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Extend Closing All Locations : Nationwide Real Estate Advice

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Showing results for Extend Closing [Clear search]
Sat Sep 1, 2012
Don Groff answered:
USDA will allow you to not put any money down. I would have your lender work up both options for you. The problem with USDA right now is that it takes a lot longer to close. This is because the file needs to be fully approved by the lender and then is sent to USDA for approval. That process is taking several weeks so it really ads time to get the loan clear to close.

Both loans have upfront and monthly MI now but USDA is about ready to have the fees increase so have a lender take a look at both options for you so you can see which is best for you.

_______________________________________
Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | www.AustinListed.com
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0 votes 7 answers Share Flag
Mon Sep 18, 2017
answered:
I should be able to help you with that. First step, she'll need to create an LLC, Corp, or Trust if she doesn't already have one. Eventually, she'll want a trust and when we talk, I'll explain why (I want to stick to the question here). This will change her from being a person buying a property to a business buying a property. This also protects her from lawsuits personally aimed at her.
This will be a hard money loan. A soft money loan with a better rate can be costly short term. Minimum down is 35-40% (residential) plus lender fees due at closing. Fees may be assessed up front to pay for loan application, appraisal. There is no credit check, no income requirements. Seller allowed to hold back a 2nd mortgage up to 15% of the purchase price. Rate ranges from 12% to 18%, depending on property type, rehab requirements, location. Rate reduction allowed after 6 to 12 months on time payments (because there is no credit check, the company has to show ability to pay on time). Minimum loan amount $10,000.
Other type loans have similar rates (10-15%) but may allow less money down if rehab work is needed (min $100k loan or case by case if less than $100k).
One thing on the rehab that many banks don't tell you is that they may require the borrower to put the repair money in escrow at closing plus the down payment. They don't let you finance repairs. The only way I know of financing repairs is to obtain a Note Purchase loan, but again, those are NOT for short term financing, rather for 15 to 30 years.
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0 votes 11 answers Share Flag
Tue Sep 30, 2014
Debra (Debbie) Rose answered:
here's another question that requires a legal response.......you really need to ask a real estate attorney about whether you can just walk away, or risk losing your deposit.....or worse.......can you be sued for breach of contract for more than the 20,000??

the sellers can make sure the house is inspected and brought up to code.........whether the property taxes will increase or not is another sotry.

no one here can tell you that
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0 votes 20 answers Share Flag
Sat Aug 25, 2012
Walter 'Skip' Kersten answered:
You will need to get the 2nd lender to extend the closing date. The short sale will not go through unless they do. Both escrow and your lender will need this date extended before they can proceed.
Good luck,
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0 votes 0 Answers Share Flag
Fri Aug 24, 2012
Bill Filling answered:
Condominiums can qualify for a VA guaranteed loan in most circumstances. There are some restrictions:
•Fifty percent or more of the building units must be owner-occupied
•No more than 15 percent of owners can be behind in Homeowners Association (HOA) fees
•If condos are to be newly constructed, 75 percent of the units must be sold prior to allowing VA loans

Gathering this information might extend the loan closing a few days, but otherwise, there is nothing unusual. Our Branch Manager is a disabled vet and is a VA loan guru. We would be happy to help you get the loan. Please contact me at 717-757-5322.
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0 votes 1 answer Share Flag
Wed Aug 22, 2012
Tim Moore answered:
Are there Realtors involved in this transaction? It almost sounds as if there are not. If there are they should be dealing with this. Is the seller willing to walk away and let the offer drop dead and start all over? Usually they are not and they like to thump their chests and act like they are tough to get you to close. I am sort of amazed that BofA did not know they could not loan for 2 weeks. You might need to get a lawyer involved to deal with your seller, often the closing date is exceeded without penalty. ... more
0 votes 4 answers Share Flag
Tue Aug 21, 2012
John Juarez answered:
It is legal for your agent to represent you and the seller under California law. However, you and the seller must consent to this Dual Agency.

I suggest that you speak to this agent€™s broker about your discomfort with the situation. One possible avenue is for the broker to assign another agent to work with you on the purchase of this home.

Another avenue, of course, is for you to approve the Dual Agency and accept the price demanded by the seller, if you find it attractive, in order to prevent someone else from buying the house that you want.

I am unclear as to the status of the counter offer that you signed. Could you actually be in contract to buy the house?

Once again, talk to the agent’s broker for guidance.
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0 votes 12 answers Share Flag
Thu Aug 30, 2012
Michael Emery answered:
If they disagree with the BPO valuation they might order a second BPO. And if the 2nd BPO is wildly different than the 1st, they would ask the agents that did the BPO's to justify their work.

If there were title issues it is doubtful they would've requested the 2nd BPO. And if there was a sufficient time between BPO 1 and 2 (30 or more days) they would request a 2nd BPO prior to listing. So it sounds like it will be hitting the market soon.

Is the listing agent aware of your interest in the property? And are you working with a buyers agent? In most MLS systems an agent can set up an auto email for a specific property which will notify them (and their buyer) when a property hits MLS. They can receive an email in as little as a couple of hours of the home hitting MLS.
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0 votes 6 answers Share Flag
Tue Aug 21, 2012
Guy Gimenez answered:
Your question is not clear. What properties are you referencing?
0 votes 7 answers Share Flag
Sun Aug 19, 2012
James Gordon ABR SFR SRS answered:
I do quite a few BOA short sales. If the approval letter says close on or before the 12th of September you should be good to go.
I had a closing held up one time on a BOA short over a city parcel transfer fee. The transfer fee was something not shown on the original HUD-1 so BOA refused to pay it. They needed a new HUD-1 drawn up and sent for approval.
Lot of trouble for a 00.50 fee. If I could have paid it i would have, cot me more to drive to closing than that.
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0 votes 3 answers Share Flag
Sat Jun 1, 2013
Mitchell Pearce answered:
Doug P:

In order answers are:

1) very rarely, as in extremely rarely, as in rarely enough to not worry about, this happens.
2) Yes, after discussing it in house.
3) No you don't have to be an all cash buyer to compete. You have to have your finances ready for the purchase and be able to prove you can complete the deal you offer. Not all of Los Gatos is on fire price wise. Prices are still substantially less then before the bubble burst. Los Gatos will always be a high priced area in the 95030 and 95033 areas. These are the real Los Gatos Schools zip codes.

As far as 1 and 2 are concerned, this is an old tried and true sales pitch for trying to catch the unsuspecting buyer into being represented in his search for homes by the agent in the open house. The fact of the matter is that sellers want their home on the open market before making a decision to accept an offer because that is the only real way they can gauge whether they are getting a fair price for their home.

Stay tuned. I am meeting with a seller in Los Gatos 95033 zip code on Sunday. If I obtain the listing, would you like me to tell you about it before I put it on the MLS?

Mitchell Pearce
408-639-0211
mitchell@handsonrealtor.com
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0 votes 11 answers Share Flag
Thu Aug 16, 2012
Stephen McRory answered:
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have your lender switch to a 95% LTV Condo Purchase loan without the 1.75% financed MIP fee

see loan programs here: www.pro-option.com
0 votes 9 answers Share Flag
Sat Aug 18, 2012
Jeanie Goldmann answered:
Hello Sappollo,

Help as in "my home is in pre foreclosure and I need to decide what my options are", or "I want to purchase a home that is in pre foreclosure or that has been foreclosed" ?

Either way, I would be happy to answer your questions. Please call me, Jeanie Goldmann, at 941-286-4173, or email at goldmann3@comcast.net. I am very experienced in both.
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0 votes 5 answers Share Flag
Mon Jul 20, 2015
Vaughn Parry answered:
Most lenders will be able to help you with an FHA Loan. I could surely recommend two or three to you. FHA only requires 3.5% down and you can usually working in some or all of your closing costs into the offer and loan so that you don't have to have 7% in your pocket to make the deal happen. You will need an Earnest Money deposit on top of the 3.5% down as well. Feel free to contact me directly and I can give you more details on contact information for lenders.
503-819-HOME (4663)
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0 votes 7 answers Share Flag
Sun Aug 26, 2012
Taylor Sublett answered:
Oakland is currently the holder of the title of shortest days on market in the country. It's not your imagination. Properties are getting snapped up fast.

You are correct in that you should keep your inspection contingency, but make it as short as possible. Seven days is enough if you work quickly.

See if you can find out what terms you are being beaten by. All-cash? That's a hard one to beat. If you are using an FHA loan, that can be a huge hurdle in a competitive market.

Ask your agent to ask the listing agent for the terms the Seller is looking for. Maybe there is something in particular.

Financing is usually the one term you get stuck with and is very hard to change. If you are using FHA or something like that, you may have to offer more to sweeten the pot.
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0 votes 11 answers Share Flag
Thu Aug 9, 2012
Sally Grenier answered:
Unfortunately, if your lease is expiring, nobody can tell your apartment manager what to do. It is what it is. Is there any way you can close on the house earlier?
0 votes 1 answer Share Flag
Wed Aug 8, 2012
Fred Glick answered:
Every lender is busy and does things differently.

You need to keep contacting your loan officer.

There are no laws or rules about this that you can sight.

Good luck,

Fred
0 votes 1 answer Share Flag
Wed Aug 1, 2012
Charlie Dieruf answered:
These are all excellent questions. The first place to start is with the contract. Some of your answers could be stated in the wording of the contract, for just this situation. The next step is to contact legal counsel. Each state has different guidelines, rules and laws to follow. ... more
0 votes 2 answers Share Flag
Mon Oct 1, 2012
Fernando Villegas answered:
That's a very good question.. I would not even take that chance and weight. I will put the house on the market and sell it ASAP!
0 votes 6 answers Share Flag
Sun Oct 13, 2013
Tim Moore answered:
If you have cash it can be a day or two in most states at a minimum. If you have a loan it will be based on how long the lender takes to get final approval. These days that is about 40-60 days. ... more
0 votes 13 answers Share Flag
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