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I previously posted on my nightmare of selling my home.
May 30-my home listed for 200K. We were kind of hoping to get 190K for it. (IT has many many updates and was VERY well maintained) year built=1975. Status of it "paid off (bc we both worked hard for so many years, no windfall or inheritance)
we found a perfect home for us same week we got offer. our offer on it was accepted. commence working to close the same day.
June 8=got fha offer for 205k stipulating we pay 5 grand of closing costs. Later found out paying closing costs is "not really asked for" anymore but no one told us that. We agreed to sell it to them.
Yes, there was a preapproval letter. Not sure how good it was. It was given by an irresponsible rookie loan officer.
REgular inspection=the buyers had it done on day 10 of the 10 day allowed time period per contract. fixed one very minor repair. few other minor down the line issues were not asked to be addressed.
Ordering fha appraisel=was delayed 3 times. took well over 3 weeks from inspection. was lied to by buyer's loan officier and his boss at mortgage company about it "yea it was ordered. it's in the system" but found out it wasn't at the time even close. I was hearing buyer was "challenged" and still "shopping around for a lender at this point in the process"
my experienced helpful loan officer offered to help this rookie with under a year experience get things done to close the deal but he didn't except.
Buyer's broker wasn't returning my realtor or lo's calls. They were disclosure papers etc he was late on having people sign which caused us more stress.
appraisal finally ordered and done.
we passed fha appraisel with no issue. loan officer of buyer took days to report result. came in at 195. agreed to sell home for 195 and still pay 5 grand closing to them.
we looked to net 175K after taxes and fees to put down toward new home. we want to mortgage the remaining 75 K to buy the new home. new home bought at about 254K
We were getting worried.
My loan officer worried they aren't solid buyers but no proof.
So it's about mid July and we're still waiting for clear to close. we extend July 22 closing to July 29 which is two days from now today.
We find out around July 22 same day we extend contract a week there are problems with buyer's student loans being in deferment causing problems with debt to income ratio.
student loan smust be deferred 12 months from day of closing to not count as dbt for fha mortgage.
Loan officer via vague e mail said he handled it and fannie mae is sending a letter to clear it up. we're freaked out by how vage this is but loan officer doesn't follow up on asking for details.
my loan officer tells him to make sure he calls fannie mae to make sure the letter was sent couple days later. told him to see if they can just fax it. he doesn't
find out July 26, the buyer's loan officer didn't call fannie mae. he told his clients, my buyers to do it, didn't bother to ask it be faxed despite givin this advice.
My loan officer got permission to call my buyers via their realtor. that's how we know loans are in forbearance not deferral. I also find out the lo told the buyer the wrong kind of letter;thier loans are in forbearance not deferment.
forbearance means you applied for hardship not to pay them. it can't be taken out of debt to income ratio under any circumstance. apparently lo didn't understand these terms. I got schooled on them after a 5 minute google search.
They have until noon on July 28 which is tomorrow per my realtor to produce proof deal can close or it's done. some kind of three way call is going to be arranged to fannie mae with parties involoved.
Bottom line "I've had my house off the market until from June 8the until today July 27 and counting all because a loan officer didn't look at student loan debt while preapproving the buyer.
I have to now take about 25 grand out of roth ira to buy the house I found to move into same week I had offer on mine(we were going to close on the same day)and start all over with putting home back on market while staging a home.
I think I might look into filing a complaint against his license if I can or posting some bad reviews online.
We are considering asking the buyer to work with my loan officer after contract lapses July 29 to see if she can get them approved. I'm afraid to lose more time though but what's a few days after months???
ps
I had problems with my realtor being very bad too and my dh signed a 6 month contract with him(he didn't know what he was signing and wasn't told, was told he had to sign this paper so he can show the house, didn't say it was to sign with him for 6 months but yea dh could have read it huh)
May 30-my home listed for 200K. We were kind of hoping to get 190K for it. (IT has many many updates and was VERY well maintained) year built=1975. Status of it "paid off (bc we both worked hard for so many years, no windfall or inheritance)
we found a perfect home for us same week we got offer. our offer on it was accepted. commence working to close the same day.
June 8=got fha offer for 205k stipulating we pay 5 grand of closing costs. Later found out paying closing costs is "not really asked for" anymore but no one told us that. We agreed to sell it to them.
Yes, there was a preapproval letter. Not sure how good it was. It was given by an irresponsible rookie loan officer.
REgular inspection=the buyers had it done on day 10 of the 10 day allowed time period per contract. fixed one very minor repair. few other minor down the line issues were not asked to be addressed.
Ordering fha appraisel=was delayed 3 times. took well over 3 weeks from inspection. was lied to by buyer's loan officier and his boss at mortgage company about it "yea it was ordered. it's in the system" but found out it wasn't at the time even close. I was hearing buyer was "challenged" and still "shopping around for a lender at this point in the process"
my experienced helpful loan officer offered to help this rookie with under a year experience get things done to close the deal but he didn't except.
Buyer's broker wasn't returning my realtor or lo's calls. They were disclosure papers etc he was late on having people sign which caused us more stress.
appraisal finally ordered and done.
we passed fha appraisel with no issue. loan officer of buyer took days to report result. came in at 195. agreed to sell home for 195 and still pay 5 grand closing to them.
we looked to net 175K after taxes and fees to put down toward new home. we want to mortgage the remaining 75 K to buy the new home. new home bought at about 254K
We were getting worried.
My loan officer worried they aren't solid buyers but no proof.
So it's about mid July and we're still waiting for clear to close. we extend July 22 closing to July 29 which is two days from now today.
We find out around July 22 same day we extend contract a week there are problems with buyer's student loans being in deferment causing problems with debt to income ratio.
student loan smust be deferred 12 months from day of closing to not count as dbt for fha mortgage.
Loan officer via vague e mail said he handled it and fannie mae is sending a letter to clear it up. we're freaked out by how vage this is but loan officer doesn't follow up on asking for details.
my loan officer tells him to make sure he calls fannie mae to make sure the letter was sent couple days later. told him to see if they can just fax it. he doesn't
find out July 26, the buyer's loan officer didn't call fannie mae. he told his clients, my buyers to do it, didn't bother to ask it be faxed despite givin this advice.
My loan officer got permission to call my buyers via their realtor. that's how we know loans are in forbearance not deferral. I also find out the lo told the buyer the wrong kind of letter;thier loans are in forbearance not deferment.
forbearance means you applied for hardship not to pay them. it can't be taken out of debt to income ratio under any circumstance. apparently lo didn't understand these terms. I got schooled on them after a 5 minute google search.
They have until noon on July 28 which is tomorrow per my realtor to produce proof deal can close or it's done. some kind of three way call is going to be arranged to fannie mae with parties involoved.
Bottom line "I've had my house off the market until from June 8the until today July 27 and counting all because a loan officer didn't look at student loan debt while preapproving the buyer.
I have to now take about 25 grand out of roth ira to buy the house I found to move into same week I had offer on mine(we were going to close on the same day)and start all over with putting home back on market while staging a home.
I think I might look into filing a complaint against his license if I can or posting some bad reviews online.
We are considering asking the buyer to work with my loan officer after contract lapses July 29 to see if she can get them approved. I'm afraid to lose more time though but what's a few days after months???
ps
I had problems with my realtor being very bad too and my dh signed a 6 month contract with him(he didn't know what he was signing and wasn't told, was told he had to sign this paper so he can show the house, didn't say it was to sign with him for 6 months but yea dh could have read it huh)
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