ocwen won't dewenterise and holdding extensioon
hi everyone I'm a buyer in New York. I had a approved short sale with ocwen, had a little issue with my loans but finally got commitment but we wasn't able to close before dateline. We ask for extension but ocwen is asking for final approval from my lender. My appraisal was done on September 9 but house was winterize and appraiser needed to go back. We was told house was DE winterize .they try to go back locks on house was change. We waited 1 weeks to get a code to get in the house. Got in house its not DE winterize thermostat disconnected and water meter. Been told it supposed to be done last Wednesday still nothing. It been 3 weeks my loans is ready I even bought homeowner insurance but they need to go back check water so I can get a final approval and schedule closing. Please help what I can do to get this done. Thank you.
Replies to This Discussion
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Permalink Reply by Chad Gelsinger on
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Typically Short Sale Lenders will NOT dewinterize a property, it is up to the Buyer to have that done. Buyers are responsible for turning on all utilities and correcting any repair issues in order to have their inspections completed. Remember, Short Sales are sold AS IS. If you are interested in purchasing this property, I would suggest you have a professional install a thermostat and also contact the water company to see if they will install a meter, and turn on the water. Keep in mind, if there is an outstanding balance on the water, you may have to pay it off to get water service. You may also need the permission of the Seller to do all of this since they still own the home and may have to sign a waiver. Once the inspections are completed, if you decide not to purchase, you are responsible to winterize the property. On the Short Sales we handle at MYclosing, LLC, the buyer has to pay a fee for the dewinterization/winterization before inspections can be completed. It is designed in this manner to protect the homeowner from a Buyer that decides not to purchase. Your agent should have explained this to you, sorry if they didn't. I hope this sheds some light on what you are experiencing. Chad.
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Permalink Reply by Magui Fal on
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Thank you chad but they never ask me to get waiver from seller or to pay for dewenterize. But I will ask them to see.Everyday they are waiting for the bank to get done. I believe you we have been waiting for more than 30 days and nothing happen.
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Ocwen should not be asking you to do anything, except provide them with the closing info. The waiver might be something between you and the Seller and you should ask your agent if one is needed. The waiver protects the homeowner and makes you liable/responsible for any damages that may occur while you are working in the property. Ocwen is waiting on your lender to approve the financing so you can close on the purchase. Your lender is apparently waiting on the appraisal and that cannot happen until you dewinterize so the inspections can take place. Many lenders require all the utilities such as water, electric, heat, etc are functioning properly before they will approve a Buyer's loan and is not uncommon. You can email me directly at Chad at (use the @ sign) MYclosing.com.
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