All Forum Posts by: Sarah Pratt

Yeah you guys confirming my thoughts....that the LO is a slight step above a complete fraud and the 3rd party underwriting company deliberately sabotaged this loan just because they decided they didn't want to lend on a mobile home to a Hispanic buyer...and they decided this at the last minute after ever conceivable hoop was jumped thru with flying colors. 

I feel really bad for the buyers and I think they, and maybe us, have grounds for legal action. 

The only good news is that we are all in cooperation with each other to get this deal done because they really want our house and we really want to sell it to them.  Therefore, we think we have all found a local lender that has in-house underwriting that can help us maybe close this deal in another 3 weeks.  The first mortgage company knows that they are in hot water and screwed up so badly that they released the file to the buyer's so that maybe this new lender can use everything in it, even the appraisal. 

Here's to hoping.  Still welcoming all thoughts and advice though.  This has been so heartbreaking for all of us, especially after all of the delays and promises. 

My agent did an excellent job of screening them and always has a conversation with every loan officer before accepting a contract.  The buyer's had a preapproval letter with excellent credit.  

Some of you may have read my posts here

https://www.biggerpockets.com/forums/311/topics/35...

and

https://www.biggerpockets.com/forums/311/topics/36...

Thought I'd let you all know that today, 77 days past the day we signed a contract with the buyer's, underwriting came back and said the buyer's were denied financing.  They claim that the male buyer hasn't been at his job long enough and he isn't a stable buyer.  The man has been at his job 8 months and in the same industry for a long time.  His previous company closed down and he even went and took a picture of the outside of the building to prove it was closed!  Underwriting kept telling the loan officer if they did x, y, and z we would get a clear to close and even a few days ago said it would be coming any day now.  Then today, denied.  

Thoughts?  Solutions?  

Wayne, maybe 4, 5, or 6 extensions is reasonable to you but when you're told every week that you will close the following week, you start getting a little irritated.  For the past month it has been "a few more days" or "next week" and at what point do we say forget it?  

Scott, they put $1500 down and it's an FHA loan. I have read that same language in the TAR contract and didn't understand what it means. It doesn't make it very clear what exactly we would be entitled to.

I don't WANT to do anything except close on my house but even though I understand that mobile home loans are very difficult, this seems to be a little excessive.  

I will try and make this as brief as possible but I need some advice.  You all have been very helpful in the past and I'm hoping you can help me again.

I am selling my pre-owned mobile home on 1.5 acres in the DFW area of Texas.  I DO have a real estate agent who is very good.  Mobile home is in very good condition and got under contract quickly with well qualified buyers.  

Appraisal took FOREVER to come back (and you guys on the board helped me through that long process).   That was what originally pushed our September 14th closing date back by a week.  Then the loan officer said "oh gee, I'm still waiting on a septic tank inspection report and a well water report."  Things that should have been done while waiting for the appraisal in my opinion!  So there went another few days, then it went to underwriting, underwriting kicked it back and said we had to put in a driveway!  Stupid if you ask me but we got that resolved.  

Finally it went back to underwriting for the final time. Underwriting kept it for a week!!!  Friday, it came out of underwriting and they said to have the buyers do one more verification of employment since it's been so long.  Seems to me the loan officer would have thought of that already and been prepared for that.  Monday was a bank holiday and nothing got done, yesterday the buyers were still waiting on their employers to send another VOE to the loan officer, today it's almost noon and I haven't had an update.  

Whenever they get the VOE back, hopefully underwriting gives the clear to close and then we can finally get under the 3 day TRID/RESPA but Friday will mark a full month since our original projected closing date!  I'm thinking that if we aren't in the 3 day waiting period with the buyers by Friday, I should just pull the plug on this.  

In the meantime, we had already moved out a few days before the original closing date, rented PODS for our stuff, had to move in with family, lost out on being able to purchase a few homes we liked, and still of course having to pay for our house.  I feel like if we refuse to extend the contract again on Friday, we should have some sort of recourse financially because this has been a nightmare!  Does anyone know if the law would be on our side for something like this?  

-Sarah

Appraisal came in!!!  Don't know what the value is but he said he got close to asking price and we are waiting to hear from buyers and no matter what, we are gonna make it work!  So happy!  

Apparently it was just really hard to do and the appraiser isn't good at communicating.  

Thanks so much for talking me off a ledge, everyone!

Greg H. you are so right.  While it's tempting to scream and cry and throw a fit, ultimately I just have to wait.  There is not a darn thing I can do and we will just sign an extension with the buyers.  

I DO wonder why the appraisal is taking so long though.  Especially when he told the buyers he would have it back in 24 hours.  I mean, why even say that?  And it's not right to charge $700 for it.  I feel sorry for the buyers.  

Thanks for your wisdom.  Today we are all just taking a break from trying to contact anyone.  Since today the contract with the buyers terminates at midnight (until we sign an extension of course), maybe that will push the appraiser to get it done (since he was informed of that fact).  Or not.  Oh well.  

My understanding is that until something is accepted, you can entertain other offers and/or withdraw a counter-offer.  

This is part 2 of my question/issue of not getting an appraisal back yet on the sale of our mobile home (on land) even after the buyers paid $700 for an expedited appraisal.

So my real estate agent contacted an attorney friend of hers to see what the options are and he told her that in Austin, mobile home loans are taking every bit of 60 days to close!  She was shocked and so am I.  No one told us it might take that long to close.  We are in the DFW area.  

Does anyone else have experience in how long it took to close on a mobile home sale?  Everything is ready to close except for not having an appraisal back yet but if it's really that dang hard to appraise a mobile home, I guess I can wait longer.....

11:35 am and still no appraisal and his secretary said he's not in yet, as of an hour ago.  He won't call my agent back, the buyer's lender is doing who know what....

I don't know what to do.  And apparently if we refuse to sign the extension of the contract with the buyer's, we aren't entitled to their earnest money?  Why not?!  They failed to close this loan.  This is absurd!  

I want them to terminate their lender and start all over with a new one so that a new appraiser will have to come out because I have zero faith that this current appraiser is EVER going to turn in an appraisal.  What do you guys think of that plan?