Buying property Step 10
Buying real estate. Ok. You are doing good so far, you have met all the dead lines, you had a few problems but they got solved, the home inspection did not go to well, but your Realtor helped you renegotiate a different deal. The appraisal came in ok. The mortgage company as issued a commitment letter, you have your insurance in place, you think you are ready to go to closing and you want to call the moving company. I know you do not like to hear this, but there is still one tiny little issue, the money is not in the bank yet, meaning your lender as no transferred the money to the title company and they have not even given the final numbers to the title company nor have they send all the necessary paperwork. By law your have the right to see the HUD statement at least 24 hours before closing but the title company can not send it because your lender is not cooperating. Now what do you do?
This is not an exemption to the rules, unfortunately it is the rule. Happens at least 8 out of 10 times.
Now all hell breaks loose, everybody is on the phone with everybody. . . . .
The one and only advice I can give you is Stay in touch with your lender on a daily base. Make sure they understand that time is off the essence and that they need to perform.
You are paying them a lot of money to get the loan, so, do not take, “I will call you tomorrow, or I will look into this, or I am sorry it sits in underwriting” for an answer.
I have gotten deals done by sheer persistence and nothing else. If you call them 20 times a day, they finally get the job done, just so you won’t call anymore. (I am not joking, call them ever 20 minutes)
Step # 3 How does a buyer find a Realtor?
Step # 6 Negociating a Real Estate deal
If you think about buying or selling a house or condo in the Saint Petersburg Florida area, please give me a call. Ask me about waterfront homes or condos in St. Pete beach, Treasure Island, Madeira beach, Seminole and other Clearwater Tampabay neighborhoods. Find out what we can do to sell your home or condo and what the value of your property is. Check out great real estate deals or visit condo associations like Seminole Isle.