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  #1  
Old 10-26-2001, 12:04 PM
JJohnson
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Angry

Closing Headaches

TN
We are selling our home in TN. The buyer made us an offer and we accepted. A week later we received a loan committment letter from the buyers mortgage company. It is now 3 days before closing and we news from the buyers mortgage company that some small blemish has suddenly shown up on one credit report. The buyer is getting a 100% loan. The mortgage company says they can still give him a loan but only a 95% loan.

This will push closing after the first of the month and cost us more money with interest and so forth. How can they give us a committment letter and then at the last minute say "oopps". Now we have to try to stop the wheels that are turning.

Please help. What kind of leagal actions can we take to help us recover some of these extra expenses.
  #2  
Old 10-26-2001, 12:31 PM
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Join Date: May 2000
Location: Catatonic State
Posts: 75,781
What did your Realtor or real estate attorney say after reviewing the contract terms and conditions for closing extension?
There should be some financing contingencies that would allow you to terminate the contract if closing is delayed for various reasons.
  #3  
Old 10-26-2001, 12:53 PM
JJohnson
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Well, I just got word that the buyers blemish will come off the credit report Nov. 1. The realtor has agreed to help with extra expenses. The new closing date is set for Nov. 6. I told him that should be okay since we know the buyer will have a secure loan then. Are we okay with this?
  #4  
Old 10-26-2001, 01:07 PM
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Join Date: May 2000
Location: Catatonic State
Posts: 75,781
I don't know, I'm not you.
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