203k MADE SIMPLE?
When a buyer wants to buy a home that needs repairs utilizing FHA financing, normally the repairs would have to be completed prior to the close of escrow. The repairs would normally fall on the responsiblity of the seller. With so many foreclosures in today’s market, … Disbursments are made throughout the following 6 months from the escrow account (normally 4 draws with one final inspection, but this can be increased for higher repair amounts) as the work is completed. …  read more…

hardship letter sample-refinance foreclosure property | The Debt …
I cautioned the buyer that he should seek a loan other than an FHA loan since we had not held title to the property long enough for FHA to approve a new loan. In case you didn’t know, FHA recently changed a rule that now requires a property to be on … He agreed to buy the home ?as is? and to do some repairs himself. No home inspection was needed; no appraisal was needed; no repairs had to be made; no real estate agent needed to be paid; and no survey had to be ordered. …  read more…

Contract Offer Terms | Helen Oliveri's Weblog
There are times when a contract of sale is terminated after Attorney Review, such as home inspection problems, mortgage denial and others. In those situations where a contract to purchase is cancelled in accordance with the terms of the contract, all deposit monies … The time frame for mortgage approval varies from buyer to buyer, and is determined by the type of mortgage being obtained (Conventional, FHA, and VA) and how complete the mortgage pre-approval process was. …  read more…

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Keywords Drive Traffic To You 154
Do you fog over when techies start talking their jargon? You know ” words like meta tags, keyword density, spiders, google-bots. Every industry has its lingo. And the social media marketing industry i…  read more…

US Government Foreclosures Are Sold As-Is
Many people know that HUD (The United States Department of Housing and Urban Development) owned homes are sold as-is.
They are sold as-is because HUD has acquired ownership after a homeowner is no …  read more…

Home Appraisal - Determining the Home’s Value for a Short Sale Package
One of the most important aspects of the short sale business is determining the value of the property you have under contract. It?s impossible to formulate your offer to the short sale lender without…  read more…

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Resolved Question: selling my house and having trouble with my buyers bank.?
Back in late jan- 1st of feb, I was talking to my next door nabior about selling my house so I could move my pregnet wife close to her familey. He told me his son was looking for a house. later that day, him and his son came and looked at the house and made me a good offer. He was pre-approved for a home loan, and looking for a house.
I accecpted his verble offer to buy the house. The next day his bank sent an FHA inspector to the house. The Inspector told me everything was good except for the columns under the house. He said for FHA loans, the columns had to be covered in “sure-wall” to pass.
Later that day, his bank called me and asked If I could have it done, I told them no I did not have the money on hand. the loan officer told me over the phone, that they would raise the price of the house to cover the work needed on the columns, and the crew doing the work would get paid at closing out of the money I get for the house… I had no prob with that, It was not going to cost me anything. I told her over then phone, “Thats fine with me, as long as I don’t have to pay for it”

the next day, the crew was their to do the work and in two days they where complete. The bank then sent the inspector back out, An engineer to approve the work, two appraser’s for the house and land, and then another inspector for FHA. Everything passed just fine. The next day I got a call from the buyer’s loan officar, she told me over the phone to be ready to close in two weeks, on firday the 13th of march.

wile all of this was going on, I was looking for a new place to live, when I found the perfect house, it was a forclosure, and priced half of tax value. It was our dream home, we never thought we could afford, but now we can…
I worked with my realtor, and the listing agent for the house to put in an offer to buy it after the sell of my house, Both realtors talked to my buyers bank and where told the same, closing in two weeks on the 13th. My wife and I worked with the realtor and set up a offer to buy contract based on the sell of my house, and we put down $1000.
The contract would expire on 06-01-09 if we did not have the money.
I called my buyers bank three times to make sure nothing could go worng and would caulse me to loose the $1000 and our deam house.
The bank told my wife and I “not to worry” we close on the 13th, and even if somthing did happen we will be closed by june 1st for sure!

That was 2mos and 4 false closing dates ago… Everytime I call I get told another lie, first is was the underwrighters falt, then the 1st inspector did not wright the report right, then the loan officar was in the hospitel after a car crash…..etc it goes on and on.

Now Im just a few days from loosing my dream home and the $1000 EM we put down, and we still can not get a closing date from the bank. I have complaned to the CEO of the bank, the loan officar’s boss, my buyer, and Ive had my realtor and the listing agent (from the house im buying) call many many times.. Both of them tell me “I don’t know what else to tell you to do, We have done everything we can to push her to close, or give a true date for closing, their is no reason for the delay, she should have everything needed to close. unless she is not telling us somthing”

So Now Im stuck not knowing what to do, on monday I loose the $1000 em, and the listing agent tells me if I can’t close with them on monday, I loose the contract on the house, my $1000 and she said their is two other offers on the house, and they will accecpt one of them.

1: What can I do, or should I do?
2:If I loose the $1000 and the house, based on what my buyers bank told me, can I sue them for it?
3: since I have not signed anything, If I back out based on my buyers bank making false closing dates, Will I be responsible for the $2100 bill for the “sure-wall” work?

My buyer is cool, He is just as upset as me, where both tired of taking off work to close and never close. He says he is under contract with the bank, or he would switch banks.

thanks for your input.

BTW: I did sign two hand wrighten papers for my buyer the first day I met him. they where both on notebook paper, one stated that I would sell my house for XX amount of money. The other one said the applinaces stayed with the house. nothing more.
UPDATE TO ASNWERS:
Me, my realtor, and the listing agent, have all called. Most banks WILL NOT accecpt a contingency offer. And this bank was no different. They refused the offer, until they got to talk with the CEO of my buyers bank, to confirm what I was telling them. After they talked to the bank, they was sure we would close when told, on the 13th. It is an FHA loan, it is a mobile. The day the agent and I where told closing would be on the 13th, My buyers bank said everything was approved, and it was back from the underwrighter. she said ” We have everything we need to close” to both me, and the listing agent who the house I want, and My buyers agant.

My buyer and I have been to the bank together three times now, Each time being told a false closing date, just to shut us up. I understand FHA takes longer, I have no prob with that at all, but we have been lied to so many times about closing, that no one can make any plans.

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Resolved Question: Can anything be done about a FHA Appraiser?
In Jan. 09 I put my home up for sale. I had a buyer the same week. He is making an FHA loan, or should I say TRYING to. The bank hired this Appraiser and he came out and inspected the property. He was there all of about 20 minutes and left. 3 weeks later we got his report that had a bunch of things to be done. Most of which were cosmetic which confused us because the house is sold “As Is”. So we repaired all of the things he said to and when he came back out he added things to his list. Cosmetic things again. Such as needing to paint the Interior Attic Stairs white that we installed to match the white foam ceiling tiles. To me paint color shouldn’t matter. So he called for a home inspection to be done because he felt we were trying to hide something. God only knows what gave him that idea because he wasn’t even out there a full 10 minutes this go round. So the home inspector came and gave a report to the bank which passed! Yay, however the bank said that the appraiser needed to go back out yet again to double check everything. Mind you, he gets paid every time he makes the trip. Well what do you think happened this time? Of course he failed the report again, only this time he says there is no kitchen sink in the house and the report will be pending installation of the sink. HELLO there has always been a sink there. He tested the water in the stupid thing his first time out. Not only that but if there wasnt one dont someone think it would have been noticed by him the previous 2 times he was out and when the inspector came out? DUH! So now he’s holding the report and wont send it to the bank even though they have told him to send it as is. Its been a week and a half since he’s done the inspection. The appraiser says he cant speak to us regarding this, the bank wont answer or return phone calls or e-mails. Im at a loss here. Surely there is something that can be done. This is getting quiet ridiculous. HELP!! Advice anyone?
I am the seller, we did ask the bank to get a new appraiser and they told us no we couldn’t do that.

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Resolved Question: FHA Loan Questions, after approved how long til closing?
I have my house sold, The man buying it is geting an FHA loan. I first accecpted the buyers offer the first week of january 09. The inspector and appraiser have came to look at the proprety. I had to have work done to pass FHA,( the collumns under the house had to have “sure-wall” put on them. ) That was done two weeks ago. FHA sent an engineer to approve the work, (It passed) The inspector came back out to inspect the house again. This time it passed.
My buyer is using home trust bank, and he has been approved, He has gave them the down payment money, and everything is done on my end.
It has been over two weeks since everything was complete and turned in. Ive talked to my buyer’s loan officer, and she said ” I have never done an FHA loan before, I have no idea how long it will take” so my question is How much longer should it take before we close?

Ive been very held up by all of this, I have a job im about to loose if I don’t move , and my dream house picked out and about to loose it! unless we close very soon.
thanks!
I have no idea what they are waiting on, all of the papers needed are turned into the loan officer, Im guessing she had to turn them in to FHA? could that be what we are waiting for? I know my buyers closing atturney, should I call him? if not who should I call?
The realtor for the house I wish to buy has called everyone she can, I talked to her this morning and she said ” I don’t know what the hell is going on, they should have been done last week.”
The realtor for the bank said ” Their is only a few banks out their I don’t like and Hometrust just made number one Their is NO reason to hold this up anymore then they have” I asked what should I do, and they said I need to find the broker in charge of the house.
She believes they have sent it to another broker.

I have my “buyers” realtor, and the bank who owns the house I want’s realtor both calling, and pushing. They both have gave up and said their is nothing we can do.

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