We have a couple of our friends who have been waiting over a month, to recieve final papers for closing on a home. They have not heard or recieved anything yet. Does it usually take that long for papers to arrive? Do you think that means they won't get the house?
2007-01-05 07:03:58 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Your question has a few things missing for clarity of getting the most accurate answer. Final or Closing documents are what get signed at escrow and they get their copy's there on the spot. If they haven't received anything from title or escrow yet it is likely they aren't in a deal yet. This is not a totally rare event if this is a FSBO and there are no agents involved to orchestrate the transaction. If there are agents involved shame on them. Another reason for such could be the seller hasn't signed their deal and / or has taken a different offer. Or an agent could have shopped the offer and bettered it with another buyer. Without knowing whether or not they have a seller signed copy of their original offer or after counters a mutual acceptance it is hard to establish exact fault. Please ask them if they have a seller signed offer. Or if they had a remote courtesy escrow signing done and are awaiting those papers. It seems they would know if they had an actual deal as they would have had to obtain a loan, inspection, appraisal and such. As a rule I always insist the seller hand writes rejected and dates all offers that aren't acceptable. Your friends need a new agent also and their current one is likely in violation of your states real estate law. Agents like theirs should be ashamed and banned from the industry for not following up.
2007-01-05 07:40:46 · answer #1 · answered by Kevin H 4 · 2⤊ 0⤋
What state are they buying a home in? I am a realtor in California and the closing date is usually put into the inital contract. The escrow process is generally 30-45 days unless agreed upon longer by the parties. Usually the only time you can close earlier than 30 days is when its a cash transaction. You should have them check with their realtor to see if a date was agreed upon in the contract.
2007-01-05 07:09:57 · answer #2 · answered by skylaraislinn 2 · 0⤊ 0⤋
Do they not have and agent? The purchase contract should have a set cosing date. It is not unusual for closings to be listed in escrow for sixty days. Other specific escrow conditions should also be listed. Escrow can be extended with agreement from both sides only. If they have an agent he/she should be on top of all escrow issues. If they don't have one they are basically at the mercy of the sellers. When buying, always have an agent. The seller pays for it, and you have someone that knows the process working for you. You also have another person liable if somthing goes drastically wrong.
2007-01-05 07:25:03 · answer #3 · answered by Ron B 3 · 0⤊ 0⤋
This is unusual that they would have not heard anything over a month. They need to contact their attorney immediately to find out what is going on. In real estate you definitely have to be on top of things and push your attorney to get it done.
They should also review the contract again to see is their are penalties that the seller needs to pay if they delay further.
Good luck.
2007-01-05 07:17:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋
No it does not take that long and they should have contacted the broker, not the salesperson when it went longer than a week.
Someone has dropped the ball somewhere. Could have been the salesperson, could be the mortgage broker, could be a title company, but the leading broker over the salesperson needs to be made aware it is taking too long.
2007-01-05 07:06:36 · answer #5 · answered by moudoku 2 · 0⤊ 0⤋
Yes there are governement grants that will assit you in purchasing property. Howvever your quest must be to assist the Gov't. Perhaps to build low income housing in New Orleans or even in your own area. There must be a need, perhaps a home to house foster children, or the elderly, etc. In the interim you'll make money too. Get some grant writing skills and go for it.
2016-05-23 06:30:54 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Receive papers from whom? Did they sign a contract? Have there been negotiations? Did they agree upon a closing date? Need more information
2007-01-05 07:06:59 · answer #7 · answered by latinadiabla_1976 2 · 1⤊ 0⤋
Depending on the area it amy be routine. They should check with their agent. Also, what papers? Deeds, mortgages etc. don't show up until closing. What appers are they looking for? Need more info.
2007-01-05 07:09:42 · answer #8 · answered by Anonymous · 0⤊ 0⤋
what state are they in? waiting from papers from an escrow company or lawyers?
2007-01-05 07:06:37 · answer #9 · answered by Vicki B 5 · 0⤊ 0⤋
My first thought would be title problems. What does their Realtor say?
2007-01-05 07:10:55 · answer #10 · answered by yfrkim 2 · 0⤊ 0⤋