Buying A Home
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Frustrated (Closing Postponed)

Getting our foreclosure has been one HUGE headache. The realtor that we found the property through had never seen the property prior to us looking at it, knew nothing about it (literally, we knew more than he did). Apparently, the property was actually listed under another company but he was also showing it. So he put in the offer for us, which was accepted and we have been working with the listing realtor since.

 We where supposed to close this Monday, the 17th. Yesterday, we find out we should have paid earnest money upon finding out our offer was accepted. However, they never send my mother (who actually took out the loan, wrote the offer, etc) the information regarding that (ie- how much, where to send it too) so it hasn't been done yet. We have all our ducks in a row and have just been waiting to hear what the next step is. Now they forgot this and it's going to push our closing date back another full week probably!

I am beyond frustrated. We have already measured for and selected doors, windows, new kitchen cabinets, etc. We can't order them until the paperwork goes through just in case and some of the stuff we selected is on sale for a certain amount of time so we will have to pay the non-sale prices or look at other options now. We have a family friend holding a set of appliances we want to buy but don't want to until we close.

The house has a month of work before we can move in. It needs all the electrical re-run and updated, kitchen remodeled, walls patched, carpet put in or hard wood redone, among other things. Losing this week is so sucky, My mother-in-law comes home Oct 15th and we REALLY wanted to be in our new place by then instead of here...ugggh :(

Re: Frustrated (Closing Postponed)

  • So - your mother is really buying this house (why not you???).  SHE needs to call the realtor and ask to whom she should write out the check and for how much.  (In our area it is usually between 1-2K and is submitted with the offer.  (it is returned if offer is rejected or applied to closing if the offer is accepted.)

    Your insurance agent will need to know that this house is not owner occupied as that will change the insurance rate.

  • The realtor should've informed your mother who to make cashiers check/check out to (title company) for the earnest money (usually $1,000). You shouldn't make plans to order anything or select doors, etc until keys are in hand. So many things can go wrong last minute and closing date can be extended a few times. Sorry you were not informed, usually earnest money is submitted with offer. Good luck and hope closing is soon!

  • Hope you will get close this matter as early as possible, don?t get frustrated, Good Luck!
  • Maybe its just how we do things in Michigan, but we had to turn in our EMD with our accepted offer.... In fact, I gave a check to our realtor when we put in our offer.... Something sounds fishy....
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