Big Home Buying Problem

**oneofthecrowd** · 02-19-2009, 11:19 PM

My FHA loan has been delayed untill March 10 due to my cash deposit in a savings account needs to be seasoned for 60 days. Other than this seasoning, my loan is already approved so says my lender. Begining March 1, the seller will make me pay a penalty of 150 dollars a day till the house closes (on March 20 presumably according to my agent) as long as they will repair all the appraisal items by then. Now, should I just cancel the whole deal or what? Is there any way I could get my agent to waive the penalty? I sincerely regret losing this house since we've put so much time and effort into it already. Thanks a lot for all replies.

**Mike Taylor** · 02-20-2009, 02:27 AM

Have you asked for an extension yet? I would think in this market, sellers would be willing to bend over backwards to accomodate buyers. If/when you do ask for the extension, it will probably help to get a letter from you lender stating that the loan is approved except for the seasoning of the funds.

**oneofthecrowd** · 02-20-2009, 06:27 AM

Yes, I already got an extension which is what ends at the end of this month.

**Greg** · 02-20-2009, 07:42 AM

Tell the seller that if you have to pay $150 a day you will not be able to get the loan and thus the seller will be killing the deal. This might help calling their bluff.

**oneofthecrowd** · 02-20-2009, 07:31 PM

Thanks Greg. I did this today and now I'm waiting to see what will happen.

**oneofthecrowd** · 02-21-2009, 01:44 PM

Anyone know what VOD stands for?

**donrock** · 02-21-2009, 10:46 PM

onofthecrowd,

I suppose it could mean different things depending on what field it was used in. What I mainly hear it used as is Video On Demand.
If this was a trick question let me know your answer.
donrock

PS: Do you Twitter? I just joined and would like to follow and get followers that are into the internet and real estate like I am. Please follow me at twitter.com/donrock1 and I will immediately follow you. Thanks!