Posted on: 31st Aug, 2009 08:31 am
We are currently in the process of purchasing a short sale home. Our first deposit was made in May. Understanding that this is a long process, we have been patiently waiting for our closing date. We were finally told the closing date of 8/28. My husband and I both took the day off from work, packed our things, informed our landlord of our move, and scheduled misc. maintenance to be performed at our new home.
Late in the day on 8/26 (a day and 1/2 prior to our closing date), we found out that there was no closing. From what I can understand, the other (selling) agent had scheduled this date without the selling bank's permission.
Needless to say, we have in turn lost money and ticked off quite a few people because of this understanding, and are now living out of boxes. Currently, as of today, 8/31, we still do not have a "new" closing date scheduled.
It seems to me that someone is not doing their job and that no one is dotting their i's, crossing their t's. How was this not caught 2 days prior to our closing by at least our attorney and what can I do about getting restitution for what we have lost in the process?
Late in the day on 8/26 (a day and 1/2 prior to our closing date), we found out that there was no closing. From what I can understand, the other (selling) agent had scheduled this date without the selling bank's permission.
Needless to say, we have in turn lost money and ticked off quite a few people because of this understanding, and are now living out of boxes. Currently, as of today, 8/31, we still do not have a "new" closing date scheduled.
It seems to me that someone is not doing their job and that no one is dotting their i's, crossing their t's. How was this not caught 2 days prior to our closing by at least our attorney and what can I do about getting restitution for what we have lost in the process?
this is a tough situation. closing dates all across the country are not being met, and there is a variety of reasons for this. lenders who don't process and/or underwrite quickly enough, optimistic people from every corner promising things that simply can't happen that quickly, even borrowers who anticipate their date erroneously and schedule movers, etc. and no, i'm not accusing you of being in that group.
undoubtedly there are solutions to these issues, but they're not evident in all too many cases.
perhaps the best thing a borrower can do is to anticipate the worst, and not take anything that any of those involved talk about for granted. not only does the documentation needed take far longer than anticipated, but there's more of it, which only compounds the problem.
i hope your situation will be resolved this week so that you can close, move in and be happy once you're there.
undoubtedly there are solutions to these issues, but they're not evident in all too many cases.
perhaps the best thing a borrower can do is to anticipate the worst, and not take anything that any of those involved talk about for granted. not only does the documentation needed take far longer than anticipated, but there's more of it, which only compounds the problem.
i hope your situation will be resolved this week so that you can close, move in and be happy once you're there.