Is this normal???

Home Forums Purchase Program Is this normal???

Viewing 15 posts - 46 through 60 (of 61 total)
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  • #67366
    djcwill09
    Member

    @plharris did you close late in the day on Friday? Is that why it’s not funded yet?

    #67367
    plharris
    Participant

    @djcwill09 I closed around 2 but the notary didn’t get the documents back in time for it to fund. Title did tell me it will fund today.

    #67375
    marvb
    Participant

    @plharris congrats blessing to you and your new homes!


    @djcwill09
    they emailed us said same thing appraiser made an error on paper work ctc was about to be issued bank shut it down. We’re now waiting for them to correct appraisal. Time frame can be any minutes to weeks no one at NACA has answers but keep telling us be patient.

    #67406
    plharris
    Participant

    @Marvb and @djcwill09 I got my keys today about 3pm.

    #67409
    djcwill09
    Member

    @plharris, woo-hoo! Glad to see you got it done and over! Case closed 🙂

    #67411
    plharris
    Participant

    @djcwill09 Yes it is closed now. I am so glad. I hope you get it done soon. Keep me posted.

    #67414
    marvb
    Participant

    @plharris @djcwill09 good morning just an update we were issued a clear to close this morning but not in time sellers terminated contract and we lost the house. Praying all goes well with your deal I probably won’t be continuing with this program.

    #67417
    djcwill09
    Member

    @marvb, since they terminated the contract, will you get your emd back? If they haven’t yet gave it back yet, what happens when you get the final CTC? Can you go back to them and say, we got final approved and can close on whatever day NACA is saying you can close?

    #67419
    marvb
    Participant

    @djcwill09 no cancellation or released was sign and they don’t want to give EMD back.They accepted another contract while our contract was still going. We have final approval title company wants to close today they denied it.

    #67420
    Nelsont
    Member

    This makes no sense and is technically against the law.

    Any contract should prohibit even entertaining other offers while the house is “off the market” much less accepting another offer unless there is a “kick-out” clause in the contract which I’m sure naca would advise against. The default would be “no kick out”.

    Your contract in particular should, and if it doesn’t then in the future, contain verbiage that states the EMD is returned in full if the buyer has to void the contract due to the seller being unwilling or unable to renegotiate repairs, finances toward repairs, extensions or the seller terminates the contract as long as the buyer is able to secure the loan.

    The whole purpose of a contract is to prevent situations like this.

    Without knowing the details of your contract you would probably be able to sue and win your money back plus court fees.

    • This reply was modified 1 year, 5 months ago by Nelsont.
    • This reply was modified 1 year, 5 months ago by Nelsont.
    #67423
    marvb
    Participant

    @nelsont I concur we will be seeking legal action. COVID has made sellers unruly. We have all details on our side to rule in our favor

    #67424
    djcwill09
    Member

    @marvb that’s a lengthy process though right? You won’t be able to get EMD right away. Will your realtor be talking to them about legal action? Hopefully this will get the seller to retract what they’re trying to do. Did their realtor tell them they could do this or did they just accept another offer on their own?

    #67425
    marvb
    Participant

    @djcwill09 yea but I’m fine with that. Realtor really didn’t help us at all. Sellers aren’t budging at all. Yep they did accept another offer and we weren’t notified.

    #67427
    djcwill09
    Member

    @nelsont, do you have a suggestion for us? The lender is repeatedly saying our builder is not on the title or purchase agreement. But all the docs we have show it, the title company verified it’s our builder on the title and even the appraisal had it —- until the appraiser was asked to make a change to the wrong name and now we’re waiting on that correction. As it stands the appraisal is the only doc we can see that needs to be updated to include the correct seller name. We have no idea what the lender is looking at and the title company is stumped. Even when we look up who owns the land online, it shows our builder.

    The names the lender is associating with our contract is no where to be found in any documents we have. When we called and s/w someone at NACA, we were told the lender rarely makes mistakes like that so…they are probably right. Just not sure what to do at this point. The builder said they have no idea what BOA is talking about with these new names that came up.

    #67429
    Nelsont
    Member

    This is a tough one. I really don’t know what to do beyond writing a letter of explanation and gathering all the documentation to prove it. It sounds like BOA is referring assuming the mistake the appraiser made was not a mistake which feeds into what I always echo about making sure your own paperwork is as fool proof as possible because the underwriters will not connect dots.

Viewing 15 posts - 46 through 60 (of 61 total)
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