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Buying and selling property these days is much more time-consuming if cash is not exchanged. The hoops for mortgages are onerous. I get called for employment verifications all the time. They usually end up calling 3 or 4 times over the period of time that the loan process takes for each person. It used to be once and very rarely twice.
 

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Discussion Starter · #4 ·
Buying and selling property these days is much more time-consuming if cash is not exchanged. The hoops for mortgages are onerous. I get called for employment verifications all the time. They usually end up calling 3 or 4 times over the period of time that the loan process takes for each person. It used to be once and very rarely twice.
After well over a month of the mortgage company working on financing, they somehow have the wrong property description - including parcels not included in the property and leaving out others that are in.
 

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SM Entrepreneuraholic
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Discussion Starter · #6 ·
Yep, been there and done that. Happened to me on a flip. It was a major nationally known bank.
What is driving me crazy is all 5 parcels are listed on the contract and that's what the mortgage company should be working from.
 

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Real estate agent, loan officer, underwriters, bank employee that fills in for loan officer while they go on vacation, etc. A mistake by one is like whispering words to one person after another in a circle.
 

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Discussion Starter · #8 ·
Real estate agent, loan officer, underwriters, bank employee that fills in for loan officer while they go on vacation, etc. A mistake by one is like whispering words to one person after another in a circle.
The real estate agent for the buyer was so bad he has been fired. I think his broker knew if we reported some of the things her agent had done, she might have gone down with him.
 

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How disappointing for both you and the buyer!

Do you have plans to report the broker? I believe I would since it cost you and the potential buyer a lot of time and money. I would be looking into the possibility of filing an incompetence suit also.
 

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It doesn't take much in the paperwork to get off. I paid off four houses in July. Two were on the same note. I got a past due bill and it took four days to get it cleared up...
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Be powerful. No other option exists.
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This thread is about Moon River’s situation. Sorry. It hit me wrong. Need to eat lunch.
 

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Discussion Starter · #15 ·
What is the next option for you? Is the buyer still interested?
By filing intent to cancel, they have 3 business days starting tomorrow before cancellation takes place. I told the broker who is now acting as their agent, if they can resolve the issue within the next 3 days without it costing me any legal fees, I will go to settlement. All 5 parcels must be included in the sale, no gifting to get around an FHA regulation, etc.

I suggested to them a couple of weeks ago I could probably have an attorney combine the 2 titles into one if that would resolve the issue, but I guess since it was my idea they ignored it.

They tried blaming me as I didn't use a listing agent, but that fell apart rather quickly. Then they blamed the buyer's agent, who has now been fired, then the fiance of the buyer and their broker got into it and the broker will now only communicate to the buyer via text or email, the mortgage company is blaming the FHA assessor/inspector, etc. As I said, there is incompetence everywhere.

My objective was to focus their attention. This is a relatively simple problem - either they can issue an FHA mortgage for a property on 2 deeds or they can't. They are spending so much wasted time trying to get around regulations they are not addressing the primary question.

I am also paying almost $4k to the broker of the buyer's agent who was fired. This is not sitting very well. A good buyer's agent would have likely got all this straight a month ago.
 

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I'm just glad we paid for a nephew to get his brokers license....
 

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Discussion Starter · #17 ·
How disappointing for both you and the buyer!

Do you have plans to report the broker? I believe I would since it cost you and the potential buyer a lot of time and money. I would be looking into the possibility of filing an incompetence suit also.
I really just want them to go away. The buyer and I could sit down with an attorney and quickly resolve any issues; in fact, we have no issues. There are just too many incompetent people muddling things up. The one piece for me that kills the deal is the 1 parcel in question is probably the hardest one to sell as a standalone property. It needs to be sold as part of the larger property.

I have been selling off all my stuff at firesale prices. I have already put off my trip for 3 weeks and the weather is already getting colder, potentially ruining the 1st part of my planned trip. If the sale of the house doesn't go through, I have to buy things like a new bed and a new riding lawnmower. I gave away boxes and boxes of books and canned goods. I sold or gave away most of my small kitchen appliances, based on the buyer's agent giving me closing dates that never happened.
 

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Discussion Starter · #18 ·
I'm just glad we paid for a nephew to get his brokers license....
It is only worth it if he is competent. He still has to deal with everyone else involved in the deal and drive it to closure.
 

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It is only worth it if he is competent. He still has to deal with everyone else involved in the deal and drive it to closure.
Lawyer, title company and broker. I've been around a while 🤠. Never had a survey on residential property just land...
 

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Saltine American
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If the loan is based on the appraised value of the home only, close the loan and gift the lot.
 
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