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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Maybe you should wait to qualify better.. Posted by Ward-CA= on July 25, 2003 at 8:07 AM In Reply to: Sellers unable to close posted by Lynn on July 22, 2003 at 0:07 AM : We are purchasing our friends home. They purchased a new home over a year ago. The home we are buying has been empty the entire time. We decided to buy the home. Sold our home, made an offer on my friends home which is about $9,000 under their pay off of the 1st and 2nd. Had the home appraised and our offer is in the Market Value of the home. If they sold via a Realtor they still would have been short the $9,000 after realtor commissions. The home we sold closed in May. We moved in our friends home in May. Our friends have not been able to make the Mortgage payments since Feb. by the time we moved in, the home was in default. No problem we were to close by the end of May. Our friends planned on getting a loan to pay off the balance to the 2nd and to cover their closing cost. Well no go. They had hit a patch of bad luck with their business and health and with the mortgage in default not able to obtain a loan. Our friends have never asked for rent from us since it was a matter of time to get the money to close. Still no money, no closing on the deal. Our friends are now in the process of getting the 2nd mortgage lien to be transferred to their current property. It takes the better part of 30 working days to complete (according the the bank). In the meantime last week a Notice of Trustee Sale has been delivered to us. The auction date is set for Nov. 21, 2003. It appears that we will close on Sept. 1st according to escrow (they've been in contact with the 2nd mortgage holder who is doing the transfer). Which will be long before the auction. : Is the fact that the 2nd mortgage company and our Escrow agent have pulled together a closing date an indication the the lien transfer is approved? : If the lien transfer isn't approve what other options do we have to close on this house? The obvious answer would be to cough up the $9,000 but we don't have the money and our Mortgage company wont extend us the money being it would put the loan over the appraised value of the home. =-=-=-=--=-=-=-=-=-=-=-=-=-=-=-== Lynn, No, I wouldn't give that much significance to establishing a closing date of the transfer of the lien. You've been living in the house free for almost 4 months (from May to July). What would you have used for house payments for the last 4 months if your purchase went as originally planned? If you are so stretched financially, is buying a house now the prudent thing to do? Have you thought of moving into a rental until your savings and income improve more? Follow Ups: Re: Maybe you should wait to qualify better.. Lynn 1:56 PM, 07/25/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : We are purchasing our friends home. They purchased a new home over a year ago. The home we are buying has been empty the entire time. We decided to buy the home. Sold our home, made an offer on my friends home which is about $9,000 under their pay off of the 1st and 2nd. Had the home appraised and our offer is in the Market Value of the home. If they sold via a Realtor they still would have been short the $9,000 after realtor commissions. The home we sold closed in May. We moved in our friends home in May. Our friends have not been able to make the Mortgage payments since Feb. by the time we moved in, the home was in default. No problem we were to close by the end of May. Our friends planned on getting a loan to pay off the balance to the 2nd and to cover their closing cost. Well no go. They had hit a patch of bad luck with their business and health and with the mortgage in default not able to obtain a loan. Our friends have never asked for rent from us since it was a matter of time to get the money to close. Still no money, no closing on the deal. Our friends are now in the process of getting the 2nd mortgage lien to be transferred to their current property. It takes the better part of 30 working days to complete (according the the bank). In the meantime last week a Notice of Trustee Sale has been delivered to us. The auction date is set for Nov. 21, 2003. It appears that we will close on Sept. 1st according to escrow (they've been in contact with the 2nd mortgage holder who is doing the transfer). Which will be long before the auction. : : Is the fact that the 2nd mortgage company and our Escrow agent have pulled together a closing date an indication the the lien transfer is approved? : : If the lien transfer isn't approve what other options do we have to close on this house? The obvious answer would be to cough up the $9,000 but we don't have the money and our Mortgage company wont extend us the money being it would put the loan over the appraised value of the home. : =-=-=-=--=-=-=-=-=-=-=-=-=-=-=-== : Lynn, : No, I wouldn't give that much significance to establishing a closing date of the transfer of the lien. : You've been living in the house free for almost 4 months (from May to July). What would you have used for house payments for the last 4 months if your purchase went as originally planned? If you are so stretched financially, is buying a house now the prudent thing to do? : Have you thought of moving into a rental until your savings and income improve more? 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