March 23, 2012
A Little Bit of a Home Buying Process Update (and Rant)
3/23/2012
March 23, 2012-
The original closing date for “our” home.
Actually, our loan lock expired on March 16th, so really it
should have closed last week. And it was
on track to close the first week of March.
And now it’s March 23rd.
Only one word describes how I feel:
Ugh.
We knew something was odd when the appraisal came back towards the end
of February, and the builder was listed as the owner (we knew the home had gone
into foreclosure, so we figured a bank should be listed as the owner). “Ironically,” the preliminary title report
came back the same day, listing the builder as the owner as well. The interesting thing is, the preliminary
title report (which our agent had been asking for since the middle of January),
was dated January 28, 2012. The listing
agent’s office was obviously keeping it from us (for about a month), knowing
that the bank was not the legal owner. Most likely they figured we’d find out about
it anyway once the appraisal came back, so they finally sent it to us when the appraisal was completed. Well played.
But homes cannot be listed by someone who is not the owner. Duh. I
can’t sell my neighbor’s car, because I don’t own it. Therefore, you cannot buy a home from someone
who is not the owner. Duh. My mom can’t buy my neighbor’s car from me
because I don’t own it.
So we have a BIG problem. We
have applied for our loan, gone through the entire process with lots and lots and
lots of documents, paid for an inspection, paid for an appraisal, and done
everything right on our end (including putting in our 30 days’ notice on our
rental, extending that a few times, and finally withdrawing it because we just don't know when we're moving).
So here we’ve been sitting for over a month now, waiting for the
foreclosure deed to get recorded into the bank’s name. We’ve been told that a substitution deed has
to be recorded first, but as far as we know, that has already been done. Our agent and brokers have put in hours and
hours trying to find the missing link, but the Sellers are holding out on
us. They won’t give us any information
and it’s very, very frustrating to say the least.
Since our loan lock expired on March 16th, we had to extend
it so we can hold our interest rate where it’s been locked at. That costs $1,300 and you can only do it
twice. So if in 60 days (and $2,600
later) we haven’t closed the deal, we get to start the entire loan process over
again and risk a higher interest rate… if we decide to move forward with the
house after that, and if a lawsuit hasn’t begun. We asked the Sellers to pay for the loan lock
extension since this whole thing is their fault. After countless attempts to contact the
listing agent’s office, our agent was told today that it was “being worked on”
and that they would have an answer back from the bank today about whether or
not they would pay the extension fee. We
haven’t heard back.
So the whole point of this rant is patience. I’m definitely not a patient person, but this
experience has taught me several things:
- I can’t control everything;
- I don’t want to control everything;
- Some things are worth waiting for, even if you don’t know if you’ll end up with it;
- There are a lot worse things that can happen in
life than not being able to buy the home you want.
My family and my friends are so much more important than any dumb house,
which we still might end up buying. At
this point we just don’t have any sort of a timeframe because everything has
taken so much longer than we thought. So
while we wait, we will concentrate on the things in life that matter the most,
and praise God either way, no matter what.
I’m sticking with my theme:
Even if things aren’t going my way, I will praise Him because He is
good.
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1 comments:
Sometimes we just don't know it, but God may not want this house to go through, he just might have something better in store for the Ditty's Home!
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