Just got pre-approval but.....

[StartingOver10]

Who's providing title insurance for the transaction? You or the seller?

If the seller is providing title insurance then his attorney or title co needs to prepare the title, provide title insurance, the deed etc.

If your attorney is providing title at your expense, then who is doing the rest of the closing. Your attorney just wants to make sure the seller is represented. The seller can use a title co or an attorney to close the sale.

[sueyang83]

According to the fee worksheet and the GFE...those charges are for the borrower.  But I see your point.

Do you think it can still be done by the 30th if the seller finds a lawyer?

He is meeting a lawyer tomorrow.

[StartingOver10]

Yes, there is still time.

Especially if the seller's attorney is only doing the closing and reviewing the contract.

[sueyang83]

One thing after another....So what are my options here?

My dad's friend (the seller) finally went and got a lawyer today.  But...The lawyer told him that he can't make it for the closing on August 30th but can prepare the documents and still charge them the full price of $550 ($450 if he don't attend the closing).  I don't understand why did the lawyer take on the case if he can't make it to closing.  The OTP clearly stated that closing is August 30th. 

Can the seller ask for a refund from the lawyer and find a new lawyer since the lawyer can't make it per OTP contract?

What will happen if the seller can't close on the date given because his lawyer can't make the date?

[StartingOver10]

Your seller can hire another attorney. Or the two of you can come up with another date to close (a small extension if necessary).

I don't know the terms that your seller agreed to when he hired the attorney so he would need to refer to the contract he signed with his attorney to determine if the funds are refundable or not.

[sueyang83]

Do you think my LO will make a big deal about it?  I'm afraid he might say no to the extension because a lot of the paper work are already dated for the 30th.

[StartingOver10]

Why don't you keep the date at the 30th, let the seller's attorney prepare the docs and not attend the closing? That way your seller saves $100 by the attorney not attending. Your seller can go over all the docs with his attorney prior to the 30th. There aren't very many docs at all for your seller's attorney to prepare if your attorney is providing the title work.

I'm sure the lender is counting on this closing for this month.

[sueyang83]

Closing date pushed to September 6th due to waiting on a condition to clear.

Question....

So I am getting $3500 thru my work for home purchase assistance.  My closing cost is estimated to be $4100.  The purchase price is $46,000 but the loan is for $48,000.

The $2000 difference is supposed to be used for closing.  At the time we drafted the OTP letter, we didn't know for sure how much my work place was going to give me so we made the offer for $48000 having the seller credit $2000 for closing.  Now that we know that my work place will be giving me $3500 to put towards closing/downpayment, that leaves with $600 left to pay.  The $2000 credit should cover the balance.  Am I entitle to a check for the $1400 left from the $2000 credit or will they adjust the loan amount?

My LO believes that the loan will be adjusted but he is not sure and going to double check on it.  Has anyone encounter this before?

I could use the extra $1400 for remodeling.

[sueyang83]

My downpayment/closing cost assistance thru my work may/will get denied.  I got a call from my LO that the assistance is in a form of a loan so FHA won't allow the $3500.

It's really a forgivable loan after 3 years if I stay in the same home.  I had to pay taxes on the $3500 so wouldn't that be consider as a grant instead of a loan? 

The call ruined my day.  LO is still checking with underwriter.

[blunderer]

I don't have any help to offer but simply want to say, I'm sending well wishes your way.

Stay Encouraged!!!