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The Magic Cafe Forum Index » » Looking out for our own » » DeadDave gets shafted in 5,4,3,2.. (0 Likes) Printer Friendly Version

DeadDave
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Regular user
Atlanta, GA
176 Posts

Profile of DeadDave
Hey, I just need to vent. I don't think that there's anything that can be done.

My wife and I are in the process of buying a new house. We found a foreclosure for $56K below market value. We offered the bank's asking price (it was already a great deal) and they accepted our offer. We were scheduled to close on this Friday, October 3. October 3 was at the bank's request, we had planned on October 15.

Today about lunch time, we find out that our closing will be "delayed." I call to find out the particulars, and discover that the bank's law firm failed to properly file the foreclosure documents. Now the bank won't have clear title until sometime in November. Although they have already done so, Georgia law requires that they AGAIN post the foreclosure notice in the local newspaper for four weeks.

Our loan approval expires on October 31.

We have already made plans to move out of our rented house by October 31.

We have already spent a significant amount of money preparing for the move, given notices, lined up a truck and crew to move, etc.

Now, it may not happen at all. My landlord has already made plans to get the house rented. I already have people stopping by to look at my current home to see if they want to rent it or not.

So what will happen? Will I be able to get my landlord to extend our time? Will I have to move by October 31? How much more rent will I have to pay? The really stress-inducing part of it is that the deal is NOT canceled, it may still happen. So now I have gone from looking forward to moving into our new home, to not knowing WHERE we'll be living on November 1.

This is all due to the most appalling incompetence I've ever encountered. From the law firm, the bank, and the bank's Realtor. Numerous times we've had to sign and return documents by the "close of business" that day, only to not receive them from the bank's agent until after 6 o'clock! They couldn't even manage to get the utilities at the property turned on for appraisal and inspection. I had to do that at my expense.

Now we discover that, technically, they don't even own the property.

I am so angry right now. We may be going from living in a house that we have rented for years, to having to store all our stuff at significant expense, and staying in a hotel or something. We have so much money tied up in this deal already that I can't even afford to hire an attorney.

Oh! And let's not forget that with all the financial uncertainty right now, we may not even be able to get a new loan!

Awesome.

Thanks for reading!
Slartibartfast
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Loyal user
Southern Illinois
230 Posts

Profile of Slartibartfast
The only advice I can give you is to document, document, document. Get a dedicated notebook and write down everything you can remember. Every conversation, every single thing you were told. Then keep a running account of everything from here on out. Note who you spoke to, date/time, what they said, etc. We were not in the same situation you were, but we wound up being able to convince the city to dig us a new well based on our little notebook. Every time they asked us something, we could open the book and say "On this day, this person said this thing..."

I know it is not much help right now, but it could be critical when the dust settles and you are trying to get someone to make it right.

I hope everything turns out OK for you.
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Tom Cutts
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Staff
Northern CA
5783 Posts

Profile of Tom Cutts
The all too common consequence of trying to save a months rent. If people knew how common it was to hit a delay or have a deal fall through at the last minute, they would factor the expense of dual housing into their offer. I sympathize with your situation and hope it worked out.
Dave Scribner
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Assistant Manager
Lake Hopatcong, NJ
5080 Posts

Profile of Dave Scribner
Venting is good sometimes but it sounds like you are looking for advice from magicians. In reality, after reading your post, it seems like you have two people to talk to. One is to discuss the problem with your landlord and explain the situation. As Tom said, delays are common. He would probably charge you an additional months rent but at least you won't be out on the street.

Second, you need to talk to the bank that guaranteed your loan and explain the situation to them. Banks are a business and they should be willing to work with you on the expiration dates.

In short, it's time to get all the interested parties together and work out the problem. I'm not a lawyer or anything like that, I'm just offering my opinion. Most people are willing to work out problems.
Where the magic begins
Big Jeff
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Veteran user
301 Posts

Profile of Big Jeff
Ask YOUR Attorney,(you do have one involved don't you?), to have the bank compinsate you for the expenses and try to find an apartment to rent for a month. You should talk to your landlord right now and let him know what's going on.
DeadDave
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Regular user
Atlanta, GA
176 Posts

Profile of DeadDave
All this has already been handled. I was just sport-griping.

We still don't have the deal closed, but all we can do at this point is wait to see what happens.

As mentioned, you'd think that in their current situation that banks, realtors, etc., would be willing to do what it takes to make a deal work, but NO. I've never had so much trouble giving someone my money! Check out any real estate contract, there is no way to make a seller or their agent perform what they agreed to. Before you sign, look at the address, the amount, and the closing date. You might as well not even bother reading the rest as there is no legal recourse for non-performance on the seller's end besides getting your earnest money back.

We basically have taken the attitude that for nearly $60,000 in instant equity, we'll put up with their crap for a while.

By the way, our landlord loves us! We pay on time, and if it isn't gushing water or sparking, I fix it myself. So we're good to stay here for as long as we need.

Thanks for reading and replying!

And if you're a Realtor, do the world a favor and hang yourself. Smile
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