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kc1996doming…, Home Buyer in Omaha, NE

Where can I complain about a fannie mae/homepath listing agent?

Asked by kc1996dominguez, Omaha, NE Sat Apr 6, 2013

We supposed to close in 3 weeks. Lender needs contract from seller, title company info., and seller need to send a professional to look at a minor crack in the basement so it can pass fha.(possibly just to patch that). Is this enough time so all those things can be done? Our lender says if it doesnt close by the agreed time we will have to pay a fee because its a bank owned property. We are really nervous, our agent says that we have plenty of time, but our lender says different. I dont know if our agent is lying or if its the seller/listing agent that is stalling.

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I will anwers your question i am in the same cituation call the national board of realtor they will help you !!
0 votes Thank Flag Link Thu Oct 24, 2013
Looks like no one wants to answer your question. And, really, that's not the right question anyway. It is not unusual for it to take a while to get the accepted contract back from the seller when it is a foreclosure. If having someone look at the basement is part of your contract, I am sure the listing agent is working on getting that done. Unless it's an unusually large crack or the concrete is heaving, it probably won't be an issue for FHA. If the crack is not a contingency in your contract, you just wait for the appraisal.

Your contract probably does call for a penalty if you do not close on time. But that's if the hold up is your fault (e.g. the lender cannot get it done in time). If the seller causes the delay , your buyer's agent should ask the listing agent to prepare an addendum to the contract extending the closing date. Ask your buyer's agent to process the file without the formal acceptance, so that the title company can go ahead with the title search. Ask your lender to proceed with processing your file and getting the appraisal ordered. Three weeks is not a lot of time, but should be okay if everything gets ordered this week. Your role is to respond to any of your lender's requests in a very timely manner. If they ask for any additional documentation, get the information to them asap. In my experience, delayed closings often are caused by buyer's not getting everything in that the lender needs.

Remember, everyone involved in the transaction wants you to close. They don't get paid until that happens. There is absolutely no reason to believe anyone would want to stall the transaction. If your lender doesn't believe they can get the transaction completed in three weeks, that is a different story. Some lenders who work through out of town mortgage companies can take longer than a local lender. If that is the case, you should let your buyer's agent know and ask them to see if the seller will extend the closing date.
0 votes Thank Flag Link Sun Apr 7, 2013
The appraisal was done more than a week ago (thanks to our lender, because its usually done after receiving the contract from the seller). Our lender is just waiting for contract from seller, title info. and for the inspection of the crack in the basement wall that is required after the appraisal was done. As of now...we have not heard from seller yet. I hope you are right about 3weeks..well actually 17 days being enough to do the closing. And, what you said about "In my experience, delayed closings often are caused by buyer's not getting everything in that the lender needs" that was exactly the same thing we told our (buyer's) agent last week on thursday. We just hope that this is just us getting worried over nothing, and everything turns ok.
Flag Tue Apr 9, 2013
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