All Forum Posts by: William Sieving

@Kayla Marek Don't forget, the lease agreement is a binding contract and is there to establish rules AND to provide you with a legal exit strategy as well! If they continue to mistreat YOUR property and refuse to abide by the terms of the lease then this is, without a doubt, a breach of contract and you have every right to make them continue paying for their insubordination or give them their 30-60 day notice to vacate. YOUR property, THEIR contractual obligation, and if they don't like what they agreed upon with you then they can find a place more suitable to live. It is never fun to be "the bad guy" or to have to lay down the law but you have a contract clarifying that very law and it's there to protect you and the tenants from mistreatment by one another. Use it if you need to.  

Thanks everyone for all the info and advice. It's good to be able to rely on the BP community when in a jam. The loan application fee was quite a bit more than I would like to have paid but I am well aware of the potential for being scammed and have done lots of research on the list of lenders with whom I have connected. I made sure that the company I am working with is legitimate and this is indeed an actual lender who, just last night, gave me the good news that they were able to involve the company owner in order to push the file approval through and I will be closing in time after all! I have learned a lot through from the forums and from this financing process in particular and will be sure to adjust accordingly next time around. But, inevitably, I will need help with something else in the future and I will be reaching out in the forums to all of you again! Best of luck to everyone in their future endeavors! 

Thank you @Nick C. I appreciate the info!

@JD Martin

That's the thing. They haven't even done that yet. This is what is so concerning. I still have to go over the financing details with them and sign the necessary paperwork only have two days between now and the closing date. I will have to contact them and see what they can put together as proof that we are indeed closing and hope the lender is not willing to wait longer just to go with a backup offer.  

Thank you very much for your input @JD Martin. Getting the lender to provide some kind of assurance that we are only days from closing is really my only option. Hopefully they will be patient enough to wait again.  We will just have to wait and see. 

@Tim Johnson Thank you for reaching out. This is actually our first rental property purchase. The loan is through a private lender for a 30-year fixed rate. We were told that they just needed time to get financing secured but they would be able to close on the 31st and now, just this afternoon, is the first time I am hearing that they are backed up and are trying to get the financing approved by the 31st but they may not be able to until the 1st or 2nd now. Everything is in order accept for the approval from the lender. Title, insurance, appraisal, fees paid, all documents are in. We are just waiting for the lender to say we are a go for closing. Any ideas on how we might convince the seller to give us a couple more days on top of the already two weeks we have extended this transaction? 

Hi Russell,

Thank you for reaching out! The appraisal has been done and cleared since the 14th and all necessary paperwork is in. The title company is set to go, I have insurance on the place, all fees are paid, and everything else has been taken care of. I was told by this lender that they have a high volume of loans being processed and that they are trying to push to get the file cleared by the 31st (closing). Closing was originally set for the 15th and they asked me to extend closing to the 31st to "provide enough cushion" to get everything taken care of. Today is the first time they mentioned that they were backed up and that they may not be able to get the file cleared in time to close on the 31st. When you say I am responsible for the lender I choose, are you suggesting that there may not be anything I can do to recover finances or take legal action against them? I was told that the seller will not extend closing any further and I will lose my earnest money if we can't close in time. I guess all I can do is wait and hope that they come through...

I am working with a lender from the BP resource list and have already extended closing by two weeks because this lender claimed they needed more time to obtain financing. Now we are less than three days from closing and they're telling me they are backed up and may not get the approval in time to close! I am at risk of losing my earnest money and I have already paid thousands for the fees and appraisals and inspections required to obtain the funding in the first place! What should I do? Does anyone have any ideas on how I can still make this happen in the event that my lender can't close in time? Do I have the right to take any kind of legal actions against this lender? Please help! Thanks, everyone.

So @Angela Houchens, how has realeflow.com worked for you? is it worth the membership fees? How is the lead generation aspect? That is what I am most interested in but I would love to hear how that site worked for you in general. 

@Cheri Crane and @Account Closed, did either of you guys try to use the Happy Home Investor site? Either of you use the paid membership? Is so, please let me know what you think of it and if it would be worth trying!

Thanks in advance!