I could not close, who's at fault?

[dtaylor03]

What is the name of your state?What is the name of your state?FLORIDA
There are many details to this story. My basic description would be that the friday before closing monday, I was told I would not be able to close due to tax record complications. There were other lender stipulations that the brokers were clearing, but that was my final excuse from them that night. After my nervous breakdown, ... I am kidding... it was a very horrible next few days. A couple of days after the closing date, still no progress from brokers in completing paperwork, the sellers chose to sell to another buyer.
I found another house a few weeks later.
Closed on it in two weeks through a different broker. She even came with me to the closing due to my really tramatic experience.
I keep thinking back to this situation and can't help but think that I really got screwed by lack of competence of the individuals involved.
Not to mention the title company keeping $600 of my $1000 deposit for incurred expences...
So, tell me if I should get out there and do something about this or just try to forget it happened.

[HomeGuru]

Originally Posted by dtaylor03

What is the name of your state?What is the name of your state?FLORIDA
There are many details to this story. My basic description would be that the friday before closing monday, I was told I would not be able to close due to tax record complications. There were other lender stipulations that the brokers were clearing, but that was my final excuse from them that night. After my nervous breakdown, ... I am kidding... it was a very horrible next few days. A couple of days after the closing date, still no progress from brokers in completing paperwork, the sellers chose to sell to another buyer.
I found another house a few weeks later.
Closed on it in two weeks through a different broker. She even came with me to the closing due to my really tramatic experience.
I keep thinking back to this situation and can't help but think that I really got screwed by lack of competence of the individuals involved.
Not to mention the title company keeping $600 of my $1000 deposit for incurred expences...
So, tell me if I should get out there and do something about this or just try to forget it happened.

**A: you could not close due to YOUR tax problems. So do not blame others.

[dtaylor03]

Why would I maintain tax records on someone else's house? I was the BUYER in the contract. If I was the seller, then maybe that response would make sense.

[HomeGuru]

Originally Posted by dtaylor03

Why would I maintain tax records on someone else's house? I was the BUYER in the contract. If I was the seller, then maybe that response would make sense.

**A: oh, in that case forget about it.

[LindaP777]

Originally Posted by HomeGuru

**A: oh, in that case forget about it.

LOL!!!
If I were you, dtaylor, I'd demand the rest of my earnest money back. NOW. Depending on the rest of the story (why would the seller sell to another buyer? more money? your broker delaying closing?) and your (possible) "damages", you might be entitled to more. If the broker was incompetant, try reporting to the state office that regulates the banking industry in Florida.

[HomeGuru]

Originally Posted by LindaP777

LOL!!!
If I were you, dtaylor, I'd demand the rest of my earnest money back. NOW. Depending on the rest of the story (why would the seller sell to another buyer? more money? your broker delaying closing?) and your (possible) "damages", you might be entitled to more. If the broker was incompetant, try reporting to the state office that regulates the banking industry in Florida.

**A: it appears that the writer got back the $400 balance of the deposit.

[dtaylor03]

Originally Posted by LindaP777

LOL!!!
If I were you, dtaylor, I'd demand the rest of my earnest money back. NOW. Depending on the rest of the story (why would the seller sell to another buyer? more money? your broker delaying closing?) and your (possible) "damages", you might be entitled to more. If the broker was incompetant, try reporting to the state office that regulates the banking industry in Florida.

I kept calling the title company and got the run around. Finally, they sent me a fax that told me I was only getting about half the deposit back and I had ten days to sign that fax and return it or forfit all the deposit...oh and all future inquiries had to go through some law firm...that was really nuts...
The seller did get another offer that was higher a few days after closing. I did not think there was anything I could do about that since it was after the day in the contract I was supposed to buy the house.
The broker(s)... I am really pissed at them. still even after a year.. She had family problems the whole month, so I had someone passing messeges to her for me at her office. Two days before closing I got a variable rate disclosure even though all my paperwork was for fixed loan. I was told this was ok by a lawyer since it the variable rate was to be on a HELOC to cover the downpayment allowing a 100% finance deal. I was told it was fixed, even says it on my application for the 2nd loan.
But I HAD the downpayment in cash so I said keep your HELOC and give me the 80% pri**** loan. Then, the stipulations... I was in and out of work so many times.
I took all the paperwork through it in one of those damn FEDEX bags and through it in closet and put it out of my head.

My next experience was so much better. I barely had to do anything.
I was ready to close in a week, waited on some inspections and final title preparation. No problems...
So I got a house now that is somewhat in disrepair, still trying to save for a kitchen.
All I think about is how nice it would have been to have that fully remodelled, 700 more square feet, with the nice sized yard, and a jacuzzi.
I read somewhere in the RESPA documents about sueing for twice the value of the purchase price, but I have no idea what to do..

[pojo2]

The seller did get another offer that was higher a few days after closing. I did not think there was anything I could do about that since it was after the day in the contract I was supposed to buy the house.


EXACTLY! Seller had every right to sell to someone else if you could not close when the contracts stipulated.

I think all those details left out would help one see the entire story more clearly.

Forget about it! You haven't a pray of recovering 2 times the home price nor anything else. Who would you sue and for what? There has to be a huge story behind you losing part of your Earnest Monies.

And Tax matter complications can be ironed out right at the closing table if it were a matter of proration or back taxes. And when did the seller close on this new sell they had? So lots of needed details to say you have any cases against anyone.

[dtaylor03]

Originally Posted by pojo2

[b]
And Tax matter complications can be ironed out right at the closing table if it were a matter of proration or back taxes. And when did the seller close on this new sell they had? So lots of needed details to say you have any cases against anyone.

As far as I remember, the lender required that the tax records correctly reflect the square footage of the house. The house had several modifications through the years, that when advertised on the listing, placed the squared footage at approx 1700, (not including the fully enclosed, no h/ac sunroom. The tax records only accounted for 900sqft, if I remember correctly. I was told by the broker, substituting for my broker who was having family problems, that this was not a stipulation that could be cleared in time for closing and that closing could not proceed.
As far as earnest money, I thought if it wasn't my fault, I should get all $1,000 back. But, this title company after two weeks of leaving messeges, just sent me a fax stating due to non refundable expenses incurred, I would only get back $xxx of it, about half. I only had a few days to respond to fax or forfit all the deposit.
My opinion is that due to my broker's personal problems and lack of the business's ability to cover for her, my closing was messed up.
Why did they wait until the last few days to process and discover all the stipulations? If from the moment I returned the final completed paperwork for loans they had over 3 weeks to take care of things, why did it not get done?
I went to the first time homebuyers class, I studied all paperwork and regulations so I would understand everything that was happening, and I did.
The things that I could not control were the very things I hired the brokerage company to handle. They were unable to provide to me the pri**** loan being used to purchase the house in time with the contract. I hold them responsible for my losses.
But, that is my opinion. I hope to get more opinions on this site. Maybe others have had a simillar situation happen. It seems possible that at any time a broker handling a loan might have an emergency, have to leave for a couple of weeks, and not have the loans completed properly.
Thanks.

[HomeGuru]

Originally Posted by dtaylor03

As far as I remember, the lender required that the tax records correctly reflect the square footage of the house. The house had several modifications through the years, that when advertised on the listing, placed the squared footage at approx 1700, (not including the fully enclosed, no h/ac sunroom. The tax records only accounted for 900sqft, if I remember correctly. I was told by the broker, substituting for my broker who was having family problems, that this was not a stipulation that could be cleared in time for closing and that closing could not proceed.
As far as earnest money, I thought if it wasn't my fault, I should get all $1,000 back. But, this title company after two weeks of leaving messeges, just sent me a fax stating due to non refundable expenses incurred, I would only get back $xxx of it, about half. I only had a few days to respond to fax or forfit all the deposit.
My opinion is that due to my broker's personal problems and lack of the business's ability to cover for her, my closing was messed up.
Why did they wait until the last few days to process and discover all the stipulations? If from the moment I returned the final completed paperwork for loans they had over 3 weeks to take care of things, why did it not get done?
I went to the first time homebuyers class, I studied all paperwork and regulations so I would understand everything that was happening, and I did.
The things that I could not control were the very things I hired the brokerage company to handle. They were unable to provide to me the pri**** loan being used to purchase the house in time with the contract. I hold them responsible for my losses.
But, that is my opinion. I hope to get more opinions on this site. Maybe others have had a simillar situation happen. It seems possible that at any time a broker handling a loan might have an emergency, have to leave for a couple of weeks, and not have the loans completed properly.
Thanks.

**A: you have a mess that requires consultation with a local attorney.