Profile picture for lyn21

To all the realtors or loan officer or anyone who wants to answer this

Lets say I found a house that i like very much. So I happened to ask an agent to help me buy that house. Now The agent told me that the house was bank owned.
and the bank was asking me an earnest money 5000 dollars. to prove that i want the house badly. Now Escrow is giving me a deadline that i have to sign some papers and pay the down payment which is 10% of 300k before the lender approved the loan.so the escrow can process the house.
Now after giving me the earnest money of 5k the escrow is telling me that i have a deadline, and that my loan wasnt approved yet. Question:
Why the escrow is giving me a deadline for? the bank who owned the house asked me for a 5k. what if i want to choose another loan officer to handle the case and still get the same house. can i offer the bank who owned the house to keep the 5k earnest money but simply i will change the loan officer who will process the loan?

its all confusing isnt it.

anyone can tell me whats going on?
when is the earnest money should be asked?
and when is the downpayment should be asked?
who does ask the earnest money?

Just confuse never hear this kind of messy transaction.
who should be blame?

THANK UUUU
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 04 2009 - US
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (1)

When the earnest money should be asked: upon getting an offer accepted by seller the earnest money is due. In my state it's a time is of the essence thing or generally within a business day. This is handled in an account with a title company. The down payment is due at closing also at title company. To change lenders in a middle of a transaction is not so rare but can delay closing(if the first lender hasn't already missed your original closing date). Since starting new you need w2's,check stubs, bank statements to lender all over again. New appraisal also. It can get complicated as far as getting a seller to sign an amendment to extend the closing date; and if you're between properties or leaving a rental.  Real estate can get real "messy" but hopefully with all parties working towards a closing as quick as possible it will work .   
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
June 04 2009
 
Related Questions
Has anyone used mysixpercent.com to buy a house without a buyer's agent?
Profile picture for Mack McCoy
Latest answer by Mack McCoy
36 minutes ago | 20 answers
Advice on buying a townhome/condo
Profile picture for Kathy Henson
Latest answer by Kathy Henson
47 minutes ago | 6 answers
What are the upfront and ongoing costs associated with buying a home in Massachusetts?
Profile picture for Jeff Meese
Latest answer by Jeff Meese
52 minutes ago | 3 answers
Looking for advice regarding how to find a great buyer's agent...
Profile picture for Greg Hanner
Latest answer by Greg Hanner
2 hours ago | 6 answers
seller not cooperative
Profile picture for sunnyview
Latest answer by sunnyview
2 hours ago | 8 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

 
 
 
Sign in with Google