Gizmo100
Well-known member
- Joined
- Sep 28, 2018
- Posts
- 3,065
As I have said from time to time the wife and I have been wanting to get back to Arkansas. We just had one little thing keeping us in Alabama.... A house to sell, No problem
Our first listing agent got us a offer within 2 weeks. After a month it was discovered that the buyers had lied about having the down payment as well as exaggerated their income. So needless to say....NO LOAN for them.
Our second agent NEVER showed the house. The only showings that did happen was a local agent. When I asked the agent about the lack of activity she stated that she wasn't getting any calls....Seemed a little strange to us???
Our 3rd agent was the local agent who I mentioned above. She hit the ground running. She was getting calls almost everyday. within a month (end of May) we had a good offer and accepted. The buyers wanted a quick closing so we set it for the end of June.
Now the fun starts......
Delay #1
While we are focused on getting all our stuff packed and moved the buyer's bank is pushing to get the loan ready for closing. The day before closing we find out the bank screw up the loan. The buyer's were approved for a rural development loan. The bank got bought out by during the process and they couldn't do a government loan. So they did a conventional mortgage loan at a higher interest rate and requiring a down payment. The buyers rejected the loan.So the bank had to get a different mortgage company to handle the loan.
Delay #2
While submitting the paperwork to the government for approval it was discover that half the paperwork had part of the address missing. I lived on Claxton Ave North. But the north was left off. As far as the government was concerned it was 2 different addresses.....The paperwork all had to be re-submitted.
Delay #3
The last Delay was almost funny. The bank had not presented a financial disclosure to the buyer. For those that don't know it is required by law that the buyer has 3 business days to review the disclosure. When my agent found out that they wanted to delay the closing AGAIN. She went straight to the bank president and showed him all the crap they had screwed up on this loan. The president made one of the loan officers drive the paperwork out to the buyers to get it signed that afternoon. (It was after 3PM on a Friday and about 70 miles each way ;D ;D ).
Well after 7 weeks of delays we had our money and started shopping for our new home. And I happy to say we found the perfect place. A nice lakefront home half the size of the house we sold. So that should also mean half of the work around the house...
So not much camping this summer, unless you want to count hiding in the camper while staying at the mother in laws ;D
Hopefully as we get moved in I'll get to spend more time on the forum...Unless I'm out fishing
Our first listing agent got us a offer within 2 weeks. After a month it was discovered that the buyers had lied about having the down payment as well as exaggerated their income. So needless to say....NO LOAN for them.
Our second agent NEVER showed the house. The only showings that did happen was a local agent. When I asked the agent about the lack of activity she stated that she wasn't getting any calls....Seemed a little strange to us???
Our 3rd agent was the local agent who I mentioned above. She hit the ground running. She was getting calls almost everyday. within a month (end of May) we had a good offer and accepted. The buyers wanted a quick closing so we set it for the end of June.
Now the fun starts......
Delay #1
While we are focused on getting all our stuff packed and moved the buyer's bank is pushing to get the loan ready for closing. The day before closing we find out the bank screw up the loan. The buyer's were approved for a rural development loan. The bank got bought out by during the process and they couldn't do a government loan. So they did a conventional mortgage loan at a higher interest rate and requiring a down payment. The buyers rejected the loan.So the bank had to get a different mortgage company to handle the loan.
Delay #2
While submitting the paperwork to the government for approval it was discover that half the paperwork had part of the address missing. I lived on Claxton Ave North. But the north was left off. As far as the government was concerned it was 2 different addresses.....The paperwork all had to be re-submitted.
Delay #3
The last Delay was almost funny. The bank had not presented a financial disclosure to the buyer. For those that don't know it is required by law that the buyer has 3 business days to review the disclosure. When my agent found out that they wanted to delay the closing AGAIN. She went straight to the bank president and showed him all the crap they had screwed up on this loan. The president made one of the loan officers drive the paperwork out to the buyers to get it signed that afternoon. (It was after 3PM on a Friday and about 70 miles each way ;D ;D ).
Well after 7 weeks of delays we had our money and started shopping for our new home. And I happy to say we found the perfect place. A nice lakefront home half the size of the house we sold. So that should also mean half of the work around the house...
So not much camping this summer, unless you want to count hiding in the camper while staying at the mother in laws ;D
Hopefully as we get moved in I'll get to spend more time on the forum...Unless I'm out fishing