I closed on the house I'm buying this morning, but the title did not give me the keys to the house because the lender had not wired the money to the title company. I called my loan officer and asked for help. She checked with the lender and informed me that the money was wired in this morning, but it was wired to the wrong title company. The lender is now trying to retrieve the money from the other title company. The escrow officer can not give me the keys until she gets the money from the lender and it may not happen until tomorrow.
I have signed all the closing documents and paid my money (down payment + settlement costs), but have not got the keys to the house. Is there anything I can do or do I just have to wait?
2007-05-21 09:20:46 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I would infor the realtor that there is a three day cancellation for you as the buyer and contract signer.
Two to one my guess is that you would change the locks anyway but wait until tomorrow as things have a way of working out...slow but sure..
Congratulations???!!!
2007-05-21 09:26:03 · answer #1 · answered by Patches6 5 · 0⤊ 0⤋
I used to be a receptionist for a luxury builder, and we only gave the keys to the home the moment the money and everything was settled. The only thing you can try is just to call the CEO of the building company and raise hell. Sometimes we would let people start moving items in or give a key a few hours before things were officially settled.
Good luck!
2007-05-21 09:24:32 · answer #2 · answered by wendaylou2 3 · 0⤊ 0⤋
You shall have to wait. As a real estate broker, I NEVER turn over keys to a property until money has exchanged hands. The sale is only an actual sale when the full amount of the sale price has been delivered to the seller.
If you want to crawl over anyone in this situation, your lender is the guilty party.
2007-05-21 09:30:23 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
You'll have to wait until they locate the money. It's not like buying a car where they toss you the keys and say "Take her for a spin." You'll get them tomorrow. I would have a serious talk with the lender however, and let them know what kind of grief they put you through.
2007-05-21 09:25:51 · answer #4 · answered by Alchemist 4 · 0⤊ 0⤋
If they didn't have the money, the transaction should have never been closed to begin with.
Unfortunately the title company wants to protect their interest and has more legal power to hang onto the keys at this point.
Hopefully it's just a misunderstanding, and will be fixed soon, but I'd be pretty upset :(
2007-05-21 09:27:01 · answer #5 · answered by Bogart 3 · 0⤊ 0⤋
Your lender is responsible for this mess, they should reimburse you for any financial loss you incur.
If you do not suffer any financial loss, they may still owe you for the inconvenience.
Call your loan officer's boss and have him/her call the lender call the lender and ask them what they are going to do to make you a "happy camper"?
2007-05-21 09:29:08 · answer #6 · answered by mazziatplay 5 · 0⤊ 0⤋
If they think they can get it sorted out by tomorrow, try to just stay loose and wait. If it goes on longer than that, start making noise with the loan officer and the two title companies.
Good luck.
2007-05-21 09:30:44 · answer #7 · answered by Judy 7 · 0⤊ 0⤋
I would wait it out. Wiring money is not instantaneous, especially if it is over 10,000.00 Give them 24 hours to settle, they are just being cautionary in releasing the keys to you. I am sure it will all work out.
2007-05-21 09:26:38 · answer #8 · answered by kathleen 7 · 0⤊ 0⤋
Someone owes you rent,or at least lodging for the night...
2007-05-21 09:24:29 · answer #9 · answered by Anonymous · 1⤊ 0⤋