Sale fell through Seller couldn’t close

Home Forums Purchase Program Sale fell through Seller couldn’t close

Viewing 15 posts - 1 through 15 (of 27 total)
  • Author
    Posts
  • #67006
    aramos89
    Member

    After going through the whole process and closing crazies our seller couldn’t come up with the money to close on his end. We didn’t close and won’t be buying that house. Now we need our status to change back to housing search but haven’t been able to get in contact with anyone who can actually change our status back. The deal fell through on 4-7-2020. We have now found a new house to purchase but don’t know if we can restart the process on the new home with our status still saying CTC.

    Has anyone had this happen to them before?

    #67007

    I do know that the status showing on your webfile is manually changed. If your qualification would still be good, which I think is 6 months now, I see no reason you couldn’t go back to looking right away.

    #67008
    Nelsont
    Member

    So you will start from scratch at obtaining a PSL to going through credit access to signing bank app etc. Each house is unique and has to be underwritten accordingly.

    I had to do this. The seller hid from his agent and me, the buyer, he was under foreclosure. I eventually pulled out of the deal. Just make sure you have everything about this failed deal handy because you will probably be asked about it. I had conditions pop up that made it obvious the underwriters were looking at old paperwork in my file and started asking questions about the house I was no longer purchasing. If I can remember correctly a simple LOE cleared it up.

    • This reply was modified 5 months, 2 weeks ago by Nelsont.
    #67011
    aramos89
    Member

    @Nelsont
    How long did it take for your status to get changed back to housing search? It still says CTC and we found a new house to put in an offer on.

    #67013
    Nelsont
    Member

    That much I can’t remember. I actually think it didn’t change until I submitted a new offer which I believe was the first question I got…member can’t submit an offer while under contract…

    I wouldn’t put too much stock in your webfile status. Because it is a manual update with a drop down menu it requires someone to actually review your file to update it and there’s the potential for the wrong status to be selected as well as the correct status for a different member while the employee is looking at your file which happens to be the wrong screen for them at the time. Use it as a guideline only otherwise you will wrack your brains out. For what it’s worth my webfile status didn’t change to closed until 4 months after I closed.

    • This reply was modified 5 months, 2 weeks ago by Nelsont.
    #67014
    TTrumble
    Member

    Hello aramos89,

    Please email me with your name, Forum screen name and NACA ID number. I’ll see what I can do to help you with your very unique situation.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    • This reply was modified 5 months, 2 weeks ago by TTrumble.
    #67018
    aramos89
    Member

    @TTrumble
    Thank you for offering assistance. I’ve sent the email.

    #67277
    aramos89
    Member

    We found a new house to purchase! Now we have a new hiccup. Our real estate agent can’t upload the new contract because the previous one is still there. We just got the info this evening so maybe they will have it worked out some time tomorrow. We also just got the fully executed agreement this afternoon so I hope this snag won’t slow down our process and we can get into credit access mode soon.

    #67395
    aramos89
    Member

    P&S got uploaded Friday evening (4/24/2020) but still have the previous contract in the way of the new one. Now we wait for the old one to be taken off so we can proceed with credit access.

    #67644
    aramos89
    Member

    Newest update is contract was removed and file was fixed to start credit access today. 5/5/2020

    #67649
    TTrumble
    Member

    Hello aramos89,

    Great news! Please keep us updated.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #67712
    aramos89
    Member

    MC is on leave and now trying to get a new one so we can get our file moving. Emailed Naca services and contacted local office to assist in this new change. 5/6/2020

    #67714
    2BLESSED
    Member

    Good luck!

    #67806
    aramos89
    Member

    Got a new MC (5-7-20) and he is helping us along. We sent in a lot of documents for credit access and are waiting on it’s approval. New MC seems more thorough with the requested documents than our prior one was. Hope that means we’ll be on the way to bank submission soon.

    #67867
    aramos89
    Member

    5-11-2020 Credit Access Requested!

Viewing 15 posts - 1 through 15 (of 27 total)
  • You must be logged in to reply to this topic.
Follow us on Facebook RSS Feed Follow us on Twitter