REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
GFE - Good Faith Estimate subject to change AFTER all documents are presented.
Your buyers agent and mortgage broker should hav explained to you best have MORE than enough for downpayments and etc. than not have enough. When you run into problems
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
It is not uncommon having to file an extension these days.
You should ask your Realtor or seek a Real Estate attorney to go over your contract to see what your options are and to find the underlying cause of the cause for delay...
Is the delay from the buyer or the seller side of the transaction?
You mentioned about the GFE was lower than actual closing cost... Let' me explain this part to you... The GFE is exactly what the name says an ESTIMATE of closing cost.. Now, the figures that are related to your lender, quoted on the GFE are not to change.. The difference between your estimate and the actual figures could be due to: insurance is higher than quoted, taxes, proration, settlement fees from title agent, etc.
If you are concerned that the difference is much higher... Then you can compare the two (GFE and HUD-1) line by line and see exactly what the difference...is
The hiring of a Real Estate attorney is a small fee to pay.. But one well worth it. Especially when you feel as you do...
I would talk to your realtor about the next steps to take.
It depends on your contract.
Hang in there....sounds like you are almost there.
It is pretty frustrating that it is out of your control and out of the control of many individuals involved in the process. Believe me everyone wants it to close... no one gets paid until it closes. If you walk away now there could be charges other than your earnest money. You might be in for appraisal, survey, credit report, option fees, earnest money, and your home inspection fee among others.
Before you do anything consult your real estate attorney for advice. If all of your continences have been exhausted you need the attorney to help you put pressure on the parties or at least get the right answers to your questions. No Attorney? If you are using an agent, ask them for help also. Then if not satisfied, get an attorney involved. It's not uncommon for issues to come up just prior to closing on a property. It sounds like you need someone to the bull by the horns and make things happen. A good attorney can assist you with that.
I wish you all the best and hope all works out for you.
All the best,
More importantly, I would advise you to really think about walking away. Although you did not say in your question, this sounds like a short sale. You and everyone involved have probably come a long way. Did you love this home at one time? Can you still imagine yourself in the home? Starting over right now, there is no guarantee that this will not happen again. Short sales are ever morphing beasts that take toughness on the part of everyone involved to get closed. Think hard about it.