Home Buying in Hilliard>Question Details

Mdarr, Home Buyer in Hilliard, OH

What can I do when the Bank keeps delaying our closing and has broken the contract twice now?

Asked by Mdarr, Hilliard, OH Fri Dec 5, 2008

My wife and I have a contract to buy a house in OHIO with a Bank located in CALI. We had an original contract date of Nov 21 to close on the house, on the 17th we sent an amended contract asking for an extension to Nov 24 due to the Lender needing more time. We never received a response at all and our Lender ended up not being ready until Nov 26, however the Title Company at the time had still not received the signed Deed Package from the Bank. So we were ready to close on the 26th and the Bank was not. Also we heard nothing from the Bank from the 17th through the 26th, we were only able to talk to the Listing Agent and he seemed to be having troubles getting ahold of his contact at the Bank. On Dec 1 the Listing Agent contacted our Agent with an amended contract to extend the closing till Dec 5, which we signed even though we were quite angry. The Title Company had to revise the deed on the 2nd and asked the Bank to send a newly signed deed, it is now the 5th and still no deed.

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Mdarr: Unfortunately, when you are dealing with a Bank as the Seller, these things happen. Even the agent representing the Bank has only so much they can do. Banks are not licensed Realtors and do not have the same "sense of urgency" as the rest of us. I would advise any Buyer attempting to purchase a foreclosed home to expect lots of delays. Then, at that point. you need to decide if you are willing to be patient in order to get the home you want. Do Not Take It Personally! As I said, this seems to be the way some Banks [not all] do business when selling a foreclosed home. Also, let your Realtor do all the worrying and paper chasing.

Best of Luck.
Web Reference: http://www.jerrifurniss.com
0 votes Thank Flag Link Mon Dec 8, 2008
Mdarr,I told you yesterday how that works.

Web Reference: http://tjroberts.remax.com
0 votes Thank Flag Link Sun Dec 7, 2008
This house is a foreclosure, from what the Title Company told us they were originally waiting for the signed Deed Package. Once they received it they found errors and were able to revise it in conjunction with the Bank. They then emailed the Bank the revised Deed and are waiting for the Bank to sign it and send it back through FedEx or something. Someone recently mentioned to me that the Bank might be delaying so that they can see what the details of the next Bailout might be.
0 votes Thank Flag Link Sat Dec 6, 2008
Mdarr It 's not resigning deed,banks do alot of this verbal,after contract accepted,if bank bought in sheriff sale,they may be waiting for them to sign deed,or if this was short sale,than listing agent doesnt know what thhey are doing,and that could be problem.I sold one and bank hadnt paid tx so they had to file this before they couls pay on deed in that order.Your realtor needs to contact them and find out exactly whats going on?good luck,call me and I can tell you more details once I know situation.

Web Reference: http://tjroberts.remax.com
0 votes Thank Flag Link Sat Dec 6, 2008

There are obviously issues that we are not aware of involved here. Our recommendation is to consult with an attorney for their input.

Is this a "foreclosure?"
0 votes Thank Flag Link Fri Dec 5, 2008
If the Bank is not co-operating, you may want to find another Bank, the problem..they are under strick guidelines now, and might be finding it difficult to approve your loan.
0 votes Thank Flag Link Fri Dec 5, 2008
Well, it would seem that you are "out of contract." The terms of the contract were not meet, namely the closing date. It might be a good idea to first read your contract and see what remedy, if any, there is. Then it would be wise to consult a real estate attorney.
Trey Miller
Prudential Tropical Realty
Web Reference: http://www.TampaTrey.com
0 votes Thank Flag Link Fri Dec 5, 2008
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