help with selling situation

**chantman** · 03-31-2010, 07:31 PM

Hi All,

Any help/advice is greatly appreciated.

We recently signed a contract with buyers on our house, on Feb 19th. The buyers started the lending process on Feb 22nd. We were told multiple times by their mortgage agent that we would be closing in less than 30 days. So, we went ahead and locked in a rate on the house we're wanting to buy.

30 days came and went, and no closing. Our Realtor has told us multiple times that the mortgage company says it's in "underwriting". After a week of lying about that, the realtor finally got the truth out of the mortgage agent. The buyer's mortgage got flagged for an audit by the IRS (it's an FHA loan), because the buyer's maiden name got used somewhere. Supposedly they've got the paperwork back a couple of days ago, and are pushing things through. When pressed for more info the past couple of days, they just say they're "working on it".

We've had multiple people stop in our driveway and write down the realtor's number on the sign, and make calls. Our realtor has not shown the house to anyone else. I've asked her multiple times if we've had interest in our house since the contract was signed, and she never replies.

We just signed a contract extension for another week and a half. Our mortgage company is going to charge us more if we don't close soon, because of our rate lock.

Does this situation sound legitimate? Is there anything we can or should be doing?

Thanks for any help!

-Mike

**agentsranking** · 04-07-2010, 09:27 AM

it sounds legitimate and financing delays are very common. You're paying your real estate agent good money to answer your questions. He/she should take the time to fully explain this to you. I would continue harassing your real estate agent until he answers your questions.

**chantman** · 04-07-2010, 12:22 PM

We're now into day 48 of the contract. Still no closing date... I keep getting different information from the realtor and mortgage broker. Basically here's the gist of what happened. The buyers gave two years worth of tax returns (07 and 08). Supposedly the 07 transcript was bad for some reason. The IRS isn't sending them the right info. They just now filed their 09 return, and are waiting on a transcript. It could take 2-3 weeks to get that. We're going to have to pay $580 extra now due to our rate lock. And if we don't close in 15 days, we have to re-lock at a possibly higher rate (5.25% versus we currently locked at 4.875%).

**maui** · 04-08-2010, 01:51 AM

Chant, sorry to hear about your frustrations. Delays during the financing part are not uncommon and can certainly derail the most solid transaction. What was the verbage on the purchase contract you accepted in regards to the buyer's financing? I would continue to ask your Realtor for timely updates (and if she continues to avoid a straightforward response, DEMAND it). If she can't get back to you, then it's obviously not somebody to whom you should refer business in the future. Good luck and keep us updated.

**Chrisopher Moltisanti** · 04-08-2010, 03:31 AM

"... He/she should take the time to fully explain this to you. I would continue harassing your real estate agent until he answers your questions."

His agent can only explain what he knows as fact (unlike the church). Yeah, harass your agent: good idea!

Banks don't tell us **** man. Therefore, your agent doesn't know. Banks tell all of us what you heard firstly: "It's in underwriting". Yeah, I know, "That's not good enough". It's gonna have to be.

Let's say that story of the IRS and maiden names is true. That's going to speed up the closing? No. Much like harassing an agent who won't take kindly to that behavior. 3.5% isn't worth it.

CM

**amasters** · 04-16-2010, 02:07 PM

Certainly, your agent should be good enough and professional enough to return your calls. One thing I know is that all kinds of things can come up in underwriting that can delay the loan process. The question is, how do you know what's REALLY going on.