Home Selling in 23320>Question Details

kcsoulshine, Home Seller in Chesapeake, VA

Closing delay due to military deployment

Asked by kcsoulshine, Chesapeake, VA Thu Apr 19, 2012

I live in Virginia and have a sales contract with a couple on my home. The closing was scheduled for 4/24, but the husband is deploying (in the Air Force) so the date was moved up to 4/20. We can't close as the appraisal is not back and their loan can't be finalized. The wife does not want to close with a power of attorney, as first time buyers she wants him at closing. They say he won't return until mid-May. What recourse do I have?

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Your Realtor needs to communicate with the selling agent, get an extension signed for the middle of May, the appraisal should still come through the underwriters will need this information to process the loan. This pressure should be taken off of you and put on your agents to gather appropriate documentation for the closing in May. Power of Attorney may be a way of life for the young couple in the military, once again I strongly recommend the agents step up on that issue as well. Our wonderful military families have much stress on them the anxiety of moving at a time when your spouse is deployed can be overwhelming. This is why it's so important to use a Realtor there is much more to a sales offer than just the standard purchase offer agreement. Please remember buying or selling is an emotional and stressful time in everyones life so take a deep breathe and rely on your Realtor. I wish both parties well.
0 votes Thank Flag Link Wed Apr 30, 2014
Being a first time homebuyer, I can understand how this can be very stressful. I hope your agent got in touch with the agent prior to get this matter taken care of. You could get an extension until May when he returns that way you would feel more comfortable. You feeling comfortable and excited about your purchase is what's important.
0 votes Thank Flag Link Wed Dec 18, 2013
Two things you said, that would prohibit the closing, and that is the lioan company needs the appraisal report before they will lend any money on any loan ( unless it is cash). So as soon as the appraisal is in, the loan will go to the underwriter to be approved. That leaves you out of that decision making progress. The other thing is, a duable power of attorney is just like the husband being there. Most attorneys will tell you that Military spouses are advised to get a POA for such situations as this. The husband maybe gone for months at a time. Some are deployed in the middle of the night with no warning, as in the case of Navy Seals. All of the their spouses must have a POA in effect. So check with a good Real Estate attorney. Have them do the closing instead of an escrow or title company.Call Henry C. Frenck Law Offices, in Va. Beach. An attorney will answer any questions the buyers have about the settlement progress. An Escrow Comany won't. Tell him Eva sent you. Good Luck!
0 votes Thank Flag Link Thu Apr 19, 2012
Great answers below. Additionally, if the appraisal is not back (even today) the 19th there is no way you would close tomorrow anyway. I would hope that you agent/broker and the buyers agent/broker would have addressed this LONG before now. Assuming you are both being professionally represented.
Best wishes to you all. I am sure they want to buy your home and you want to sell... patience is very necessary in this business. Mid May might be your best option if their lender doesn't get on IT. Why is the appraisal so late?
Best to you.
0 votes Thank Flag Link Thu Apr 19, 2012
Are there agents involved? If not, please give me a call. I deal with these situations often. With first time homebuyers, its a scary thing and they want to know they arent making a poor decision or being "taken to the cleaners" at closing. Its a huge step for them. Im happy to share my knowledge and experience-no strings attached.

Barbara Sgueglia, Director
The Hampton Roads Military Relocation Team
EXIT Realty Central
757 581-2722
Barbara@MilitaryRelocationTeam.com
0 votes Thank Flag Link Thu Apr 19, 2012
You can void the contract or you can extend the closing date until he gets back.
0 votes Thank Flag Link Thu Apr 19, 2012
I would suggest you have her closing attorney sit with both husband and wife and discuss the documents they will sign to ease her fears. Then she could sign with POA. Another option would be to give POA To their attorney who she has hired to represent her
Web Reference: http://Www.nelenegibbs.com
0 votes Thank Flag Link Thu Apr 19, 2012
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