Profile picture for rhhouston77

Please help!! Incredibly confused by where im at in the mortgage process.

Here is my problem. I have been property shopping for over a year and found the perfect condo project that i wanted to mave into. I found a few bank owned forclosures and a few short sales that were in my price range but the agents were purposely listing them well below market value to get many multiple bids quickly and then close on them ASAP. I lost out to mostly all cash offers on most of these untill i finally got a call from a listing agent that told me he had a short sale i bid asking price on but the bank wanted almost 20k more before they would approve the go ahead. It was still below market value and in my price range so I jumped on it.The seller signed off, i signed off and the bank signed off so we completed the contract. They gave me only 3 weeks to close however and thats when my problems started. I'm doing an FHA loan on a non-fha approved condo. I had to get spot approval completed before Oct 1st when the rules changed. Well after many headaches and more problems than i ever could have imagined my broker tells me the lender accepted all my documentation and we received fha spot approval and they verbally told me i met their standards for approval. We had the unit appraised last week and it came in well over the purchase price. What i want to know is what kind of time frame i can expect before my lender gives me official written approval and the go ahead to close. Also, our contract period has also expired so what rights does the bank and/or seller have to back out of the deal. The seller is an out of state investor who just wants out but the bank part really worries me. If they back out am I out all the money i already sunk into this? any help would be appreciated.

Thanks,
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October 05 2009 - Houston
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Answers (4)

Nobody here knows the answer to your question.  Only your lender can help you.  Are they communicating with you?  You need to speak to the loan processor.

Good luck,

Naima
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October 05 2009
Profile picture for rhhouston77
I definately want to close ASAP, my agent sent the extension request but the listing agent told us we need a definitive closing date before the bank will look at it again. I have pushed as hard as possible to get this deal done and just really want to know where i stand. If this deal falls through I'm already out a couple grand before we even get to the issue of my earnest deposit plus with fha condo rules changing Im looking at a house in the suburbs for sure.
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October 05 2009
You really need to speak to the agent representing you.  Unsure about Houston, but in CA the egent needs to ensure a written extension is obtained.

Good Luck
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October 05 2009
Profile picture for agentblu15
Your questions about timeframe for official approval, etc., really need to be directed to your lender--  the process and timeframe can vary quite a bit from one situation to the next, and since yours is an unusual circumstance, there's really no way to speculate on it.

As for the contract time expiring-- yes, the seller/bank can legally back out of the contract once it expires, and if they do that, you would be out any of the money spent thus far.  Your best bet here is to find out a timeframe from your lender ASAP, and then contact the seller's agent, explain the mortgage situation, what steps you've taken to expediate the process, confirm that you still want to do the deal, and ask them for a contract extension.
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