Hey forum,
As usual I am looking for advice on a home purchase. Recently I put a contract on a short sale property, the seller accepted the offer. Her bank never approved the offer- make a long story short I wasted about a month and a half with trying to get an approval from the sellers lender on my offer. I decided not to waste anymore of my time with this property, and continued my search for another property. I started looking into other financing options as well, becasue my lender that I was going through was not effecient enough for me. My loan officer would never really return calls, and I would have to call her about four times a day before she responded. So I got financing at another bank, they told me they were offering a program where they could give me a grant. It would be forgiven after five years as long as I dont refinance or sell the home. I finally found a home. Its an REO Property, which my agent told me was a much smoother transaction from the prior short sale I was trying to get before. The bank did not accept the offer I put in butr counter offered me (they want me to finance my closing cost). I decided to accept the counter offer- its a really good deal, and the house would have about 30k equity in it. All of this was done on August 29th 2008. I still have not received a signed contract from the bank with the correct terms. My bank needs this to request my grant money, it is almost 30 days from the counter offer acceptance. The bank asked me to sign an addendum on the 29th as well stating that if I hold the closing up, I would be charged per day. My agent told me this was a standard document, and advised me to sign. Now I'm a bit concerned because my bank needs at least 10 days after receiving the ratified contract(which I still dont have) to receive my grant money. My approval is based on me receiving this grant money, and it is on a first come first serve basis. Basically when the money has been exhausted by other lucky buyers, I will be unable to take advantage of the grant. is there anything that I can do, or an addendum that can be typed to let the REO bank know this so that they can move faster? Its like they dont take anything into consideration, and you would think they want to get these properties off their hands. I am at my wits end, and I dont want to lose out on my 1k EMD. I feel so setup, and was not expecting this. Shane, Scarlett, ANYBODY hellllp!!! Thanks.
