I know I posted on here a couple of months ago about a house that we "should" be getting any day now. We put our bid on it in June, and we STILL haven't been given keys. I'm so irritated but we have so much time and money invested in it, that we don't want to wash our hands clean of it. The following is what has been going on over the past 7 months (it is a short sale home)...
June 1st - we went and viewed the house with an agent.
June 2nd - we put in an offer for $15,000 less than the asking price.
June 3rd - we got a lender and told him that we keep our savings at home, rather than in a bank. He told us to get our money in the bank ASAP. (we did)
June 5th - we found out that FHA wouldn't go rural (100% financing) on a mobile home like our agent had told us, and that we'd need a 3.5% down. I paniced and we revoked the offer.
June 12th - we resubmitted our offer and asked the sellers to pay 6% of the closing costs.
June 18th - found out sellers would accept $25,000 less than the asking price but they would only pay 3% of the closing costs. We counter-offered, asking that they pay 4.5% of the closing and pay for our certs.
June 25th - the sellers agreed to our offer and terms.
July 6th - our lender told us that we are going to have a problem because there was no paper trail for the $3,000 that we suddenly put in the bank. (at his urging)
July 20th - we opened escrow.
August 1st - the appraisal came back as $23,000 less than the agreed price. We had to go back into negotiations with the sellers. (new contract)
August 14th - sellers got back in touch with us, and requested a copy of the appraisal, so they could make their decision.
August 20th - lender told us that he would use a special form from our personal bank to show our last 45 days of activity, rather than use our last 3 normal bank statements. We had to pay $15 for that paperwork.
August 28th - they finally agree to the appraised amount and returned the necessary paperwork, so that we could continue with escrow and the underwriting.
September 20th - escrow should have closed.
September 30th - we found out our lender's underwriting company didn't want to finance the house.
October 5th - we restarted the loan process over again with a different lender. We locked in our interest rate for 60 days, and had to pay an extra $275 to have the appraisal looked at by this office.
November 9th - we got a call from our agent saying that the new lender wanted a well and septic cert done on the property, and we would possibly have to pay an extra $700. Also, if escrow didn't close by the end of this month, the house would go from a "short sale" to a "foreclosure".
November 10th - went in to sign an updated contract at seller's request and found out that they would need to cover the cert costs per contract. (we wouldn't have to pay the $700)
November 24th - went in and signed final Home Owners Insurance documents.
November 25th - found out the bank that is selling the house got a new assessment manager and she was reviewing the new contract, and wasn't returning phone calls. They did cancel the foreclosure process though, since they were so close to selling it.
November 30th - we missed the deadline for the $8,000 tax rebate, but thankfully, the government extended the time period.
December 3rd - found out that the bank was no longer honoring the original agreement. They were refusing to pay any closing costs and for the certs that had already been done. We would have to come in with an additional $4600 to cover closing. We did find out that our lender had waited an extra 15 days to lock in the interest rate, so we were good until the 21st.
December 4th - agent contacted the previous assessment manager, and she took over dealing with the contract again. She assured us that the original contract would still stand and they would pay for the original terms. (meaning we wouldn't have to pay the $4600 or certs). We were told that the assessment manager has some 200 files on her desk.
December 12th - the home owners insurance company started insuring the home. (We better not have to pay back whatever they are getting paid because we don't own the home yet!)
December 21st - loan officer called us because our "locked in finance charge" period had ended. We had to pay an additional $500 to lock it in for another two months or we would have to go through all of the paperwork again.
January 8th - agent told us that she spent all day on the 7th going between the bank, their agent's office, and our lender, to see what the hold up was. Apparently, the hud-1 that our lender's office did, didn't match the seller's hud 1. They were at a stand still because neither place wanted to re-write the hud-1. She forced our lender's underwriter to re-do it. She also contacted the actual sellers (John and Melanie) and they told her that the house would be going into default any day now because nothing was being done.
Since the 8th, we haven't heard anything. We are calling our agent almost on a daily basis to make sure that she isn't forgetting about us. She keeps telling us that the other agent (the bank's agent) hasn't heard anything. If I'm not mistaken, an appraisal is only good for 6 months, which means that it will be void on the 4th of February (almost 2 weeks away). I've emailed her twice over the past two weeks, asking what will happen if the appraisal expires, and she hasn't responded back. I just called her and asked her, and she said "that's a good question, let me call your lender and ask him." Why did it take her two weeks to find out? Also, our locked in Interest Rate is up on the 21st of February.
We don't feel like our agent is doing enough (it should have never been a month before she realized there was a problem with the hud1) but other than bugging her, we don't know what else to do. Is it wrong to contact the bank's agent and ask what is going on?