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oh a hic-up

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Established Contributor

oh a hic-up

So things were going so smooth.

 

I am being told not to panic over this but i just got a call from realtor that the builder signed a contract with me before they actually owned the land.   They do own it now (thank goodness) but obviously the title check found this.

 

He said not to worry just means I will need to re-sign a bunch of things like contract etc with a july date rather then May when we originally did it.  Swears it won't affect my closing date of 11/19.

 

ANyone else ever hit something like this should i be more worried. 


Starting Score: 570 ish
Current Score:EX (701) EQ (711) TU (705)
Goal Score: 750
In My Wallet: GE Care Credit (8K) BestBuy (6K) BofA Cash Rewards Signature Visa (7K) Cap One Quicksilver (10.5K) Chase Freedom (4K) Lowes (6K) VS Angel Card (2.4K), Macys (4K)
Message 1 of 6
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Regular Contributor

Re: oh a hic-up

Personally, I would not re-sign anything without first consulting my attorney, especially if you are signing it as of a non-current date. Some may consider that fraud.

Message 2 of 6
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Established Contributor

Re: oh a hic-up

The attorneys are involved


Starting Score: 570 ish
Current Score:EX (701) EQ (711) TU (705)
Goal Score: 750
In My Wallet: GE Care Credit (8K) BestBuy (6K) BofA Cash Rewards Signature Visa (7K) Cap One Quicksilver (10.5K) Chase Freedom (4K) Lowes (6K) VS Angel Card (2.4K), Macys (4K)
Message 3 of 6
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Regular Contributor

Re: oh a hic-up


@TimeToRecover wrote:

The attorneys are involved


Then it doesn't seem like you should worry.

Message 4 of 6
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New Contributor

Re: oh a hic-up

I am a mortgage processor- Yes, it might be a problem because the contract in vlid as when he signed it he did not own it. However depending on the lender you may have to do 1 or 2 things, cancel the current transaction and reapp the loan, or the Lender will accept a new contract. some lenders dont Bank of America don't.


@TimeToRecover wrote:

So things were going so smooth.

 

I am being told not to panic over this but i just got a call from realtor that the builder signed a contract with me before they actually owned the land.   They do own it now (thank goodness) but obviously the title check found this.

 

He said not to worry just means I will need to re-sign a bunch of things like contract etc with a july date rather then May when we originally did it.  Swears it won't affect my closing date of 11/19.

 

ANyone else ever hit something like this should i be more worried. 


 

Message 5 of 6
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Established Contributor

Re: oh a hic-up

Well what happened was the original contract had to be voided.  A new contract was made and signed and the only issue for me was the fact taht my Silverton Secure was lost as you can only use your secure on one contract.  So I had to go back thru all the underwritting again.  So that is done now we are just waiting on the Certificate of Occupancy and final inspection (landscaping is yet to be copleted and is required for fha as per my lender).  

 

I have my own inspection on monday afternoon and my final walkthru (learn how everything works etc) on wednesday and then we close on the 19th.  (see im being positive there)  Smiley Very Happy

 

So althought a hassle at least it was found early enough to not affect closing.


Starting Score: 570 ish
Current Score:EX (701) EQ (711) TU (705)
Goal Score: 750
In My Wallet: GE Care Credit (8K) BestBuy (6K) BofA Cash Rewards Signature Visa (7K) Cap One Quicksilver (10.5K) Chase Freedom (4K) Lowes (6K) VS Angel Card (2.4K), Macys (4K)
Message 6 of 6
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