Thanks very much to all for your answers.

Darla, you said ""If you and your buyer do not yet have a signed contract, there is no danger of losing your deposit"
Well that is the problem, I signed the contract when I make the offer, so my concern is that the seller sign late and I got stuck in a contract that won't close because we don't have enough time, and I still need to pay the deposit on the contract and loose my money.


Lisa, You asked me
""Did your Realtor use the contract which provides for a 2 day turn around time for all counter-offers? ""
I don't think so, I believe my Realtor just sent an email telling I accepted the counter offer and a new first page of the contract where the changes on a closing date were noted.

Al,
You suggested ""send an overnight letter to the seller or it's agents letting them know of the time frame and the possible consequence to their delays.""

Is there any template for this kind of letter? That I could use? My English is terrible and I'm not familiar with this terms :(

Thanks all for your coolaboration.

I'm sad, I really want to get this house

Regards,

Ivita

Sellers can have many reasons for delays so its kind of hard to figure that out. However I would send an overnight letter to the seller or it's agents letting them know of the time frame and the possible consequence to their delays. The 203k Streamline program is quite easier to consummate because plans, architects etc. are not required and the draws are relatively small but it is definitely a bit longer to close than the FHA 203B. However you should have plenty of time to close prior to 12/30 even with some delays.

Hi Ivita. Sounds like there is need for immediate communication between you, your Realtor and the Realtor for the seller to discuss the reason/s for the delay and the importance of the Dec 30 closing date to the seller. As long as there is no contract between you and the seller, he/she is free to entertain other offers; however, further delay makes the Dec 30 closing date harder to meet. Usually for the 203k streamline, Wells Fargo needs the signed contract before they can request one of their partners (Lowes, Home Depot or Sears), to meet at the home with the potential buyer and put together an estimate of impairs/improvements needed or desired. This process in my experience can be done within a week. Once this estimate is provided to Wells Fargo, they will order the FHA appraisal which will be made based on review of the estimates and arrival of an "after repaired value" (ARV). As long as Wells Fargo underwriting approves the buyer for the requested loan amount including improvements/repairs, and the loan amount doesn't exceed the ARV, the only remaining waiting time is in loan underwriting. The loan process in a 203k actually takes no longer than a traditional FHA loan as long as all parties stay on track and the Realtors representing each party monitor and follow-up at all stages.
If you and your buyer do not yet have a signed contract, there is no danger of losing your deposit. I hope that you and your Realtor are able to work through this delay and purchase this home in the near future. Good Luck!

Darla Schroeder, Realtor, GRI, e-PRO
Transnational Referral Certified (TRC)
Certified International Property Specialist Candidate
Century 21 Real Estate Champions
4350 Duhme Rd
Madeira Beach, FL 33708

cell: 727-541-3743
http://darlaschroeder.listingbook.com

Dear Ivita:

What does your Realtor say?

Did your Realtor use the contract which provides for a 2 day turn around time for all counter-offers? If so, the offer you made is not valid any longer and you can change the closing date.

When I complete 203K loans, I already have quotes from a general contractor for the work my clients want done. Then, when we meet with the 203k inspector, we provide him the quote so he can use for his estimates. Otherwise, you are bound to what is in "the book".

With the quote provided to our inspector, it still took about 1 week. Be sure to have all of the contractors licensing and insurance information handy as the bank will require this.

Also, as your mortgage lender to be UP FRONT with you as to how much money your new loan will provide "up front" as far as deposit moneys, supply moneys, etc. to get your work started. Or - be sure you are using a GC who understands the 203k loan process and is willing to work and front the money themselves. THIS IS A VERY TRICKY PROCESS FOR SOME!

Please be sure to have a very good understanding as to what you are getting into with this 203K loan. And - if I were you, I would have my Realtor write up that you will close within 7 business days after receipt of the Loan Commitment, as 203K loans can take a very long time.

Good luck to you

Lisa M. Brodeur
LMB Realty Corp d/b/a Alliance Realty
(954) 868-1416
lmbrealtycorp@aol.com