Thursday, October 15, 2009

Housing Update and Timeline

Ok, so here is the update. Our lender got our buyer qualified to purchase our house. The problem is, there is a 7 day wait for this to happen. So it's good that she got him qualified, but now we cannot close until a week from today. Which is 9 days late on our sale and 7 days late on our purchase.

Ok, so over 2 months ago an agent brings us buyer. We go back and forth and negotiate price. We agree on a price, but he doesn't want to close for 2 months. This is fine with us, bc we need time to find a house. With his offer we get the buyers lender's info and he guarantees that he is qualified (has the money) to purchase our home. 

We begin looking for houses, make offers, etc, etc. We see we are getting no where without having an agent to represent us, so we hire the agent that brought us the buyer. We look around for a couple of weeks and decide we are leaning towards this one house, actually we loved the neighborhood. So we want to make an offer and find out there is another offer made on the same house THAT day. They decide to work our deal and we agree on terms. 

Fastforward through repairs, appraisals and more negotiations. Closing day on the sale of my house and the deal does not go through be the lender will not qualify the buyer. So I suggest asking the lender we are using and in 4 hours, she gets the buyer qualified. What was the original lender doing for 2 months!? Especially he knew something was up and contacted the agent to tell her on Friday, she doesn't inform us until Monday, bc she said it was a small glitch that would get solved. Well it took 2 more days to figure out the glitch was not going to get solved. 

I am so angry that we were taken for this 'ride', and the buyer's original lender must have had no intention of giving him a loan. We found out, he never asked for several important documents that you must have for a loan, remember we just went though it too. So yes, its good that it looks like things will happen, but having to wait another 7 days is so irritating! We had so much lined up for today and I had to call every single one and reschedule! My entire family is coming down still I guess this weekend, my sister had even bought a flight...everyone just use our problem as a lesson when doing any dealings in real estate. I think the economy has a lot to do with things, but as of last Wednesday, our agent got an email from the buyers lender that everything was perfect and no worries...what can you do!?!?

I hate that the owners of the house we are buying, probably think we are crazy, bc when you use agents, and you practically have to, to buy something atleast, you don't get to communicate what you want, you are represented by someone else...ugh..


Toni said...

I'm so glad everything is going to work out. Just think how much more you will appreciate the new house! I hope you post pictures of the new place soon. I can't wait to see it.

Laura said...

We had so much trouble closing the sell of our house in FL. I hope everything goes smoothly for you next week and can't wait to see pictures.

Emily said...

I'm glad it's working out though. When we bought our new place our lender screwed us around for 2 months, losing paperwork, not telling us important details, etc. It's a nightmare sometimes - when I bought my condo 5 years ago it went perfectly smooth. Maybe times are harder now for these things? It shouldn't ever be THAT hard though :/ It will all be over for you soon luckily!

Kembree said...

Thanks everyone..I will update soon :)

Woodrow, Luna, MJ Campanella said...

I feel for you - i am going through the same thing - sorta - the owners of the house i am buying need to do stuf in the house before we can close - i have been in a apartment for months because of this delay

good luck

Woodrow - Sweetie - MJ