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Closed! The Saga unfolds...Financial Aid Disbursement Affect Closing?

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Member

Re: Update! The Saga unfolds...Financial Aid Disbursement Affect Closing?

My broker, title officer and lender all said they'd never had this happen in their combined 60 odd years of business.
Message 21 of 56
Frequent Contributor

Re: Update! The Saga unfolds...Financial Aid Disbursement Affect Closing?

That's insane!  Hopefully it gets resolved.

2011: EQ 580~
2012: EQ 620~
2013: EQ 641, TU98 645, TU04 635, TU08 635, EX 648 (lender)
Closed on first home 4/25/13.
Message 22 of 56
Valued Contributor

Re: Update! The Saga unfolds...Financial Aid Disbursement Affect Closing?

This is an example of one of those outrageous things in the contract that they tell you not to do and the consequences for it. However, incidents like yours rarely ever happen. I'm so sorry you have to deal with something like this! Smiley Sad
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 23 of 56
Member

Re: Update! The Saga unfolds...Financial Aid Disbursement Affect Closing?

The story becomes even more ridiculous: the relocation company agrees to fund the seller's closing cost, only nobody seems to be able to get in touch with them. They won't return any phone calls or emails to the relocation company or their broker.

It doesn't make any sense.
Message 24 of 56
Valued Contributor

Re: Update! The Saga unfolds...Financial Aid Disbursement Affect Closing?

Maybe they no longer want to sell and figure if they just don't answer, the whole thing will fall through? Very weird. 

Message 25 of 56
Member

Re: Update! The Saga unfolds...Financial Aid Disbursement Affect Closing?

The seller is actually pretty educated so I can't fathom that he'd think that would be a rational course of action.
Message 26 of 56
Member

Re: Update! The Saga unfolds...Financial Aid Disbursement Affect Closing?

Lo and behold they signed the closing date extension addendum less than an hour after I asked the broker if she could recommend a real estate attorney to sue for specific performance.

My guess is they've received a back up offer for more money (we negotiated a 149k price from seller's asking price of 155k. The house appraised for 153k, so with a back up offer in the wings they could potentially save 4k.) This would also explain why they absolutely refused to pick up the measly $260 tab to repair the shingles the appraiser mandated so we paid for it.

I obviously don't want to take the matter to court but if they default on the contract again I'm getting a lawyer involved.
Message 27 of 56
Valued Contributor

Re: Update! The Saga unfolds...Financial Aid Disbursement Affect Closing?

Dont make the assumption you will win.

 

If you do not close by contract date they do not have to offer an extension, unless it is written in the contract.

 

You wouldnt want them to sue you if you werent approved and couldnt obtain financing. But some owners have sued thats why in most contracts it is contingent on financing. But not all contracts, so make sure you know what your signing.

 

Every contract either covers something or covers nothing, so until you are absolutely sure you have had an attorney read your contract and explain it in layman terms, no reason to threaten anyone as it may come bite you in the b***.

Good Luck
May all your dreams and wishes become a reality!
Message 28 of 56
Member

Re: Update! The Saga unfolds...Financial Aid Disbursement Affect Closing?

I haven't ran it by an attorney but we did have a contingency on financing which we did obtain. While we haven't had an attorney look over the contract my realtor is the one who pointed out we fulfilled all of our obligations in the contract and they did sign the addendum to move closing from Jan 31st to Feb 1st, and they saw the settlement document at that time.
Message 29 of 56
Valued Contributor

Re: Update! The Saga unfolds...Financial Aid Disbursement Affect Closing?


Strutte2 wrote:
I haven't ran it by an attorney but we did have a contingency on financing which we did obtain. While we haven't had an attorney look over the contract my realtor is the one who pointed out we fulfilled all of our obligations in the contract and they did sign the addendum to move closing from Jan 31st to Feb 1st, and they saw the settlement document at that time.

Would be pointless for them not to grant a 1 day extension.

 

So assuming all went well and you closed? CONGRATS enjoy your new home.

Good Luck
May all your dreams and wishes become a reality!
Message 30 of 56