My home buying nightmare continues

[demnan]

The settlement did not come to past, my worse nightmare. Imagine a bunch of realtors talking to the settlement attorney in a closed room. I'm like a fool sitting in the lobby wondering what is going on. After an hour they come out and my realtor has the biggest shit eating grin on his face, it was frightening. They said because the seller's bancrupcy judge didn't initial off on the right amount for the assessment the sale couldn't go through.

The difference? $900. I said ok I don't like this but I'll just write you a check for the $900. They said that wouldn't work. Settlement laws in Virginia are very strict.

Now everyone is pointing fingers at each other trying to lay the blame for why the sale didn't go off. I'm sitting here in an apartment full of boxes as I was half packed and ready to go, gave notice to my apartment complex that I'd be moving and everything.

Now the settlement has been rescheduled for Tuesday but I talked with the bancrupcy lawyer myself and he said there is no way he can schedule a hearing and have everything done by Tuesday. There is a disconnect. I'm the only one who talked to him, by the way. The rest of them couldn't google the firm and figure out what the guy's phone number was.

So I'm wondering if I should just back out and stay a renter? What do you think?

[ScreamingMeemie]

1. Stick with it demnan! It will be worth the wait and hassle.

Wait it through. If it doesn't work out, then you can move on. But you are so close.

Best of Luck! I'll be hoping for the best!

Laura

[demnan]

2. Thanks for the encouragement

I'm thinking of hiring a lawyer, even though it will be an extra expense when I don't need it, I'll feel better with an experienced person in my court. My mother's lawyer has done real estate settlements for 50 years and I should have contacted him in the beginning.

[ScreamingMeemie]

3. Yes do it! It amazing what having a lawyer will do to speed things

up. He sounds like he would be the right decision and worth the cost. It sounds as if you have put a lot of time into this, and that costs too!

Again, Good luck!

[Mr.Green93]

4. Hang in there. Good luck!

[MissMillie]

5. Dem

I'm sorry this has been such a hassle for you. I hope you're in your new home soon.

[demnan]

6. Thanks to everyone

I'm reminded every day how important it is to give and get encouragement on this board.

[fudge stripe cookays]

7. Ugh! Deja Vu!

Sorry about your sucky experience, demnan.

I posted about this a couple days ago. Can't remember if it was your realty thread or not.

reprehensor and I bought our first house in 2002. The first one we signed on, we closed first. But the seller didn't show for closing. We weren't sure what was up. He was in Oklahoma City for some reason.

The next day, we got a call from the title co. There was a problem. Their lawyers had caught a problem with the seller's finances. Evidently, he had a $20,000 judgment against him, and it had attached to the house!

If they had not caught this, we would have gotten stuck with it. We're convinced that the seller was trying to unload this on us. He'd been renting the property out. Under Texas law, if it had been his primary residence, things would have been OK, but since it had been a rental, it attached.

They tried to get the woman to back out of the judgment, but she wouldn't. We were never told what the judgment was for.

2 days before we were to begin moving in, we backed out of the deal. Same as you. Everything we owned was in boxes. We had to start completely from scratch. Plus, we hated our realtor, so we were in search of a new realtor at the same time.

That weekend, we spent the entire time looking at new houses through the internet and then going out and meeting realtors. One of the ladies we met showed us some others we didn't know about. This one had just come on the market the day before, and already had an offer on it. We topped the offer and still stayed within our budget. So we got it.

Since you've already given notice at your apartment, is there any chance that you can explain the situation and they might let you stay month to month until you find something? We were in a little duplex, so our landlord was cool with us staying an extra month.

If I were you, I'd back out of that deal and find a better one. It worked for us, although things seemed bleak until we did. Things just fell into place. We had to wait another month to move in, but I LOVE this house.

Good luck!
FSC

[2Design]

8. Sometimes when you run into a brick wall it is time to change

direction.
someone told me once...
Rejection is God's protection

So as another poster said....back out and go around...and find the property that is right for you....

[WillParkinson]

9. Hold tight!

Being a homeowner is far better than renting, in my opinion.

[No Passaran]

10. as a new homeowner

i can simphatize with you. i went thru a lot of sleepless nights just dealing with realtors and creditors.

i'm glad it's over. my dream home is MINE!

[bratcatinok]

11. No, don't back out

This sounds like a typical problem that can come up when you're dealing with a property affected by bankruptcy. I imagine you won't close on Tuesday because it will be up to the bankruptcy attorney to get everything done. The realtors are being typically optimistic that they can push the bankruptcy attorney into hurrying up the hearing.

Don't give up. You're closing will eventually take place. Check to see when your rate expires and what current rates are. If they are higher don't be shy about contacting your mortgage lender and pushing them to honour your rate. This isn't your fault and the mortgage lender should extend your rate at no cost to you.

I was in mortgage lending as a closing manager for some 25 years up until I retired in July, 2000. Unfortunately this stuff does happen and while it seems like everything is conspiring against you, it's not really. There's no point in getting involved in the finger pointing now since it's already happened and there's nothing anyone can do except rectify the problem and go on. The finger pointing will just get you depressed.