Financing in Indianapolis>Question Details

caitmali, Home Buyer in Kalamazoo, MI

I am still not cleared to closed and my appraisal expired today and no one can tell me why. Can I get any recourse for whats lost?

Asked by caitmali, Kalamazoo, MI Thu Jan 10, 2013

This is my 1st home purchase and I have given them everything they need. I started this in August. It for $60,000 purchase and have had over 6 extensions. I do not know what to do.

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They have to keep you informed as to why it is needing extended...
Is it the lender??? If it is the lender, I would highly recommend you move to a new lender after 6 months of waiting. Anything of 60 days after application is unacceptable...

If it's not the lender, then maybe it's the title company? Surely not though...
Who have you talked to about this issue?
1 vote Thank Flag Link Thu Jan 10, 2013
I have not spoke with anyone. It's my low for profit broker who is taking forever to do anything. The processor and broker are not together so I have to send things over and over, and my file was sent to underwriting Dec. 18. Now they say I have to pay for another appraisal.
Flag Thu Jan 10, 2013
That's very unfortunate. Sometimes if a house is in foreclosure or short sale, it takes many months. The lender should explain why it is taking so long. Whether it's documentation on the buyer's part or appraisal issues or underwriting, they should tell you what is needed. If they don't, then it might be advisable to move on. Good luck with your search.
0 votes Thank Flag Link Fri Jan 11, 2013
You have not received a clear to close because the conditions of the commitment has not been met. If this is the fault of title (not being able to get a clear title) then you need to speak to the seller about getting your earnest money back. If this is your fault for not providing the paperwork needed, speak to your mortgage officer to clearify what you need to provide.
0 votes Thank Flag Link Fri Jan 11, 2013
You should ask your lender what the delay is due to - I'm assuming the delay is because of the lender. By signing the extensions you are agreeing to the consequences, so there is no recourse while you keep agreeing to the delay. Is it a short sale? If it is, submit a mutual release and get out of it.
0 votes Thank Flag Link Fri Jan 11, 2013
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