Enjoy you new home.

Benito.

Am not sure how the mortgage broker got it pushed through undewriting but she did, and the next thing I know is I got a phone call and 24 hours later we were closed so it was a case of happy endings for all concerned. I do have a greater understanding and appreciation of the hard work/miracles real estate professionals are asked to perform now, thank you again for your input last week..

You still have time (and people working on it) to get approved.
Let us know what happen.

Best.

Yes I really do want the property. I feel it is a good value and will be a clean decent home for my family, but it will not be the end of the world if it doesn't happen. Have already reconciled and chalked up the possible loss of the inspection report ($300 and $60 for termite) as one of those life's lesson to be learned as I was well aware that "preapproval" doesn't mean a thing until you close and have a key in hand, perhaps it's just not meant to be. I have steady employment, the credit situation under control now and savings in the bank, there could be many worse things in life to happen so am grateful for what I have, but I'd certainly like to prevent any further "lesson payments" if I can of course.

In any event, wanted to sincerely thank you for your time and input, it is appreciated...

ok,
Do you still want the property? Then, wait for an approval or denied letter.

Most of buyers contracts do not charge buyers because there is a Buyers Cooperative Agreement between Brokers. So your agent will only get paid if you close.

Talk to your Realtor regarding your concerns.
Good luck!

The repairs seem like a "chicken or the egg first" type of situation and being a first-time buyer didn't know if it was my ignorance or just one of those "gray" areas that seem to happen all too frequently from stories I've been reading. I had sought preapproval before even beginning to "shop" and it came from a local bank for a conventional loan with 20% down - my score was in the upper 600s but there are still two large "authorized user" marks against me and I was very concerned about financing. The agent said not to worry that I should be applying for an FHA loan anyway and I agreed - why the Bank never suggested this knowing my circumstances is still beyond me.

When the contract was drawn up on this decent property, I was insistent on what I felt was an iron-clad contingency for FHA financing. This agent then directed me to a mortgage broker who didn't feel there would be a problem, but now of course there is. She had me write a "pity" letter to the underwriter which was very truthful so now am awaiting their decision. In the meantime I have made myself sick worrying about possible scenarios which I don't feel I have any control over - just don't know what else I could have written in as a contingency.

There is nothing in the standard contract that I can see about an agent's commission if this falls through. He is an independent agent through a national company, I am just sick over this..

FHA financing will be ready only if appraisal and items required had been fixed.
Ask you agent about compensation to the company due to fall financing.

The work was minor foundation repair and the addition of a sump pump the Sellers were going to have to install anyway. My feeling is should Seller not have waited to repair until after the financing was firmly in place ?? I do feel bad about my buyer's agent, he worked hard for us - what would be fair compensation? The price of the property in question is $100K. Thank you for any thoughts.

Earnest money will depend on your contract.

Hi, you better talk with your agent and broker if necessary.
Repairs: maybe. At least the property is FHA ok now.
Title company: I haven't seen a Title company charing a buyer or seller for not closing. Is one of those "part of the bussines" expenses I guess. But on this rough times, maybe.
Mortgage Broker: Appraisal done? Credit report, maybe too.
What about your Buyers Agent? Do you htink the work is worth something?

Start talking with your agent soon.

Good luck!

Benito.