lawyers, bankers and brokers

[jinx]

We're supposed to go to settlement on a piece of waterfront land with a house on February 27th. Or, rather we should be settling on it.<br /><br />Let's see, the appraiser is 3 weeks late in doing his work. Farm Credit didn't bother to bird dog him and make sure it was started on time. This was after they got 450 extra bucks from me for someone who could have it done on time.<br /><br />With no appraisal, Farm Credit won't do a final approval of the loan--we're OK, they need an appraisal on the land. <br /><br />With no loan approval, they won't issue closing instructions to the settlement attorney.<br /><br />Without an instruction letter, the attorney won't proceed on the title search, or any of the other contingencies of a rather complicated deal.<br /><br />The listing agent and our agent seem to be content to sit back and await the arrival of their fat checks.<br /><br />Short of going postal, I am at a loss on how to get these people moving. No one seems to be in charge. For crying out loud, the appraiser called me last week looking for a key to the gate. <br /><br />If I had the key, I wouldn't need to buy it.<br /><br />Just a vent people, but spring is around the corner and I have been working on this deal since early November and am flat out of patience.<br /><br />Jinx

 

[Bob in Calif.]

Re: lawyers, bankers and brokers

Jinx........<br /><br />There must be some agency in your state that has some control on the "Farm Credit" outfit. <br />I would contact somone with some juice in the company and give them an ultimatum. Tell them you will give them 72 hours to have the property appraised, or you will be contacting the appropriate state agency and advise them of their company's "non performance."<br /><br />This could be considered putting a "Jinx" on them. <br /><br />I would remind them you have given them $450.00 weeks ago and they have not preformed in good faith. <br /><br />It could also be a stalling tactic, as they might be aware of an interest rate hike that is pending, prior to the time your property closes.<br />I hope your interest rate is locked in and is in writing, thus, not subject to change.<br /><br />You might notify the listing agent that you are very dissatisfied with his/hers/it's, service and you are considering contacting the State Board of Realestate, regarding the agent's non preformance also. He is the person who should be ram rodding the escrow.<br /><br />Good luck....... ...Bob in Calif...

 

[jinx]

Re: lawyers, bankers and brokers

Unfortunately, the appraisal was $1250...$450 more than the one who was at least honest and said he couldn't get it done in time.<br /><br />As far as lenders go, with this amount of land, Farm Credit is one of the only ballgames in town.<br /><br />Thanks, Bob, for thinking about it.<br /><br />"Put more water in the soup, there's better times a comin'."

 

[JoeW]

Re: lawyers, bankers and brokers

Jinx,<br />I was in a similar spot on the purchase of a home under construction. The builder was 6 months late, under penalty for every day he failed to pass final inspection. By the time we were ready to close, the contract looked so weird that the underwriter wouldn't approve the loan package as it stood. They wanted more money from me to close. I told my realtor that she could pay the extra since it was her job all along to take care of the contract (she was worthless for everything else). She laughed at me and told me it didn't work that way. So I walked across the street to a realestate attorney, paid $120 for a consultation right then. He listened to my story, picked up the phone to the realestate agency and told them that I had a case. He suggested that they figure out a way to come up with the difference in $ to satisfy the underwriters. Bottom line...The agency paid the difference. <br /><br />I know a lot of folks on this forum bad mouth attorneys because of all of the frivolous law suits that we hear about. I can tell, however, that after 6 months of frustration with this deal it was music to my ears to hear that attorney tell off the agency. That alone was worth my $120.

 

[jinx]

Re: lawyers, bankers and brokers

We've been in the process of lighting some fires today. (You don't want to get on my wife's bad side....especially when she's right.)<br /><br />Might be some movement....we'll see.<br /><br />Jinx