Seller has a mortgage against the house!

[csuncsi]

What is the name of your state?What is the name of your state?CT

The seller has a mortgage against the house we want to buy. We were supposed to close on March 15th and then it got delayed to March 22nd now the bank for the seller's wants our $8000 that we got for closing costs from our bank that we are mortgaging from. We need that money to pay our closing costs. This is our first home and the money is too tight to give anymore money than was agreed by the contract. What can we do to get the house. We have our mortgage for the house and everything all set for closing, now the trouble is on the seller's side. Please help us with any info, since my lawyer hasn't gotten back to me yet!

 

[seniorjudge]

What is the name of your state?What is the name of your state?CT

The seller has a mortgage against the house we want to buy. We were supposed to close on March 15th and then it got delayed to March 22nd now the bank for the seller's wants our $8000 that we got for closing costs from our bank that we are mortgaging from. We need that money to pay our closing costs. This is our first home and the money is too tight to give anymore money than was agreed by the contract. What can we do to get the house. We have our mortgage for the house and everything all set for closing, now the trouble is on the seller's side. Please help us with any info, since my lawyer hasn't gotten back to me yet!

Find another house. The seller has breached this contract; don't give that bank any extra money. It's sounds fishy to me.

 

[BradleyS]

Seniorjudge is right.....find another house.....

You may want to find a REALTOR. They may have more information and representation available for first time buyers than an attorney.

Ask around for a good REALTOR. Interview the REALTOR just like you would do an employee. Ask about their training and experience. How may first time buyers have they represented? Ask for referrals from the REALTOR on their first time buyer clients.

And, my personal and professional advice........

Make sure the REALTOR will only represent YOU (Designated or Exclusive).

Being a first time buyer, you are going to need a REALTOR working IN YOUR BEST INTEREST.

You can find a "Designated REALTORS" in your area through this web site:

www.realtor.com

 

[csuncsi]

I got the house!

We had major problems with getting our house, but it finally closed today after starting the closing last night. From problems with the seller's and their mortgage company to an incompetent mortgage broker on our end, I am happy to finally say that I am a homeowner. Some people on this thread had told me to forget the house, but we gave up 1 percent on the broker's commission's and we were able to get the house. I am also the realtor on this sale, so this is also my first sale. After this chaos, I don't know if I ever want to do real estate again. It is such an emotional rollercoaster. I wish everyone luck with their future purchases on their homes. I would not want anyone to go through what we did over this past month. It was truly a nightmare!

-Erika

 

[csuncsi]

I got the house!

CT


We had major problems with getting our house, but it finally closed today after starting the closing last night. From problems with the seller's and their mortgage company to an incompetent mortgage broker on our end, I am happy to finally say that I am a homeowner. Some people on this thread had told me to forget the house, but we gave up 1 percent on the broker's commission's and we were able to get the house. I am also the realtor on this sale, so this is also my first sale. After this chaos, I don't know if I ever want to do real estate again. It is such an emotional rollercoaster. I wish everyone luck with their future purchases on their homes. I would not want anyone to go through what we did over this past month. It was truly a nightmare!

-Erika

 

[seniorjudge]

After this chaos, I don't know if I ever want to do real estate again. It is such an emotional rollercoaster. I wish everyone luck with their future purchases on their homes. I would not want anyone to go through what we did over this past month. It was truly a nightmare!

Sounds like normal problems to me.

 

[csuncsi]

Yes it does

You are right! I think I will have my husband deal with it next time! LOL!

 

[clueless55]

Was this your first sale?

 

[BradleyS]

The reasons SJ and I suggested that you find another house was due to your statements that the seller wanted your money that you have dedicated to your closing cost, that was not included in your original agreement. The advice was given under the impression that the closing was contingent upon the transfer of your money that you needed for closing.

****Did you receive any commission on the sale?

****Did you discount your commission?


Now that you went through it...........and you are a licensed RE Agent, you should feel compelled to help "first time buyer's." There are many real estate agents in our profession that do not know how to help these buyers.

The buyer's don't ask enough questions, because they don't want their RE Agents to think they are stupid and don't understand the real estate terms and contracts that we use every day.

Additionally, even though most of our agreements advise the buyer or seller to seek legal counsel, I have never, ever, had one buyer or seller take a single agreement to an attorney for review. Some states have an "attorney review" period, but not mine.

Or, if you think that your transaction was so "difficult" that you don't want to be in this profession, then you should find another line of work. Just by reading threads on this site on Real Estate, your transaction, even though it had some problems......can't even come close to a lot of other problems that buyers, sellers, and agents have that are posted on this site.

I suggest that you read as much as you can on this site about Real Estate Law. This site contains about everything that can go wrong. If you get bored or easily distracted from reading the post.......then you'll know.

Just a suggestion......