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Signing the Contract tonight....

whataboutmycrib
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whataboutmycrib

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Just got it sent to me and hubbie and I will look it over and put our John Hancocks on it and fax it away.......

Original list price: May 2007 $425,000
Selling price: Oct 2007 $345,000 ($5,000 less than bought in 2004)
Closing Cost Seller Pd: $6,500

Final reduction 21%

Thoughts from REAs: better to do mail away closing or power of attorney to my Agent????

October 23 2007 - US

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Christine Taylor, "ChristineTaylorTeam"
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Christine Taylor, "ChristineTaylorTeam"

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How well do you trust your agent? You can not be in the town on the closing date? What state are you in?

October 23 2007

Nic Netherton, "ColoradoLender"
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Would say from her pic, probably georgia......or maybe she just like peaches

October 23 2007

Gordon Stephenson, "Gordon"
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Gordon Stephenson, "Gordon"

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Have the closing docs mailed around or if you close with a national title company, they may have a local office at which you can do a courtesy signing.

Either way, even the most trusted real estate agent can slip up and miss something on the closing documents. It's more liability than you should ask your agent to bear, too.

October 23 2007

Marci Reinheimer
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I agree with Gordon - see if you can close with a national title company or get a traveling notary to have you sign.

October 23 2007

Nancy Brooks-Haslam, "ROBINS AFB GEORGIA"
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Nancy Brooks-Haslam, "ROBINS AFB GEORGIA"

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3girlsva Congratulations even though you're taking a big hit but hopefully you can make it up when purchasing your other home in Va after selling the one in Ga. For some of the posters here, we use attorneys in Georgia and not title companies. We're closing one now by email in Va and sometimes they are sent overnight mail, and in Georgia the Notary and Witness have to be two separate individuals on the Warranty Deed. Occasionally I have done POA for sellers but only in emergency situations and only after seller has proofed their HUD-l closing statements. Good luck :)

October 23 2007

sas912
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3girls,

I have a classmate who does RE and his office is in Roswell if you need to have an attorney.

October 23 2007

pub123
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3girls
CONGRATS

October 23 2007

whataboutmycrib
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whataboutmycrib

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Hold the press.....hubbie and I went over the docs with the legal eagle in the family (mom) and based on their financing they are looking for our house to appraise at $425,000........especially based on their offer of $338,000 which allows them to finance with a conventional loan. After we went over all the fees and what not, and my mistake with the payoff (don't allow a stressed woman to take care of everything).....we would have to pay a few thousand more at closing.....as if selling at this price is not enough.
We asked out agent if he thought they would come up another $3,500 in price but he didn't think so and we think it is because they have no cash to buy this house, esp since the agent is financing her own dang commission.

We want to ask the realtor to get a letter of financing saying that they are good to go, we feel we take a risk being off market for a month and then when the appraiser finally appraises the week before and the close doesn't happen cause the house doesn't get the price they need in this falling market we are screwed even further. The average price of a house similar to mine that has sold (based on 3 recent solds) is $393,180.....I asked him if the lender/broker the buyer is using uses a brokers price opinion for the appraisal, and if so does that mean we have a greater shot with her being a realtor and being able to skew the numbers since it is likely she is using her best buddy broker (and if she hasn't yet she should consider sleeping with him.....rambling thoughts of course)

I know I am screwed since I am selling at this price and I want out of this house, but DANG!!! Pearls of Wisdom...............

October 23 2007

whataboutmycrib
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The house is in GA, and the closing will be held at an attorney's office. We may consider having my husband go for the closing and me signing power of attorney to him.

October 23 2007

Roberto Ribas, "azrob"
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Roberto Ribas, "azrob"

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i am missing something in this... you are selling for $345000 but they need an appraisal at $425000?? why?? and you are paying closing costs?? then why do they need the appraisal so high?

October 23 2007

Anita Crum
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I don't recommend giving power of attorney to your agent. This is not a dig at your agent's character or integrity. I just think that it creates a potential conflict of interest situation. I personally will not act as an attorney in fact for a client. If your husband can attend the closing, then just give him the specific power of attorney.

As for the financing issues, I'm a little confused. Why do they need it to appraise at $425,000 when the purchase price is only $345,000? And didn't they submit a pre-approval letter or loan commitment letter when they submitted the offer? I would also want more information on the mortgage company. How strong are they? So many lenders have gone out of business recently. And if they are a mortgage broker, then who is actually underwriting the loan and have they approved these buyers?

Sorry, getting too involved.

October 23 2007

whataboutmycrib
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THey know the house appraised for $425 in May. Their original offer was $338 with us paying all closing costs which est. @ $6,500. I told my agent that I wanted to end up owing nothing on the HUD so buyer, who is agent, and my agent cut their commission, yes she is still taking it, and it came to $345,000 with us paying closing costs for me to walk away without being spanked into the next decade.

On our offer it says they are getting 100% financing, 6.25% on a conventional loan.....how the heck can they get a loan like that without there being 20% equity in the house.............and their numbers make it clear to us their intention. OUr contract says they have 14 days to have lending in place, so does this mean they will have a brokers price opinion or an full appraisal on the house and we will know within 14 days whether they will pan out if we accept this offer??

October 23 2007

CaliShannyNJ
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Whoa, I'm dizzy after reading all that. I wish I had an answer for you but I'm a Freshie. Good luck to you 3girls. I hope it all turns out.

Cheers,
Shanny

October 23 2007

Roberto Ribas, "azrob"
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3girls: then it seems they are trying to do an 80% loan off of the original appraisal?

In my opinion, this is unlikely to fly. An appraisor will almost always use the contract price even if the comps are higher, they may give a few thousand but no way on earth the amount needed here. The previous appraisal won't matter as the bank will want to order their own. PLUS banks loan off of the LOWER of appraisal and contract...

The only ways this would be likely to work are:
1. Quit claim them the house, and they could refi off an appraisal at a later date. THIS would be tremendously risky, as if they never got the loan you would still be on the hook to your original note forever... and playing banker to them.

2. A fake contract for the needed amount, and you crediting them the 20%. off of the contract. THIS would be so illegal both agents and the LO, not to mention you as a lawyer would be insane to even think of it. Realtors and LOs have been indicted for less than that...

I hope for your sake they have something else in mind, but I would not get my hopes too high now...(and obviously, I may not have all the info as I have only read your posts here)

October 23 2007

Marci Reinheimer
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I must agree with my two colleagues. From how I'm reading it, there is something weird going on here. The appraiser isn't going to appraise a house for 425 with a purchase price of 345 unless something shady is going on. You really should take that contract to an attorney to review it before accepting it.

October 23 2007

whataboutmycrib
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Hubbie and I have been hashing this out for hours......

It just seems so odd how they can get 100% financing with a fixed rate conventional loan for 30years, that is what it says in the contract, what am I missing here, is there a new loan package out there? That is what is throwing us off

October 23 2007

Marci Reinheimer
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It sounds to me like a little lender fraud is about to take place. Seriously, that loan is not going to happen legally.

October 23 2007

whataboutmycrib
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The appraiser that did my house works for the same lender they are using, would that come into play at all, I know the comps are lower now but there is potentially $55,000 + in equity in the home based on those comps......so it is possible that they may be taking that into consideration.

October 23 2007

Marci Reinheimer
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They can't do that unless they were buying the house for 425. As azrob said, unless they are going to do a fake contract, the original appraisal will not come into play - at least legally.

October 23 2007

whataboutmycrib
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My mom reviewed it tonight and she said it is only 14 days and to see what they come up with and at that point if we felt there was some foul at work then we could change course, but there is also the risk that they won't be able to secure this and they loose financing and we are back on market. SHe is an agent so yes, I have to wonder what is up there too. I plan on calling my agent in the morning to get clarification........

We just get this irky feeling about it

October 23 2007

Marci Reinheimer
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Trust your gut - granted, I'm not seeing the contract and I could be way off, but something smells in Denmark.

October 23 2007

Angelique01
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I kind of like what your mom said, 3Girls.

October 23 2007

Anita Crum
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Since the market is the way it is, and we'd hate to lose the bird in hand, even though it sounds like a fishy bird.... (**fishy bird???)

What about a kick-out clause/contingency of some sort whereby you will still keep your house actively on the market, continue to show, etc. and if another offer comes in, the current buyers will get 48 hours to get final loan approval/commitment without conditions (including completed appraisal). If they can't prove they're financial ready, willing and able to close, they get booted. That shouldn't be too hard for them since the original contract gave them 14 days to get this done anyway right?

Even with this option I would still want to have a lot more info on exactly how this financing is structured before ratifying the contract.

October 23 2007

whataboutmycrib
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whataboutmycrib

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Anita: I will do just that. My husband thinks that if they don't agree to some simple terms in light of the fact that they are getting such a deal, and though we want to sell, then we need to trust the gut and let them walk.

As a side note, they have 5 kids, so they need the space, and 3 are young girls (my girls ages) and so the princess suite is obvious to their liking-or so I would be inclined to think, and I am doubtful there are 10 other homes on their list. In this area of GA the neighborhoods sell houses and this one has top amenities and makes it a very nice place to live.

October 23 2007

sas912
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3girls,

I agree with the majority that it looks like they are trying to sell the bank on the idea that they have 20% equity in the property which would relieve them of PMI and get them basically 100% financing. It looks like a duck to me......(looks like a duck, walks like a duck..)

October 23 2007

whataboutmycrib
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whataboutmycrib

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QUACK QUACK......... LOL........

October 23 2007

sas912
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Or as I say: if it looks like a duck and walks like a duck, its a duck - you can call it a cow but it will never give milk!

October 23 2007

whataboutmycrib
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I can moo too :)

I will check in the am with anything new, thanks so much for the advice!!!!

October 23 2007

Brian Holt, "www.BrianHolt.net"
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Im late to the party, but reading the thread- the buyers are saying they want 100% financing? Is your concern that the product doesnt exist? There is still 100% conventional financing, its just not the stated income, no doc stuff. Were I to receive an offer stating the buyer wants 100% financing, I would want the lender to tell me the credit scores of the buyers. Full doc loan?

October 23 2007

Roberto Ribas, "azrob"
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Here lenders probably would not tell you the credit score without a signed release, as a credit score is private information... however an "LSR" or loan status report would be advisable.... The real question, and really, from the explanation it is hard to tell, is that the buyers seem to want the appraisel to come in at 425K when the contract price is 345K or something... THAT is what seems fishy to us, not so much the 100% part.... BUT without all the details, marci, me et al are just speculating...

October 23 2007

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