A story that was so was… I am currently in the process of selling a property in Jacksonville Florida to a buyer on loan…
A story that was so ...
I am currently in the process of selling a property in Jacksonville Florida to a buyer through the FHA, the closing was scheduled for last Wednesday the 28th of the month. Everything worked like a clock, the insecure, the freezer, everything .. Suddenly a day before closing the lender bank asked the buyer for clarifications and paperwork for his income as an independent.
As of this moment, the 31 per month and after dozens of emails, texts and phones are still not clear to close to the deal.
I have met all its terms and also the buyer itself but the lender bank does not meet the conditions.
Now let's get into the fact that in the next few days, a hurricane is about to hit Florida and probably the city of Jacksonville with strong winds and rain, which of course is tracking the entire sale because no one will talk to us in this emergency.
Now the question is what to do:
1) Cancel and request the deposit (which is $ 1000 total)?
2) Do contract extension for another week?
3) Who is responsible for the property if something happens to him at the time of the storm and I have already signed the closing paperwork and the buyer moved his share to close last night (cash to close)?
4) Is it possible to contact the lender bank and sue him for negligence that did not meet the terms and conditions of the contract?
what do you think?
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There is a point here that you are not aware of that I don't think the member himself is aware of - he explicitly states that he is in an FHA contract... Therefore, because an appraiser was performed, the price sits on the main FHA website for 180 days... If the price set is suitable for him as the seller of the property, it is better for him to sign an extension And to close the deal because anyone who comes with financing (mortgage) will be limited to the maximum of the assessment performed by the FHA appraiser...so that he as a seller can only lose time - and time is money. Regarding section 3, there is a note in every contract that once a force majeure situation is declared, then in fact everything is so-called "frozen" until the situation is lifted. , find some defect and get out of the deal.... Until further notice are you actually responsible for the property for better or for worse...? ….
Depends on the contract you signed. Therefore, the contract depends on receiving a loan approval at a specific time. So the question is whether the buyer received loan approval or not. Now you have to look at the approval conditions, if there are certain conditions that were not met, the buyer will be entitled to the money, if there are no conditions, the buyer will not be entitled. It should be noted that according to the law, if the buyer did not receive the CD from the Lander (the financial details document), then the closing is automatically postponed for up to 10 business days without the need to request an extension.
Just two weeks ago, a deal with a buyer from a loan was closed to me. The lender asked me to fix all kinds of things and then sent a checker to the house and we did not go through everything and again repairs and testing. Eventually the closing was late in the month. But in the end everything will work out. Throughout, the realtor advised me to continue because it was clear that the lender's bureaucracy would work out. I preferred not to return the property to the market because I got a good price and even so it took a month until I got an offer on the house so returning it to the market would have made me a much bigger follower. So I think if it is a bureaucracy it is better to wait at least until after the hurricane. Even so no one will buy the property now.
1. If you want to sell, give them an extension. If you do not want to sell, it depends on what is written in the contract in the financing section, not sure that you are eligible for a deposit.
2. See 1
3. Until the transaction is closed legally (if the buyer did not sign or transfer money) you are responsible for the property.
4. not recommended. They are not party to the contract and do not have to comply with its times
These are questions your to date company should answer.
Don't like hesitancy and you are entering a hurricane era
I would cancel