Will I ever close?

What is the name of your state? Texas

Dallas, Texas

I placed the house I lived in on the market. My realtor advised me on the amount to list at $124,500. After three weeks on the market and no showings we decided to drop the price to $119,500. All this time I am looking at other homes with my realtor and have a pre-approval from a loan officer.

On 08/07/03 an offer was made on my house of $117,500. I accepted. When the appraisal was done it came in at $115,500. When I purchased the house in 1995 the appraiser at the time calculated 1313 sq. ft. When I refinanced in 1998 another appraiser calculated 1296 sq. ft. On the third appraisal this appraiser calculated 1281 sq. ft. The third appraiser wouldn’t budge from the price, even though my realtor provided her with several comps that supported our original price. So, thinking I had no wiggle room on the deal, I swallowed the $2,000 difference and accepted the price of $115,500.

Meanwhile, I had found a house to purchase that was a FHLMC foreclosure. There were all sorts of disclosures at the house and propaganda from HomeSteps (a Freddie Mac Unit) and the advantages to acquiring a loan through HomeSteps. I chose a lender from the top of the list of lenders they provided and started working with Wells Fargo. I had all of my required information to them in plenty of time and was told that the standard time in underwriting took 5 days to get approved. When the loan went into underwriting I scheduled days off so I could get everything out of the house I was selling so the buyer could take immediate possession as of closing on 08/29 in the a.m. I was working with Wells Fargo located in CA and Texas American Title in TX to get everything lined up on the house I was purchasing so I could move out of one house and into the other.

There were conditions on the approval of the loan that some debt had to be paid off before or at closing. I knew this going in and was planning on using the proceeds from the sale of the first home. Wells Fargo wanted the debt to be paid off on the sale of my current home before they would send loan papers to the title company for the purchase. The title company won’t schedule a closing until loan papers are in order.

Now I am caught in the middle without a house to move to and all of my possessions in storage. I even had to leave my cat behind because I didn’t have anywhere for him to go. I couldn’t afford to board him because all of my extra cash is going to storage. I spoke to Wells Fargo today and they will not be able to get loan papers to Texas American Title until tomorrow (9/3) then I still have to wait 72 hours before the title company can consider scheduling a closing. That makes the possible closing going over another weekend. Now I will have to come up with more money for interest at closing too.

Is there any recourse? If so who and for what?

I tried the rent back but Freddie Mac turned me down.

[Souix]

Peter -This is normal for Freddie Mac not to let you rent back. However, can you work something out with your purchasers on your house to stay there until this gets closed? Your Realtor should be helping you with this and really really really be involved to protect you. Did your realtor not provide some sort of language protecting you between your sale and your purchase? Also the loan that needs to be paid off before your house closes, has your Realtor explained to the listing agent that escrow will pay that loan off? Lots of times lenders will accept that if they have written instructions to escrow asking escrow to pay the bill from your proceeds and they get confirmation from escrow that it has been done.

Carre, not stupid just lacking knowledge. Freddie Mac is Federal Home Loan Mortgage Corporation ("FHLMC"). Similar to Fannie Mae (Federal National Mortgage Corporation "FNMA")

Souix- The purchaser of my house wanted immediate possession at closing so he would have the long Memorial Day weekend to move in. That is one of the reasons I took days off from work so I could get everything out of the house. Keys to my house were turned over on 8/29. I have been working with the title company and the lender and have made some progress since my original post. I am hopeful for a closing date of this Friday the 5th.

[HomeGuru]

Keep us posted.

I am scheduled to close today at 1:00.

[HomeGuru]

Tell us better news.

[Souix]

Originally posted by peterabbit
Souix- The purchaser of my house wanted immediate possession at closing so he would have the long Memorial Day weekend to move in. That is one of the reasons I took days off from work so I could get everything out of the house. Keys to my house were turned over on 8/29. I have been working with the title company and the lender and have made some progress since my original post. I am hopeful for a closing date of this Friday the 5th.

***Thats too bad, your Realtor could have saved you some headaches at this time with proper negotiations in the beginning. Good luck to you!***

UNBELIEVABLE! Title company just called and said that the Wells Fargo dated all of the docs for 9/8. I called Wells Fargo to talk to my loan officer and she is out of the office, so I asked for her manager and he is out of the office with my loan officer at a company function. I'm so mad I'm spitting nails!
My realtor was driving to the title company in Plano, TX for the closing when I called her and she turned around and went back to her office to see what she can do.

[Souix]

Originally posted by peterabbit
UNBELIEVABLE! Title company just called and said that the Wells Fargo dated all of the docs for 9/8. I called Wells Fargo to talk to my loan officer and she is out of the office, so I asked for her manager and he is out of the office with my loan officer at a company function. I'm so mad I'm spitting nails!
My realtor was driving to the title company in Plano, TX for the closing when I called her and she turned around and went back to her office to see what she can do.

***Oh brother! see if they'll let you change the date and initial the change.***

I talked to loan officer and she is willing redraw the docs if we can find another title company to do the courtesy closing. You would think that in a city the size of Dallas we can find something. My realtor's broker has a call into the pres. of Republic Title so see what we can do. Also, realtor is calling t. co. in San Antonio to see about the 'change and initial'.

I finally closed on Friday at 6:00. The title co in SA kept telling me that my loan wasn't funded but the mortgage co was telling me and the title co that was doing the courtesy close that we were. The mortgage co even sent us a funding number. The title co in SA was telling me that we didn't have legal right to move in but the mortgage co and the title co doing the courtesy close said go ahead. I signed the HUD1 and was never asked for additional funds.
Now on Monday at 4:00 I get a call for the title co in SA saying that I owe money and that I need to overnight it. They are threatening my realtor by telling her that they will have the law physically remove me from the house.
I think that the title co in SA should have to eat the additional money because it was their inadequecy that caused the whole mix up to begin with. I even asked them several times for a bottom line figure that I owed and they couldn't give me one until after the fact.
What should I do? Can I make them come up with the additional money?

[Souix]

Originally posted by peterabbit
I finally closed on Friday at 6:00. The title co in SA kept telling me that my loan wasn't funded but the mortgage co was telling me and the title co that was doing the courtesy close that we were. The mortgage co even sent us a funding number. The title co in SA was telling me that we didn't have legal right to move in but the mortgage co and the title co doing the courtesy close said go ahead. I signed the HUD1 and was never asked for additional funds.
Now on Monday at 4:00 I get a call for the title co in SA saying that I owe money and that I need to overnight it. They are threatening my realtor by telling her that they will have the law physically remove me from the house.
I think that the title co in SA should have to eat the additional money because it was their inadequecy that caused the whole mix up to begin with. I even asked them several times for a bottom line figure that I owed and they couldn't give me one until after the fact.
What should I do? Can I make them come up with the additional money?

***Whats the additional for? To me, a courtesy signing is when the documents are shipped to another company to take your signature and that is all, because they are doing a favor for you. They are not usually the ones that work up the estimated figures because they don't have the file. The lender is the one that puts the figures in their instructions to escrow, the figures are then input into the computer with all the debit and credits and you should have your net figure on the Estimated HUD. So if it is the same in your state, why would the title company doing the courtesy signing be the one to blame, they were just helping you out?***

[HomeGuru]

Writer, please explain.