Home Buying in 21227>Question Details

Artsykelly, Home Buyer in 21227

We placed a contract on an REO property in August and have hit road bump after road bump on the way to settlement.

Asked by Artsykelly, 21227 Sat Oct 31, 2009

The most recent ones have been cleared up and the loan has been idling at the underwriters for the last two weeks. The seller bank has lost their patience and placed the property back on the market 10/29/09, yet our mortgage broker says he still has hope the underwriter is going to approve the loan, as all the other road blocks have been removed.. What are the chances we can still get this house?

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Answers

3
I'm a real estate agent that specializes in REOs. This is a situation I have run into a number of times this year. For whatever reason the new lender has problems getting the loan approved. And I am sure it is driving you crazy.

Since they placed it back on the market on Thursday there is always a chance another offer could come in. However, it doesn't sound like you have signed a cancellation on this one so one might be able to argue that you are still in play.

As long as there isn't another offer I would say you still have a good chance on this one. The last two times I have dealt with this, the original buyer (you) did get the house. It also depends on the relationship with the listing agent. Make sure this person knows you still want the house and are doing everything you can to get this done.

Good luck and stay on top of your lender.

Steele
1 vote Thank Flag Link Sat Oct 31, 2009
I am glad to hear that. I hope all comes together and you enjoy your new home for many years.

Steele, CDPE
0 votes Thank Flag Link Tue Nov 3, 2009
Thanks for the answer, Steele. We heard that the underwriter is giving her final answer tomorrow (she was out sick last week) and we should know then. Our buyers agent knows we are still very motivated and he has a good relationship with the listing agent - though the property was listed on the websites today, we're hoping there aren't any contracts formed yet and we'll grab approval tomorrow and they'll honor the contract! Phew, what an ordeal!!
0 votes Thank Flag Link Mon Nov 2, 2009
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