First, I'd like to thank you everyone on this forum. My husband and I would not
think we can come this far without this website.
To cut the story short, we (the buyers) made an offer to a SS home on 1/25,
Sellers accepted and signed P&S on 1/26. After 70 days of waiting, BOA
declined SS without any explanations (that's what the seller's law firm told us
and the law firm suggested to re-initiate again). The news didn't sit
well with my husband so he called into Matt Vernon's office and his assistance
transferred him to the escalation department. We ended up spoke with an escalation mgr and passed her contact info to the sellers. The file got reopened and the sellers had been working closely with her in the past 3 weeks. On 4/29, BOA approved the SS
and accepted our offers without any counter.
Since our rate lock expires on 5/21, we want to close it on 5/20 to get the rate but
the sellers can't move into their rental until 5/30. The sellers are willing to
close to accommodate the rate lock on 5/20, but asked to remain in the home
without paying rent until 5/30. Our agent suggested having them leave the
utilities in their name until 5/30 and also their home owners insurance and
sign a hold harmless agreement so that we are not responsible or liable for
anything. Ideally we want to close it and not letting them staying for
extra 10 days for free, but we do understand their rental is not ready until
5/30 and they are nice enough to accommodate our rate lock situation.
Whats your opinion on this? Have you seen this before?
Once again, thank you so much for all your inputs!
Peggy
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