Received approval for 155,000, then came back with 175,000
I received approval in July for a shortsale at 155,000, I had to get extension because they made COE too short and received another written approval for 155,000 with COE of 9/20/2010. during that time buyers appraisal came in at 152,000, also during that time, the buyers obtained a septic inspection that failed. The file was in underwriting forever, I told them to send the appraisal back for review and they were able to get the 155,000, this is an FHA loan so the underwriter required the septic to be replaced, the buyer put the money in escrow to cover the work and we were ready to get that done. However, we were getting past the 9/20 date. I started on the closing agent for the extension with all the explanations on 9/20, she kept inputing that offer has been edited. We were not going to start the septic work until the ammended approval came in with new closing dated. they buyers already signe their documents and everything. I got on the phone with BOA and they said the file was sent to negotiator for new closing date that was 2 weeks ago. I have been blowing up their emails and phones to get the answer. Well I just got that answer and they said investor wants 175,000 now for the property. How can that be with 2 written approvals for 155,000?
I have about had it with this crazy deal. I have sent both approvals for 155,000, the FHA appraisal for 152,000. Any body have another suggestion?
Replies to This Discussion
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Permalink Reply by Terry L. Osburn on
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This is one of the caveats created when we have to ask for extensions . The banks or investors can do whatever they want.
Feel your pain immensely. I take it you had sent the negotiator the septic report? with costs associated with repairs?
If not, do so immediately and call them and email them both inside and outside of equator.
I personally cringe at a buyer doing any repairs prior to close of escrow due to the escrows I have seen fall out on the last day.
Does buyer realize they could lose the money spent on repairs? If escrow falls out?
I represented seller on short sale that just closed whereby the buyers FHA loan nearly cost us the deal with "conditions" clear up to 1:30PM on day of funding..... Conditions that should have been reconciled at beginning if not at middle of process....We were told over 3.5 weeks prior buyer was clear to close only to be met on a daily basis with one condition after another. We did close but by the skin of our teeth.
If you have already sent the repair info and report to the negotiator, then go back to the negotiator and/or let them know the buyer is going to walk. More often than not you will get the written approval letter you seek.
If your negotiator does not respond to such you need to escalate to the office of the President ASAP. Plead your case and see what intervention they can do. This is a clear health and safety item....failed septic means uninhabitable home.........translates into lower value........ -
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