Home Buying in Martinez>Question Details

Spookycat99, Home Buyer in Antioch, CA

How long to close on an FHA loan? It has been 28 days and they said the appraisal is just being uploaded.

Asked by Spookycat99, Antioch, CA Thu Jul 23, 2009

What does that mean? Another wait to see if we have repairs to do? We assumed that everything went ok with the FHA appraisal since we have already resubmitted current bank statements and paycheck stubs. We were sure we were close to closing but now think we have another 30 days of repairs and such if FHA requires. Why would the bank go so far into the loan without the fha appraisal? If I sound frustrated, I am. I guess I should be happy that we got an offer accepted at all in this market!

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Thank u everyone closing tomorrow on day 30! We never even saw the FHA appraisal. We must have passed becaue the loan officer called and said we are good to go to escrow and sign tomorrow! We are lucky to have even bought a foreclosure in this market!
0 votes Thank Flag Link Fri Jul 24, 2009
Buyers agent and resolve all of your questions you have , have you not completed your inspection yet?

Upload an appraisal means it was just completed be published soon, however appraiser does not inspect the home. Only confirms the value

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0 votes Thank Flag Link Fri Jul 24, 2009
I hate to say this but working with the listing agent can be a nightmare. I've heard lots of buyer's frustration regarding inspection and closing and the agent's lack of attention to the buying party because their first duty is to the seller. When the listing agent sells the REO, there's more potential for him to get more listings from the bank. Therefore the duty of care is skewed more to the selling party side by this dual agent. It's not to say that all dual agents can't perform, I'm only saying I'm hearing more and more dual agents not providing the level of care that's needed for the buying party.

In an FHA loan, the repairs MUST be done prior to the close of escrow, otherwise the lender will not fund. Your lender should be able to get a list of repairs that's needed in order to get it corrected. Paying for the repairs is a seperate issue and that's something you need to ask the listing agent. My take on it is that the listing agent will come back to you immediately and say the sellers won't repair anything and it's up to you to repair it. You now are in a situation where your loan contingency period is most likely over and can't find funding to close the house.

If you can't fund, you may have to forfeit your deposit. You might want to talk to a real estate lawyer about this transaction to find out if you can get out of the contract legally and with minimal costs if that's the route you need to take.
0 votes Thank Flag Link Fri Jul 24, 2009
You need to talk to your loan officer and get them to make a firm committment for a closing date. The 'repairs' they are talking about 'appraisal repairs' are repairs the appraiser deems necessary for the property to have the value of their appraisal. They can for things that (and i speak for only the State of Florida) would normal be consider cosmetic, i.e. new windows (old ones fogged), house needs to be painted, new flooring etc.

If the lender has received the appraisal back - the lender knows if the appraiser called for any additional repairs and should have past that information on to you and your agent. Get your agent to call the loan officer too. What was the closing date by your contract? Do you need to get the seller to agree to an extension of the closing date?

Talk to your agent....Hope this helps
0 votes Thank Flag Link Fri Jul 24, 2009
Thank you Johnny. I don't have a real agent. We approached the seller's agent and asked them if they could handle both ends of the deal and they agreed. How is it that you can do repairs after closing if FHA requires certain repairs to be done. What if it is simple things like electical covers and things like that?
0 votes Thank Flag Link Thu Jul 23, 2009
I've had most of my FHA loans close in 30 days with and/or without repairs. You better ask these questions to your real estate agent involved as well as the FHA lender.
0 votes Thank Flag Link Thu Jul 23, 2009
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