Besides a problem during inspection.(OUR INSPECTION WENT PERFECT ! thank god) Whats a posibilty of a house contract falling through 8 days before closing. Why would it We close soon on the 30th of this month and its at the underwriters and im nervous as to if it will totally go through help.
2006-11-22 13:48:27 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
It is very rare that deals fall through at this stage, but it does happen. I've actually had a closing where all of the documents were signed, notarized and ready to record, however, at the last minute the underwriter noticed a mistake which held up the loan. The seller was impatient and backed out of the deal. It can happen, it just doesn't usually.
If you're the buyer, call your lender and double check to make sure that they have everything that they need. It's frustrating to find out they need a copy of a pay stub on the day you're supposed to close. If you're the seller, call your real estate agent and have them double check with your buyers agent.
Hopefully, none of this will be an issue and everything will go as smooth as silk for you. Good luck!
2006-11-22 15:58:55 · answer #1 · answered by Sithein 3 · 0⤊ 1⤋
Im a loan officer, and ive seen a few deals fall through before closing. Im not trying to scare you by no means, but from my experience depending on the size of the loan, the type of loan your in, and the under writer makes a difference. I assume you already have your mortgage commitment, and once all of the conditions are met, you should have no problem with the closing. You can always call your loan officer, and make sure everything is going well. Sometimes underwriters can find the smallest problem that has to be addressed before closing, so answer all your loan officers phone calls!. Good luck.
2006-11-22 14:04:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It totally depends on the honesty of the seller's and their broker.
I had a deal fall through on the morning of close, 20 minutes before it was supposed to happen.
Apparently the sellers didn't realize if you owe more on a house, than what you sell it for, you have to bring money to get out of your house. The broker knew too and was trying to get the finance companies to take less than they were owed.
It didn't work, we got the shaft.
My suggestion? Go pull out the title insurance and see how much is still owed, then see if there will be enough to pay all the loans/liens, the brokers fees and the title transfer tax. If there is, then you will probably be fine.
In most areas it is a buyers market right now, a seller would be stupid to screw over a buyer 8 days before close.
Congrats and good luck!
2006-11-22 14:37:32 · answer #3 · answered by Gem 7 · 0⤊ 0⤋
I'm not trying to scare you, but don't count on anything until you have signed papers and your lender has paid out the money.
In the area I work in, you can never count on anything sucessfuly closing until the money is in hand. This is not to say that it works the same way in other markets, but it works that way in my area.
Keep in touch with your mortgage broker/loan officer. If the file is in underwriting, it should take 3-4 days for the final approval. If it takes any longer than that, start asking questions.
I have rarely seen sellers change their minds on selling, but it does happen. As another responder noted, if the seller has not been informed that they need to bring money to the table to close, that can certainly cause problems.
As long as your mortgage officer is being up front with you, and your REALTOR is doing his/her job, and the title company or closing attorney is doing their job you probably don't have anything to worry about.
2006-11-23 00:22:57 · answer #4 · answered by txrealestateagent 3 · 0⤊ 0⤋
I'm closing on my house on the 28th, and I'm pretty nervous, too.
It's pretty rare for a contract to fall through this late in the game; it's not like they can really back out at this point, and the only thing I can think of that might cause it to fall apart would be if your financing suddenly fell through. That's unlikely, though. If you weren't going to get approved for your loan, the loan agent would have figured it out long before your loan went to the underwriters.
I just found out that my part of the closing costs are going to be $400 higher than originally quoted. Now that sucks!
Good luck on your closing, and have a great day!
2006-11-22 13:52:54 · answer #5 · answered by rita_alabama 6 · 0⤊ 1⤋
Keep in touch with your attorney, your realtor and your loan officer! They all want to get paid and they won't get any money until everything goes smooth. As long as you filled out your loan app truthfully and the appraisal came back alright, underwriting should go well. Unless you've heard something I wouldn't worry about too much. Just enjoy your holiday and everything will be OK.
2006-11-22 15:53:02 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Has anyone mentioned a problem with the loan or contract? Are there credit issues? If not, you should not worry. If so, you may want to employ the services of a second mortgage specialist. It won't hurt you to have a couple of mortgage brokers on your side. Then if one goes sour or if there are any surprises, you will have one to fall back on. I am glad to be of service if you find yourself in need.
Best Regards,
Anthony
2006-11-22 15:25:11 · answer #7 · answered by lowermydebtnow.com 2 · 0⤊ 1⤋
contract can always fall through. Especially so close to closing. Just keep contacting your lender is you are the buyer and make sure all the paperwork is in order.
2006-11-22 13:57:47 · answer #8 · answered by Constanza 2 · 2⤊ 0⤋