Buyers messing with new home tech

[baz67]

Here is the story. My Vegas house was going to close today, Wednessday, but of coarse the buyers did not have thier crap together in time. On Friday, 11/11, I was told everything was ok for the closing. I was going to close on my new CO home on Friday the 18th. Now that will not happen because I need the equity money from the Vegas house for the downstroke on the CO house.

Here are the problems. I lose my rate lock on 11/23. The rate is currently .25 higher than what I have. The buyers have a new lender, but I do not think they can close before I lose the lock. I have my business stopped until the move in so I am losing a ton of cash waiting for this to happen. My wife is going crazy because she has lived in a hotel for the last four months here in CO. I think she may kill me if she stays in the hotel much longer. The holiday next week.

Any ideas will help.

[BonzoHansen]

You can't get a bridge loan? Isn’t that what they are for?

[baz67]

Exlpored that. My current lender does not do bridge loans. I could do that with another lender, but it will cost me the good rate and a few grand more.

[ViperBlue68]

Brian,
What is the buyer telling you their holdup is?? What is their lender telling you??when does your Contract say escrow should be closed by?? You MAY be able to get the buyer or buyers lender to pay for your lock extension...ask your lender what the cost is for an extension on your lock they can usually get a 7-15 day extension for around .125-.375 of a point a point is one percent of your loan amount so on a 200k home that would be about $250-$750. Goodluck

[AAW]

(before you move out, put a few frozen shrimp in the air ducts. That'll teach 'em)

Oh... did I say that out loud?

[69CamaroRacer]

Real Estate, Real Estate, Real Estate. It can make u tons of money or it can bring tons of head aches. I am an Agent here in FL and I am currently going through somthing very simular with I house that I own.. Buyer is low income poor credit so she went to get a gov. loan. We signed the contract back in Sept. and I was told she wanted to close ASAP. Which is fine by me this was purely an investment house so time goes by first month passes I hear nothing... Nov comes and the closing date is quickly approaching and I hear nothing... I finally call the other agent to see what the heck is going on and I hear that they are waiting for Congress to pass the new budget and then for the money to trickel down.... ARG! So the closing date comes and goes and still nothing... So to cover my own butt I put the house back on the market in hopes of a Cash back up offer... OK fast foward to today we signed a contract extention and I was told that I should have my money by the end of the month... If it all plays out then Great! I will have money for the holidays and the camaro will have a new set of rolling stock!!

[Norwoodx55]

Brian, where in Colorado are you moving too?
Brett

[baz67]

Brett, Arvada

It looks like the Vegas house will close around the 29th. I just need the buyer to pay for the rate lock extension. It is a major PITA.

[Norwoodx55]

Brett, Arvada

It looks like the Vegas house will close around the 29th. I just need the buyer to pay for the rate lock extension. It is a major PITA.

Cool, good to have some more PTers in CO. I'm in Ft. Collins.