Illinois, the mortgage company, by issuing a committment, is not required to purchase the property - they have a right to refuse the loan even up to the signing. They can choose not to fund the loan at the last minute if they want. The only recourse the seller has is to keep any earnest money the buyer has put up. That said, banks are in business to make money by giving loans. They want to do the loan, they do not want to turn the loan away. If there is a way to get the loan done, they'll do it.

Keeping my fingers crossed for you and sending all the good closing vibes I can send! Welcome to my world. Imagine this kind of stress all the time?! ;) :p

[linsleyd]

Oh No! I was so afraid something would happen and I was just thinking how excited I was for you!

I hope and cross my fingers that it turns into nothing!

[jmarie]

OH Susan! I'm sorry all I can do is lend an ear! Hope it works out!
Joyce

[mst]

:eek: :eek: :eek: :eek:

Susan- I am sending you good thoughts. This is ridiculous! There are no words...

[615bride]

Oh no, Susan! That's awful - I'm so sorry for this headache!

[lindrusso]

Many, many, many good thoughts coming your way for your closing to go through.

Oh my, I'd be losing it too!

I always thought that it was odd that in Indiana, you could negotiate to stay in your home for 30 days after closing. Now I'm thinking maybe they were on to something!

[momqat]

(((((Susan and Family)))))

mst was right -- there just are no words... :eek: :mad: :(

[sneezles]

Susan,
The house we just sold have the same sort of snafu but unlike Grace's senario ours took another week! We had signed and had notarized all the closing papers because it's a 4 hour trip one-way...thank goodness we didn't make the trip for the original date! It's happened at every closing where we've been the seller...it's a real p!sser! :mad:
Hope yours clears up soon!
Susan

[MrsReber]

I have heard 2 things- first I heard that the buyer's "work visa" was expired. They're not even US Citizens. Now they're citizens with expired work visas?? I'm a bit concerned over that.

The realtor's office claims that they have been asking for this information. The broker left me a message saying "It's not our fault that we don't have this information." My take on that is that it IS their fault. They represent the buyer, as my contract states. They also told DH that they're not in breach if they don't close by the end of October. They say they have 15 additional days. Funny, but I can't find that in the contract anywhere. They interpret it at will.

I think it will eventually go through, but so many things are up in the air- our phone and gas will be shut off tomorrow, we already had the mail stopped as of today - it's being forwarded to VA! We *could* go, but we're afraid because we have no guarantee that they'll even close or when they'll close.

I had to call the school to say DD will be back tomorrow- and indefinitely. WE have daycare to consider, our jobs, our sanity. I'm ready to kill someone.

Thanks for the advice - Grace, I hope you're right. The thing that really gets me is that I hounded these people for the committment and they said they had it- provided it to me and faxed it to my attorney! How could things change now?

[Paula H]

Oh no!! So sorry to hear you're under more stress, Susan. I really do hope that it somehow works itself out.

[SusanL]

I can't imagine the frustration you must be feeling!! I would be losing it right now. Hopefully it will be resolved. BREATH slowly, this too shall pass and not take its toll on you. I hate selling homes and buying them. Too stressful for me. Please keep us updated.

[Cherise]

I've been following your story for the past few weeks, and I am so sorry to hear there are more problems. I hope that those &^%& buyers get it together so that you can close on the house and get on with your life. Crossing my fingers for you that it all works out. Good luck!!

[MISSINDI]

Susan, that sucks, plain and simple.

On the mortgage part, a customer can have preapproval for a mortgage, but what they need to buy is the final mortgage commitment, and a lot can happen between the two - it did to the buyers of our old house.

Secondly, NJ has a realtors board (can't think of exact title now) that you can file a claim with against their realtor. They mediate between all parties in an effort to solve the problem. We filed a complaint against our old realtor.

Hope tomorrow brings better news.

[zackaboo]

Susan,

I was just thinking about you today...wondering if you were on your way to VA. I will keep my fingers crossed that this works out for you, and in a timely manner. :(

[Gecko]

I am sending lots of good thoughts your way.. I hope that they are able to solve whatever problems they have and close on your house. I would be furious too if I was in your position - you do everything in good faith and then this happens, and suddenly it's no ones fault :confused:

Good luck!

[Beth]

I've been afraid of this and hoping it wouldn't happen. I hope it's a delay, but if it turns out that this real estate office has a pattern of dealing like this, it could be a lot of fun to go after them.

I would be making a complaint to the Attorney General's office and to the real estate commission in your area.

I agree with Grace that it's not uncommon for the final mortgage committment to come through at the 11th hour, but this contract started with the promise that they already had it. The whole course of dealing really stinks. Kind of thing that makes yo want to put on some pointy toe boots (steel tips anyone?) and go kick some bu**.

I do hope it works for the best -- whatever that is.

Remember -- he who laughs last laughs best. Hang in there!

[MrsReber]

I can see something happening betweent the initial approval and the final committment, but they faxed over the committment and swore up and down everything was fine.

What puzzles me is that they backed out of another deal before buying our house and they had a "committment" on that house as well. So their information has been through underwriting twice and nobody caught this? Me thinks there's something terribly wrong with their process.

I have th NJ Real Estate Commission phone number and I just printed out the complaint form. My step mother suggested calling, though- she said in AZ, they can issue a case number over the phone.

I love the realtor's message- "we can't control our buyers and force them to give us this information." Maybe not, but you could explain that we can't close without it and explain that they will soon be breaching this contract and opening themselves up to a lawsuit. The also said they asked for this information several times, but the buyers didn't provide it- so, uh, you still set up a closing date knowing you don't have all your ducks in a row??

Yes, Beth, I agree- it could be a lot of fun to go after them. I'm a very nice person, but they have pushed me too far this time. I believe we may still close, possibly next week, however, if they have expired green cards, I'm wondering how long it'll take to get a renewal?? No one has been straight with us about the problem. They claim the paperwork is in, but that doesn't mean the lender accepted it.

And I have my farewell lunch today at work. I barely slept last night and I wish I could just go back to bed.

[Lauren]

Susan,

{{{{Sending hugs to you today}}}}. What an ordeal you and DH have gone through. This is truly the real estate transaction from h*ll! :eek:

[MrsReber]

Looks like we're closing on Monday. They got all their paperwork straightened out today at 2:30 and wanted to close today. Our attorney laughed at them. We laughed at them- as if we spent all last night cleaning out the house when they said our buyers may be illegal???

I made a few phone calls, sent a fax to the President of Weichert this morning. I figured if it were Reber Realty and I was the name behind it, I'd sure want to know if someone was ruining my reputation.

Big sigh- I haven't been focusing on leaving work so now I still have to clean up around my desk, hand my badge in, and get all my crap out of here!!!

This is so weird. I was hoping this would happen under happier circumstances. now I'm just exhausted. I need a good rest after these past 2 days!

[Grace]

Ahhh good! Great news. I figured that was what would happen - I'm glad I was right. You definitely have had the home sale from hell!! Unbelievable.

And you DO need and deserve a good rest!! Sending you all good closing wishes for Monday and I hope you get settled soon so this whole ordeal is behind you.

((((((Susan)))))))

[Robyn1007]

Looks like we're closing on Monday. They got all their paperwork straightened out today at 2:30 and wanted to close today. Our attorney laughed at them. We laughed at them- as if we spent all last night cleaning out the house when they said our buyers may be illegal???



:eek: :eek: People always amaze me. They wanted the weekend to move but screwed up and you're supposed to jump through hoops, again? Get some rest this weekend and look forward to your new life in Virginia

[SueK]

Susan-
I'm glad to hear the closing is **finally** happening on Monday. Sending good thoughts to you and your family for a stress free move once the closing is done!

[zackaboo]

Happy trails to Virginia! :D

[Beth]

So sorry you have had to deal with all this, but I'm glad it looks like things are moving forward. You can honestly tell the pres (should you ever hear from him) that people as far away as Texas now cringe when they see his name and his company's name on a real estate sign. Sounds like there are some real problems in that office, and I do wonder if it could be the same agent. Well, soon to leave all that in the past -- may it be a smooth move from here on out.

[SusanL]

but it is finally over!! Now looking towards Virginia!!