Thursday, August 19, 2010

I am in middle of buying home need to know what i can do?

Ok,, i have got a call from my real estate agent saying that my offer was acepted and to get things rolling , a week later after telling my landlord i have to move out in 30 days..My agent called and said there is stipulations between the bank and seller,so i have to now wait for them to solve their problem...This is not my fault i was told I am getting the house what do i do now???I am in middle of buying home need to know what i can do?
So you're worried you're going to be homeless? - see if your realtor can tell the seller that either 1) they pay for your hotel or 2)you withdraw or reduce your offer if they are making excuses.I am in middle of buying home need to know what i can do?
You need an alternative plan of how you can deal with the wait necessary for this deal to close. If they can not close the deal on time, you do not have to agree to extend the contract. You could terminate it and go find something else.





When your agent told you to get things rolling, he was probably referring to the fact that you have only a few days to make the actual application for financing this home. You must also get any


inspection(s) scheduled and completed. You must also get an insurance binder to give yourself assurance that you will be able to get homeowners insurance at an affordable rate. More than likely, he was not concerned that you give notice and move out of your current place.





Of course this is not your fault. However, in real estate there are many reasons why a transaction may be delayed. Life is not fair. From what you did say it seems pretty obvious that the seller owes the bank more money than would be received in the purchase you have negotiated. Yes, you should have known these things sooner but the question is ';Do you want this house?';





Sometimes, like Edmond Dantes at the end of The Count of Monte Cristo, we just have to wait and hope.
it would help if you could be a little more specific. For example...is this a short sale? What type of loan are getting? Is it FHA? Did you have the inspection and the appraisal done yet? If you provide more details we may be able to help you understand where things may be going for you.

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