Home Buying in Taunton>Question Details

Prettyinpink…, Home Buyer in Los Angeles County, CA

I am so stressed out! I am in the process of buying a home. It has already been 45 days and it has not closed. I was working with a loan agent whom

Asked by Prettyinpinkyd, Los Angeles County, CA Thu May 27, 2010

was not doing a good job in terms of looking out for my interest rather than theirs. For this reason, i got in contact with another loan agent who is willing to help me and approve me in 10 days. I am suppose to close June 3 and 10 days will may it June 12th. If I go beyond the June 3rd date will I lose my escrow money? My real estate agents says I will but I do not trust him anymore. I feel he is pressuring me to work with the loan agent that works with him. Any advise? Will I lose my downpayment (money in escrow) if I dont close on June 3rd? June 3rd is the deadline. I was suppose to close at the end of May, and they gave them a week extension (June 3rd). Please help!

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Ken Lambert’s answer
You may want to ask for one more extension- maybe an additional few days. Talk to the owner of the mortgage company as well- if its a small company. If not, at least talk to the branch manager of the loan company. They have to feel a little of the pressure that you're feeling as well. Or they should be.
Part of your P&S is a mortgage contingency. If you cannot get the mortgage by the specified date, and you have done everything that YOU can do, legally the RE company cannot keep your down payment. Check your P&S wording and the dates in it. Check the financing contingency.
If you need any further help, feel free to contact. Thanks, and good luck,
Ken L.
0 votes Thank Flag Link Sun May 30, 2010
You should be discussing this with your bank, your buyers agent and your attorney. They work for you you.
0 votes Thank Flag Link Sat May 29, 2010
If you are not satisfied with your agent contact the broker owner or office manager of the realty company and ask to be assigned another agent for the duration of the process--as for your downpayment--what exactly does your contract state and have you tried asking for another extension--if all else fails, consider consulting with an attorney who specializes in real estate and have all related paperwork reviewed.
0 votes Thank Flag Link Thu May 27, 2010
From what I understand, you do not trust your real estate agent and your loan officer is not doing a good job on closing your loan, This is a bad combination and I really feel for your troubles. But not all real estate agents are this way, there are great agents out there that go over and beyond for their clients. Buying a home is the most exciting process anybody can go through and having a great agent holding your hand through this experience just makes it even more enjoyable.

I would suggest the following, if you do not trust your real estate agent then go directly to the office broker and state your situation with your real estate agent and have the broker submit a closing extention to the seller allowing you to close at a later date. Coordinate this with your new lender if you decide to switch or you may want your closing attorney to get involved and contact the lender directly to see if he can get to the bottom of the problem.

hope this helps, best of luck.
0 votes Thank Flag Link Thu May 27, 2010
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