12-30-2012 10:08 AM
I was wondering about realtors involvment in the loan process. Mine rarely answers any of my specific questions and it's not like I have asked her much. My broker mostly keeps me informed of things. For instance when it was time to order the appraisal and when it came back, my broker is who told me. About a week later my realtor sent me a text saying that appraisal came back good. I sent back ty but I have known that for a week. I wasn't trying to be sarcastic but it may have sounded that way. Since my broker has been off for the holidays I sent her an email with questions about the contract. My contract expires tomorrow and I just wanted to know if the sellers were going to renew and if we needed the contract in place for my loan to continue. I also asked her if she had heard anything about my loan. She didn't answer me on that. Just said she would get the contract to renew to me in a few days. Does it matter if the contract lapses during my loan process? I've not bought a home in over 25 years so this is all new to me. She didn't mention anything at all about my loan. From what I have read on here at least some realtors seem to keep the buyers informed. What is the norm on this? The only time I have even talked to her was the day I signed the contract and then when she sent me that text about the appraisal a full week after it had came back. Also this is a USDA garanteed loan. I didnt sign the contract until Dec 8th. She said we could close by Christmas but made the contract for the 31st. My broker told her it would at least be mid Jan before we could close but she still set the date for the 31st. Should she have done that? The only other time I have asked her a question was when we were waiting for the sellers to sign the contract. I signed on Saturday as I said and she said she would have it on my brokers desk by Monday. Wed came and he still hadnt heard anything from her so I emailed her. He got the contract on Thursday but she never answered me. Am I worrying about nothing?
12-30-2012 01:43 PM
12-30-2012 08:09 PM
12-31-2012 03:54 PM
OP, some of the items you are asking the Realtor are lender items: for example, when the appraisal was ordered and loan related questions.
Some of the items are Realtor items, like contract extensions. It is important that you don't fall out of contract, so make sure the extension is signed before the contract expiration date arrives. This is important for you, or default provisions can apply.
It is important for you, your Realtor and your LO to communicate together; but, the lender is expressly prohibited from releasing certain financial information to your Realtor without your express consent. Most of the time the Realtor doesn't need specifics about your personal financials so it doesn't interfere with the process, but the LO and the Realtor do need to communicate so you aren't left wondering what's happening.
I'm sorry you are having these difficulties with your Realtor and your LO. It makes closing more difficult without communication.
12-31-2012 08:22 PM
Still no contract. I did get an email from my broker this morning telling me "we are just fine." Nothing to worry about and that my package is almost ready to be sent to USDA. but I had told him the realtor said she would get the extension contract to me yesterday or today. (My contract with the sellers expired at noon today.) I havent heard peep from her, no contract, nothing. I realize its the holidays and that people (other than me, lol) have lives and things to celebrate but I am worried. She (the realtor) has assured me the sellers will extend...but can my loan continue with no contract in place? HELP please. I really need advice on this.
01-01-2013 08:23 AM
Normally the extension is handled with a simple addendum.
The lender will ask for the signed addendum from you and the seller, but they aren't going to ask for it today.
Your agent should have taken care of this prior to the day it expired, but it can be done tomorrow. Make sure she puts in enough time for the lender to actually approve the loan and close. It doesn't make any sense at all for her to pick out a date that your lender knowingly can't meet....weird.