April 27, 2020 at 10:04 am #67366April 27, 2020 at 10:17 am #67367
@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.April 27, 2020 at 1:08 pm #67375
@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.April 27, 2020 at 8:36 pm #67406April 27, 2020 at 9:25 pm #67409April 27, 2020 at 11:22 pm #67411
@djcwill09 Yes it is closed now. I am so glad. I hope you get it done soon. Keep me posted.April 28, 2020 at 10:48 am #67414April 28, 2020 at 11:16 am #67417
@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?April 28, 2020 at 11:28 am #67419
@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.April 28, 2020 at 11:37 am #67420NelsontMember
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.April 28, 2020 at 11:45 am #67423
@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 favorApril 28, 2020 at 11:50 am #67424
@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?April 28, 2020 at 12:01 pm #67425
@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.April 28, 2020 at 1:25 pm #67427
@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.April 28, 2020 at 1:36 pm #67429NelsontMember
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.
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