# Incompetence



## MoonRiver (Sep 2, 2007)

I'm surrounded by it. Just filed an Intent to Cancel my Real Estate Contract.


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## GTX63 (Dec 13, 2016)

Uh oh.


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## painterswife (Jun 7, 2004)

Buying and selling property these days is much more time-consuming if cash is not exchanged. The hoops for mortgages are onerous. I get called for employment verifications all the time. They usually end up calling 3 or 4 times over the period of time that the loan process takes for each person. It used to be once and very rarely twice.


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## MoonRiver (Sep 2, 2007)

painterswife said:


> Buying and selling property these days is much more time-consuming if cash is not exchanged. The hoops for mortgages are onerous. I get called for employment verifications all the time. They usually end up calling 3 or 4 times over the period of time that the loan process takes for each person. It used to be once and very rarely twice.


After well over a month of the mortgage company working on financing, they somehow have the wrong property description - including parcels not included in the property and leaving out others that are in.


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## GTX63 (Dec 13, 2016)

Yep, been there and done that. Happened to me on a flip. It was a major nationally known bank.


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## MoonRiver (Sep 2, 2007)

GTX63 said:


> Yep, been there and done that. Happened to me on a flip. It was a major nationally known bank.


What is driving me crazy is all 5 parcels are listed on the contract and that's what the mortgage company should be working from.


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## GTX63 (Dec 13, 2016)

Real estate agent, loan officer, underwriters, bank employee that fills in for loan officer while they go on vacation, etc. A mistake by one is like whispering words to one person after another in a circle.


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## MoonRiver (Sep 2, 2007)

GTX63 said:


> Real estate agent, loan officer, underwriters, bank employee that fills in for loan officer while they go on vacation, etc. A mistake by one is like whispering words to one person after another in a circle.


The real estate agent for the buyer was so bad he has been fired. I think his broker knew if we reported some of the things her agent had done, she might have gone down with him.


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## Alice In TX/MO (May 10, 2002)

What is the next option for you? Is the buyer still interested?


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## Danaus29 (Sep 12, 2005)

How disappointing for both you and the buyer! 

Do you have plans to report the broker? I believe I would since it cost you and the potential buyer a lot of time and money. I would be looking into the possibility of filing an incompetence suit also.


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## TripleD (Feb 12, 2011)

It doesn't take much in the paperwork to get off. I paid off four houses in July. Two were on the same note. I got a past due bill and it took four days to get it cleared up...
..


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## Alice In TX/MO (May 10, 2002)

You haven’t been following the story.


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## TripleD (Feb 12, 2011)

Alice In TX/MO said:


> You haven’t been following the story.


If you are referring to me?. Foclorsure I was trying to buy and the bank had loaned the money on the vacant lot behind it. Owner got to keep the house...


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## Alice In TX/MO (May 10, 2002)

This thread is about Moon River’s situation. Sorry. It hit me wrong. Need to eat lunch.


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## MoonRiver (Sep 2, 2007)

Alice In TX/MO said:


> What is the next option for you? Is the buyer still interested?


By filing intent to cancel, they have 3 business days starting tomorrow before cancellation takes place. I told the broker who is now acting as their agent, if they can resolve the issue within the next 3 days without it costing me any legal fees, I will go to settlement. All 5 parcels must be included in the sale, no gifting to get around an FHA regulation, etc. 

I suggested to them a couple of weeks ago I could probably have an attorney combine the 2 titles into one if that would resolve the issue, but I guess since it was my idea they ignored it.

They tried blaming me as I didn't use a listing agent, but that fell apart rather quickly. Then they blamed the buyer's agent, who has now been fired, then the fiance of the buyer and their broker got into it and the broker will now only communicate to the buyer via text or email, the mortgage company is blaming the FHA assessor/inspector, etc. As I said, there is incompetence everywhere.

My objective was to focus their attention. This is a relatively simple problem - either they can issue an FHA mortgage for a property on 2 deeds or they can't. They are spending so much wasted time trying to get around regulations they are not addressing the primary question.

I am also paying almost $4k to the broker of the buyer's agent who was fired. This is not sitting very well. A good buyer's agent would have likely got all this straight a month ago.


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## TripleD (Feb 12, 2011)

I'm just glad we paid for a nephew to get his brokers license....


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## MoonRiver (Sep 2, 2007)

Danaus29 said:


> How disappointing for both you and the buyer!
> 
> Do you have plans to report the broker? I believe I would since it cost you and the potential buyer a lot of time and money. I would be looking into the possibility of filing an incompetence suit also.


I really just want them to go away. The buyer and I could sit down with an attorney and quickly resolve any issues; in fact, we have no issues. There are just too many incompetent people muddling things up. The one piece for me that kills the deal is the 1 parcel in question is probably the hardest one to sell as a standalone property. It needs to be sold as part of the larger property.

I have been selling off all my stuff at firesale prices. I have already put off my trip for 3 weeks and the weather is already getting colder, potentially ruining the 1st part of my planned trip. If the sale of the house doesn't go through, I have to buy things like a new bed and a new riding lawnmower. I gave away boxes and boxes of books and canned goods. I sold or gave away most of my small kitchen appliances, based on the buyer's agent giving me closing dates that never happened.


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## MoonRiver (Sep 2, 2007)

TripleD said:


> I'm just glad we paid for a nephew to get his brokers license....


It is only worth it if he is competent. He still has to deal with everyone else involved in the deal and drive it to closure.


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## TripleD (Feb 12, 2011)

MoonRiver said:


> It is only worth it if he is competent. He still has to deal with everyone else involved in the deal and drive it to closure.


Lawyer, title company and broker. I've been around a while 🤠. Never had a survey on residential property just land...


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## po boy (Jul 12, 2010)

If the loan is based on the appraised value of the home only, close the loan and gift the lot.


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## MoonRiver (Sep 2, 2007)

po boy said:


> If the loan is based on the appraised value of the home only, close the loan and gift the lot.


It's not that simple. Gifting the lot might be viewed as an inducement to buy.


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## po boy (Jul 12, 2010)

Take the lot off the contract and negotiate a purchase price after the loan closes.
As far as an inducement to buy, it's already on the contract and adds no value to the appraisal.


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## MoonRiver (Sep 2, 2007)

po boy said:


> Take the lot off the contract and negotiate a purchase price after the loan closes.
> As far as an inducement to buy, it's already on the contract and adds no value to the appraisal.


Under FHA, the most a seller can contribute is 6% of the sales price. I am already contributing to closing costs. Any contribution over 6% has to be subtracted from the sales price.

I already discussed your idea with the buyer. Even though the lot is only valued at about $5k, unless I did an interest-only loan with a bubble payment they couldn't afford it. I don't want to get stuck with an unsellable lot especially when I am moving out of the area.


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## po boy (Jul 12, 2010)

The excess lot is not a contribution.
The buyer needs to talk to his originator about removing the lot from the contract and the originator should talk to the underwriter about doing that or HOW to structure it for the loan to close.
If they want to close the loan and the lot has no value on the appraisal, they should say how it should be structured.


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## Wolf mom (Mar 8, 2005)

If, as you say, the lot has no value according to the appraiser and the VA won't lend more than the appraisal, remove the lot from consideration (do not get another appraisal) and Quit Claim it to the buyer after close.

Listen to po boy.


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## MoonRiver (Sep 2, 2007)

po boy said:


> The excess lot is not a contribution.
> The buyer needs to talk to his originator about removing the lot from the contract and the originator should talk to the underwriter about doing that or HOW to structure it for the loan to close.
> If they want to close the loan and the lot has no value on the appraisal, they should say how it should be structured.


That is one of the 2 options being looked at. It seems the mortgage company has handed this problem to the title company. If I gift the lot, it is a contribution, which might or might not change the sale price.

My preference is all parcels are included as the contract is currently written. Every time the agent or broker has rewritten the contract, I find things changed they didn't tell me about or gross mistakes made, so I have told them I am not open to any changes to the original contract. They did something strange with the earnest money deposit which I think may invalidate the entire contract. The buyer's real estate agent didn't make the deposit of escrow within 5 days and appears to have used his own money to make the escrow payment when the contract says it must be a check from the buyer. First, he showed up at my house and handed me a bank check made out to me for the earnest money amount. I told him I couldn't accept the check and told him he needed to adhere to the contract.


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## po boy (Jul 12, 2010)

MoonRiver said:


> That is one of the 2 options being looked at. It seems the mortgage company has handed this problem to the title company. If I gift the lot, it is a contribution, which might or might not change the sale price.
> 
> My preference is all parcels are included as the contract is currently written. Every time the agent or broker has rewritten the contract, I find things changed they didn't tell me about or gross mistakes made, so I have told them I am not open to any changes to the original contract. They did something strange with the earnest money deposit which I think may invalidate the entire contract. The buyer's real estate agent didn't make the deposit of escrow within 5 days and appears to have used his own money to make the escrow payment when the contract says it must be a check from the buyer. First, he showed up at my house and handed me a bank check made out to me for the earnest money amount. I told him I couldn't accept the check and told him he needed to adhere to the contract.


I imagine the title company will do a title search on the lot causing more expense and *delay.
Removing the lot should be a quickie.*


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## MoonRiver (Sep 2, 2007)

Wolf mom said:


> If, as you say, the lot has no value according to the appraiser and the VA won't lend more than the appraisal, remove the lot from consideration (do not get another appraisal) and Quit Claim it to the buyer after close.
> 
> Listen to po boy.


The lot is on a separate deed from all the other parcels. The lot is assessed at $4k to $5k, but I doubt I could sell it for that. The mortgage company and title company have not yet identified a solution that is acceptible to both FHA and me.


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## MoonRiver (Sep 2, 2007)

po boy said:


> I imagine the title company will do a title search on the lot causing more expense and *delay.
> Removing the lot should be a quickie.*


Removing it does not necessarily solve the problem. Any solution where I end up with the lot is unacceptable.


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## MoonRiver (Sep 2, 2007)

po boy said:


> I imagine the title company will do a title search on the lot causing more expense and *delay.
> Removing the lot should be a quickie.*


But if both titles can be combined into 1, it is a much cleaner solution.


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## nchobbyfarm (Apr 10, 2011)

Pull the plug on the whole deal and start over. Sounds like where you are headed on the current path.

Why waste the 3 days?


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## Okiefiddle (Jan 5, 2021)

painterswife said:


> Buying and selling property these days is much more time-consuming if cash is not exchanged. The hoops for mortgages are onerous. I get called for employment verifications all the time. They usually end up calling 3 or 4 times over the period of time that the loan process takes for each person. It used to be once and very rarely twice.


The beauty of living in small community, with a community bank is that mortgages/money for real estate seem to be easier. Applied for loan ahead of a land auction, just in-case I was high bidder. Approved for $220,000, only person dealt with was the loan officer.


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## MoonRiver (Sep 2, 2007)

nchobbyfarm said:


> Pull the plug on the whole deal and start over. Sounds like where you are headed on the current path.
> 
> Why waste the 3 days?


Because the contract requires 3 days. 

The problem today seems to be the underwriter has it in their head for some reason that the parcels are not contiguous. I gave them all the parcel numbers and all they have to do is go to the county website and look up the parcels and display the map. It should take them 10 minutes, tops. The buyer is approved for the loan but the property is not approved for FHA mortgage by the underwriter.


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## MoonRiver (Sep 2, 2007)

I probably have been angrier than I am right now, but if so it was so long ago I don't remember.


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## link30240 (Aug 22, 2021)

No resolution to the lot issue?

Is FHA the buyers only option? they dont qualify for a conventional loan? FHA is a pain in the rear IMO


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## MoonRiver (Sep 2, 2007)

The buyer's agent and mortgage company had until 5pm today to confirm they had approved the mortgage for the buyer and it included all 5 parcels. At 3:45 pm, the buyer's agent starts making demands that I do things. I told her until I had confirmation the mortgage was approved and all 5 parcels were approved, I was doing nothing.

I had worked out an agreement with the buyer, that if only 4 parcels were approved, we would go to closing and say nothing. After closing, we would see an attorney and I would sell them the 5th parcel for $1000 with me paying most of the closing costs and them paying me $50/month for 20 months.

I tried and tried and couldn't get the buyer's agent to commit to what parcels were included in the contract. Finally, in frustration with me, she asked the loan officer for confirmation on what parcels were to be covered by the mortgage. The loan officer didn't know any more than she knew last Wednesday, even though I had emailed her detailed information and she had received a plot of the property. She didn't know how many parcels there were, if they were continuous, and which lots were in which parcels, even though I had provided that information directly to her. She said the appraiser had messed up and they were waiting for him to come back in. She also said that the title department might have some information. This is after the buyer's agent had told me multiple times everything was ready and they were waiting on me.

So I finally pulled the plug. The buyer's agent is lying to the buyer and placing the blame on me. The agent, who is the owner and broker, had to step in because her agent was incompetent and was refusing to talk to his own client. He actually hung up on them. 

There is no valid contract because the fool took the buyers money, put it in his account, and then wrote a check to escrow. The contract specifically says the buyer must issue a check directly to the escrow agent written on their personal checking account. The buyer's agent and the mortgage company have been trying to get me to sign a waiver for escrow without telling me why. When I learned they were refunding the escrow payment to the buyer, I figured out what had happened.

So at this point, I don't believe there is even a valid contract in place so I don't think they can come after me for anything. If they do, I have a nice ethics complaint ready for them.


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## Hiro (Feb 14, 2016)

MoonRiver said:


> The buyer's agent and mortgage company had until 5pm today to confirm they had approved the mortgage for the buyer and it included all 5 parcels. At 3:45 pm, the buyer's agent starts making demands that I do things. I told her until I had confirmation the mortgage was approved and all 5 parcels were approved, I was doing nothing.
> 
> I had worked out an agreement with the buyer, that if only 4 parcels were approved, we would go to closing and say nothing. After closing, we would see an attorney and I would sell them the 5th parcel for $1000 with me paying most of the closing costs and them paying me $50/month for 20 months.
> 
> ...


Sorry it fell through. But, you are where you began with an even better prepped property and you know who not to work with the next time. And as appealing as it may be to get acquainted personally with your next buyers and give them advice, there is a good reason to keep it where you are just dealing with their agents solely. 

Good luck!


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## Alice In TX/MO (May 10, 2002)

I totally understand your outrage. The incompetence on behalf of the buyer's representatives is stunning.

File a complaint tomorrow with the state real estate board and whatever board governs the title company. I am assuming that you have notes on all the chaos.. If not, you can go through your posts here and reconstruct it.

After a few days, when you are calmer, I think/hope that another deal will come up that (in hindsight) makes this seem like a good thing.


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## GTX63 (Dec 13, 2016)

Been there and done that and have the ball cap and coupon for another one.
I know how hard it is to have your mind focused on the road ahead and then you discover you have to turn around. Bump this thread or start a new one once you have a new buyer, or these folks wise up and get a new broker.


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## MoonRiver (Sep 2, 2007)

The thing is they have delayed so long, I don't want to sell (right now). I had planned to be on the road sometime between mid August and Sept 1 and now it is getting close to the end of Sept. RVing in the cold is not what I had in mind. I need to reassess my entire situation and come up with a new plan.

I guess that's why I got so mad. I had to cancel this trip 2 years ago when I had to have my aortic valve replaced. Now the trip is being affected by some incompetent people working in a mortgage company. I have been living in my trailer in the back yard for the last 10 days because I don't have a bed in the house any more. 

Taking an RV trip and living in a tiny trailer in the back yard are 2 entirely different things and taking an RV trip right now doesn't sound like fun at all. I need a couple of weeks just to regroup and decide what to do.

I spent the last 3 days cutting the grass around the house with a weed wacker because I sold the lawnmower when they told me we were going to closing 3 weeks ago. The grass in the back lots is about 8" tall, so in the next couple of days I have to buy a new lawnmower.


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## link30240 (Aug 22, 2021)

The grass growing season is almost over, why not just hire a lawn cutting company for a few weeks? no reason to buy another mower this year.

And sorry about your trip, but think hard before taking your property off the market. The market in most places is still at all time highs and most experts expect that bubble to pop soon, so waiting to sell next year or the year after may not be in your best interest. But then again you never know!


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## Alice In TX/MO (May 10, 2002)

The real estate bubble is losing air here in Central Texas.


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## MoonRiver (Sep 2, 2007)

Alice In TX/MO said:


> The real estate bubble is losing air here in Central Texas.


It probably is here too. 

I told them if they can get me written confirmation from the mortgage company by 12 noon, that the property is approved for the mortgage at full price for 4 parcels I will go to settlement. I doubt seriously if they will be able to get in 3 hours what I couldn't get in 4 days, but I decided to let them try.

I guess there are no nice people, even when one tries to be, in a real estate deal.


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## GTX63 (Dec 13, 2016)

Nice seems to stop and the end of the dollar.
I have had three contentious real estate deals (owner occupied) that until the last signature crossed the last page, I wasn't sure would close. I have had a meeting in the hallway of a title company with a cosigner for their kids that almost became physical. Stare downs across the table, last minute demands just because they thought they could, bank ordered 2nd appraisals at the 11th hour.
No one can speak for your situation, but I wouldn't criticize you for doing what it took to seal the deal and then smoking your tires from the closing to the bank to cash the check.


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## Alice In TX/MO (May 10, 2002)

Wire transfer. No checks.


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## Danaus29 (Sep 12, 2005)

I am sorry this deal didn't work out. If I was in your place I would cancel the whole deal, report the agent, sue the agency and stay in place until spring.


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## Alice In TX/MO (May 10, 2002)

I would have walked away, but I'm not sure of your financial situation. If you can afford to walk away, I would do so.


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## MoonRiver (Sep 2, 2007)

Alice In TX/MO said:


> I would have walked away, but I'm not sure of your financial situation. If you can afford to walk away, I would do so.


Just going to chill for a couple of days and see what happens. I have options - maybe not great options, but not bad either. I probably have options I haven't even thought of yet. I learned an important lesson. No FHA financing unless that is the only option to make a sale.


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## po boy (Jul 12, 2010)

In a lot of cases it is the only way and FHA works at their own pace.


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## Alice In TX/MO (May 10, 2002)

I will add VA to that list of Just Say No.


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## MoonRiver (Sep 2, 2007)

And probably USDA as well.


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## boatswain2PA (Feb 13, 2020)

Alice In TX/MO said:


> Wire transfer. No checks.


I will never wire money again. Ever! OIf scammer gets it it's gone forever.

4 years ago we were buying our dream land that we are about to start building our house on. Hackers spoofed the title company email and sent me an expected email with routing and account number. Bank was Bank of America. 

I tried transferring the nearly 6 figure down payment but it wouldnt let me because the name of the account didnt correlate. Next day I figured it out and my heart about flipped out if my chest as I was calling my bank to stop the tfr!!!!
Would've hit their account, been transferred offshore in a minute, and then gone forever.

I will ONLY write a check now.


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## Redlands Okie (Nov 28, 2017)

Thanks for posting about the possible scam issues with wire transfers.


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## MoonRiver (Sep 2, 2007)

After another 3 days of incompetence, they were excited to say they needed an addendum adding 1 parcel to the contract. I signed it, even though the parcel is clearly identified on the original contract. So far, the original contract that the buyer and I negotiated has held up to everything they have thrown at it. They have added a few addendums but that is because the buyer's agent screwed some things up and the only way to undo them is by adding addendums. I hope the buyer sues the broker when this is finally over.


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## Alice In TX/MO (May 10, 2002)

Is it done? You have the money?


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## MoonRiver (Sep 2, 2007)

Alice In TX/MO said:


> Is it done? You have the money?


Heck no. They just now got to the point where they agree that the 5 parcels identified on the contract are in fact continuous and can be purchased with an FHA mortgage. 

I have then figured out though. Every day they get about 15 minutes closer to settlement. I also now know that no one proofreads anything nor do they actually understand what they are sending out. 

The buyer's broker is even worse. I think having just 1 competent person in the loop would make a huge difference.


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## Alice In TX/MO (May 10, 2002)

You are the competent person. You need one more!


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## MoonRiver (Sep 2, 2007)

Alice In TX/MO said:


> You are the competent person. You need one more!


I'm not really in the loop. The loop is the buyer's broker, the mortgage company, and the title company. I just got an email asking me to send them the termite report. I have already told them the title company has had it for several weeks. In fact, the title company has had it so long I wouldn't be surprised if they don't ask for a new one.

They keep sending me things to sign. I keep telling them until they completely explain it to me and explain why I need to sign it, I'm not signing it. After a couple of days, they decide they really didn't need that change after all.


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## boatswain2PA (Feb 13, 2020)

could you rent all the parcels to the buyers for a bit of profit until they complete the purchase? I've done that before....


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## MoonRiver (Sep 2, 2007)

boatswain2PA said:


> could you rent all the parcels to the buyers for a bit of profit until they complete the purchase? I've done that before....


Then I would have no place to stay.


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## MoonRiver (Sep 2, 2007)

Several weeks ago, I was asked for the termite report and I said the title company that is handling closing has it (as they should). Last Friday at almost 5 pm, the mortgage company contacts me asking for the termite report. I provided the same response. Today at almost 5 pm, a different person from the mortgage company contacted me again asking for the termite report. They got the same response. It's not that they don't have a copy, they just don't seem to share well.

So last Friday and again today, they contact me at the end of the business day, setting up their excuse for the next day - "I'm waiting on the seller". Prior to this, the mortgage company had said they couldn't accept a copy of the title or the plat from me, it had to come from the title company, so I know they know how and who to contact at the title company to get the termite report.

Settlement is scheduled for no later than Sep 30, so Thursday. My understanding is they have to have all the paperwork turned in to the title company by 2 pm the prior day (tomorrow). I'm guessing they won't make it. If I don't get confirmation tomorrow that closing is Thursday, I will be leaving for the beach 1st thing Thursday morning. If they still want to close on the property, it will be done at my convenience.


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## Alice In TX/MO (May 10, 2002)

This is September.


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## GTX63 (Dec 13, 2016)

Maybe not to that mortgage company.


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## MoonRiver (Sep 2, 2007)

Alice In TX/MO said:


> This is September.


I fixed it. Can't even blame that on a typo.


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## boatswain2PA (Feb 13, 2020)

This story is so frustrating, and more than a little frightening regarding how much power bureaucrats have over us. 

Just had the appraiser out to look at the land we are building on. He repeatedly said how difficult it is to find comparisons for new houses in this area...just one of the many issues we could face....


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## Danaus29 (Sep 12, 2005)

Just how many things can this company screw up? I sure would be reporting them to the board of realtors. The runaround you are getting is insane!


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## GTX63 (Dec 13, 2016)

If the buyers haven't walked by now, then they are also frustrated but trying to see things thru. I wonder what their current living situation is. Giving notice to a landlord, coordinating other closing and moving dates can be a headache for both parties. It would be hard for them to believe the fault all lies with the seller at this point.


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## MoonRiver (Sep 2, 2007)

GTX63 said:


> If the buyers haven't walked by now, then they are also frustrated but trying to see things thru. I wonder what their current living situation is. Giving notice to a landlord, coordinating other closing and moving dates can be a headache for both parties. It would be hard for them to believe the fault all lies with the seller at this point.


They know it's not my fault, but their agent and the mortgage company keep trying to blame me. I have no obligation to the mortgage company whatsoever. Twice they came up with last-minute requests I tried to help with. In both cases, they then said never mind, we got it from the title company, so I'm not playing their game anymore. 

I don't need to sell my house. I have only agreed to extend the settlement date because the buyers are set on this being the house they really want. At this point, they have extended the settlement date by 27 days. I have been more than accomodating.


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## MoonRiver (Sep 2, 2007)

I think it is over. The rep from the mortgage company told the buyer everything was good and she should expect to move into her new house in a couple of days. A week later, I am notified the buyer did not qualify for the mortgage.

I immediately signed the release, but the buyer decided to contest the rejection. I just received the signed release. 

I am living in the house, but I got rid of so much stuff it is challenging. I sold my lawnmower and the grass needs cutting. There are over 2 acres to cut so I need a riding mower. Need a bed. I got rid of most of the garden tools, shrub trimmers, tree trimmers, etc.

The market looks to be depressed over what it was, but I think I might try to sell in Nov-Dec and see if there is any interest. There is a casino opening here, so there may still be some interest.

Cash or commercial mortgage. No government mortgage.

ETA: Commercial was probably the wrong term but I meant a mortgage that was not government-sponsored.


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## po boy (Jul 12, 2010)

Something's fishy on that rejection. Qualifying on income and credit should have been the first step..


Commercial Mortgage???? I believe that the property would have to be rezoned as Commercial. What u just went through would be a walk in the park, compared to going commercial. You also limit your market.


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## link30240 (Aug 22, 2021)

That sucks!


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## link30240 (Aug 22, 2021)

po boy said:


> Something's fishy on that rejection. Qualifying on income and credit should have been the first step..
> 
> 
> Commercial Mortgage???? I believe that the property would have to be rezoned as Commercial. What u just went through would be a walk in the park, compared to going commercial. You also limit your market.


He likely meant "Conventional Mortgage" , FHA and VA have too many hoops to jump through

but you can get " commercial loans " for rental houses. they are considered commercial


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## po boy (Jul 12, 2010)

MR,

Find a local bank that writes Conventional loans and run your property scenario by their underwriter.
Try to do that in person.


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## po boy (Jul 12, 2010)

U close to one of these?








Answers


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## Alice In TX/MO (May 10, 2002)

I wondered what had happened, based on your post on another thread. Holy freaking failure of the mortgage entity, realtor, and on and on. You have been run through the mill on this.


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## HDRider (Jul 21, 2011)

What a long strange trip it's been.

That is one for the record books


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## Danaus29 (Sep 12, 2005)

That stinks! How could the bank yank their mortgage at the last minute? You don't schedule a closing unless the funding is secure. Or is this just more of the realtor screwing you and them over?

I am very sorry and disappointed for you.


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## MoonRiver (Sep 2, 2007)

Danaus29 said:


> That stinks! How could the bank yank their mortgage at the last minute? You don't schedule a closing unless the funding is secure. Or is this just more of the realtor screwing you and them over?
> 
> I am very sorry and disappointed for you.


The final step was to get approval from some state agency. I think that may be where it got rejected.

I'm still not sure what I am going to do. My house is definitely a summer house - by that I mean the landscaping and flowers add a lot to the appeal. The house fits the landscape but in the winter, it's harder to see the potential.

I guess if house prices fall here, I should see a similar decrease in prices where ever I decide to buy.


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## HDRider (Jul 21, 2011)

MoonRiver said:


> I guess if house prices fall here, I should see a similar decrease in prices where ever I decide to buy.


That is not how it works


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## Alice In TX/MO (May 10, 2002)

Never let an opportunity for a negative spin get away. 

The boom is waning. Depending on where you hope to move, there can be amazing opportunities. 😃


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## HDRider (Jul 21, 2011)

Never let an opportunity for a cheap shot get away. How many people other than @Cabin Fever have you run off?


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## po boy (Jul 12, 2010)

I believe you mentioned that some businesses were moving nearby. If that's the case and u have road traffic, put n FSBO sign out front saying potential Commercial house and 4 acres add your phone number, and jack the price up.


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## MoonRiver (Sep 2, 2007)

po boy said:


> I believe you mentioned that some businesses were moving nearby. If that's the case and u have road traffic, put n FSBO sign out front saying potential Commercial house and 4 acres add your phone number, and jack the price up.


That land was already zoned commercial.


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## Alice In TX/MO (May 10, 2002)

Omg. Hilarious!!!!!!!!


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## po boy (Jul 12, 2010)

MoonRiver said:


> That land was already zoned commercial.


Your land?


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## MoonRiver (Sep 2, 2007)

po boy said:


> Your land?


Residential


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## po boy (Jul 12, 2010)

MoonRiver said:


> Residential


What's zoned commercial??


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## Forcast (Apr 15, 2014)

Maybe it a sign to stay put . Since all the stuff is gone, just renew what you really want and need. Kinda a new start.


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