For the record I love bank owned properties around the Orlando, FL area. They are great deals for buyers, it allows most buyers to get into a great home in a great area for less, just needs a little TLC. However this week has been a trying one. My buyers wrote and offer on a property about a week and half ago. Banks sometimes get back to us right away and sometimes they take a little longer. The agent told us about 3 days after sending in the offer, she is pretty sure we have the deal but waiting for final approval. So we waited and waited. Mind you we are up against a deadline. See it was September 22, 2008 and we still didnt have an answer back from the bank and in order for my client to still receive Nehemiah down payment assistance we needed a finalized deal by today.
So we continued forward put the buyer through underwriting did our appraisal and inspections so in hopes that if all goes well and we get the written approval we are ready to jump and get this deal closed. Friday we get the approved paper work, yeah!!! Buyer signs and it goes back to the bank to sign which needs to be in our hands no later then Monday morning for us to get a clear to close in time.
Also I Friday I drove to this property 2 times, it takes me about 20 minutes there and back fighting traffic, on saturday I had to drive there for the inspector to meet the client and make sure all is well, but then soon as I get home I get a call from the lender. You must turn right about around the appraiser is going out there. No biggie normally wouldnt have to be there, but the appraiser refuses to turn on any breakers she wont touch them. You have got to be kidding me! So I do I turn right back around to turn on breakers and leave. I will do anything for my buyers in my power to make a deal go smoothly, plus this was a rush job and I was bound and determined to make it happen for them.
So here we are Monday, inspections went fine, we received the bank signed contract back this morning, appraisal, well not sure if it went fine but probably did, but then we hit not just a speed bump, we had those all along, but a wall. A very tall slippery wall. We took one step at a time and got over the speed bumps, but this wall. I get the call from the lender who has been coordinating with the title company that there was a big problem.
Fannie Mae really doesnt own the property they are selling! What, how can that be? Well the lawyer who handled the deal in their infinate wisedom did not handle the foreclosure proceedings properly. They had the first mortgage charged off as satisfactory but missed a $10,000 second. So now techincally since the first was record as a charge off that lien holder of $10,000 is techincally in first position and the actual owner of the property, hmm if that was me I wouldnt let the property go so easily. Big mistake on someones part! So now the bank that is selling the property doesnt actually own it and now we cannot get a clear to close in time for my buyers to receive their Nehemiah funds.
My lender and I worked hours on end for the past week pushing this deal through making sure we made all of our deadlines. My poor buyer is now not going to get this great house, will miss out on Down payment assistance and paid over $650 on appraisals and inspections. My lender will reimburse her if we do another deal together which is a great gesture on her part, but missing out on Nehemiah is a huge blow to the buyers. This could have all been avoided if the attorney or the listing agent would have done the due diligence upfront to ensure there was clear title before putting the house on the market.
I am exhuasted and let down that after all the hard work my buyer is left with nothing. I will go back to the drawing board and try to figure something else out for them, but as we all know when you become very excited about something and doesnt work out, nothing really seems to be the same. You lose the excitement and joy. Hopefully rural housing will be a viable option and I can once again make their dream of home ownership come true!
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For
information on buying, selling, or auctions in Central Florida, Orange
County and Seminole County, new
construction, bank
owned, short sale and foreclosure properties and Relocation services
contact your Lake Mary Real
Estate Agent Heather Joubran @ 407-810-6304 or hjoubran@remax.net.
Seminole County consists of Lake Mary, Sanford, Heathrow, Longwood,
Altamonte springs, Winter Springs, Oviedo, Casselberry. Orange County
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I can help you with all your housing needs from Luxury Homes to First
Time Home Buyers
"Always work with a
Realtor when selling a home. Would you hire a
Realtor who has never sold a house before, knows nothing about real
estate law, contract negotiation, or sales? Of course not –
but that describes you. Don’t hire yourself – hire
a real estate sales professional." ~ Ric Edelman
Disclaimer totally forgot to do spell check before publishing please do not banish me all :)
Heather... What a disappointment... I'm with you, I love REO's, there are some great deals for buyers out there. Your buyers are fortunate to have you... I know you will make their dreams come true!
heather, hang in there the extra 'miles' will pay off... rock and roll girlfriend!
Chris the implementer =0)
Heather, you might try to find a local lender that has access to Trinity's FastTrack program for assisting FIRST TIME HOMEBUYERS to fill the void that AmeriDream is leaving unless it is re-enacted.
Wait, Trinty is our company...
...are we one of literally a handful of correspondant lenders statewide that has access to this special program? By golly, we are! =0)
I think you are already talking with Chip... check with him if you haven't already.
your friend
chris the implemtner
p.s. forgive the small commercial... i digress =0)
Heather that's a big one and they hurt. Thank goodness you were involved so your poor lender didn't take the blame (happens to lenders regularly). Only one other time in my quite lengthy and voluminous career have I seen this happen ... but it does. As for seller funded DPA please get on board with us and get behind HR6694. You can learn much about it at http://DPAGroundSwell.org - we really need your support to contact your Representatives and Senators. It has been pushed back by the economic crisis but it's still very real for some 20,000,000 Americans who have good credit and good income and 95% of them will make fantastic home owners. And in the face of Chris's commercial I will say my Novation can help in future transactions where your buyer's may need downpayment assistance as well.
Ken - I have been helping out since July of this year when Nehemiah became threated but thanks for posting the information for everyone else.
Chris Thanks for the help I will let you know what happens
Everyone else thanks for your support.