What a day =(
So as we all know, Seth and I can only have his name on the loan till the condo sells. We are having a hard time getting just Seth approved. Seth has tried the NVR and didnt get it. Then they tried getting him one with "american eagle" and didnt get that either. I spoke with the sales rep about a week ago and she said that we can always go into contingency till the condo sells and we will for sure get it. They have one more company they would like to try. I wanted to check their interest rates and see if it was hurting Seths credit by checking his credit with all these different companys. Turns out "wells fargo" loan is a 5% interest rate. This made me upset. We are already at our max payment a month we werent expecting the interest rate to make our payment go up too....
Bring on the worst part.. I talked to the sales rep letting her know I was not a fan of this. Then she goes on telling me someone else is interested in OUR lot and that if we dont get approved for the loan within 30 days we lose the lot!!!! OMG! I couldnt believe it. I said what about the contingency with the condo selling. She says "well I should have say before, but that wont hold your lot" ARE YOU KIDDING ME? We have put money down for this like 8,000$ and now im being told we cant even have a claim on our lot? Thats the biggest reason why we wanted to build here! Im sooooo mad right now. Like what can I do? Im ready to walk away at this point. Of course im not going to, but WOW that hurts. I cant believe this is happening. She knew our situation going into this and they are just now telling us that we dont even for sure have our lot? Help guys! What do I even do here? =(
ps. Tee I love you!
OMG girl....what is the $8k for? Good Faith Deposit? Our lot hold was $500 and we got that back once we put our GFD down which was $5k. That doesnt make any sense for them to be able to give your lot to someone else after you have put money down. I would definitely speak with your loan officer about the contingency. I pray everything works out...
ReplyDeleteIndia,
ReplyDeleteI know right?? CRAZZYYY! I just dont get it. Its REAL annoying. I looked at the paperwork and it says the 5000$ is the GFD and the 3100 was the "balance of 3.5% GFD"? Not sure? I know our lot was an extra 3000 for a homesite premium..?
I would call your reps bluff! Call the Ryan Homes manager and explain whats going on. I would bet they can hold the lot with that ammount down if you talk to the right people. Ryan homes isnt known for returning peoples money! The sales reps want the sale to be done, so they are just throwing out threats to keep you trying to sell your other property. The only way I could see them being pushy is if the allotment is almost finished but I still have a hard time believing they would return money thats already in the bank..
ReplyDeleteIt sounds like they know they have a "sell" with the people who want your lot and no longer have faith in you getting approved for a loan.
ReplyDeleteI was told our lot was on hold until we either get approved or exhaust all our options. We put $5200 down. If we don't get approved for anything, then we get our money back and walk away.
I know this is frustrating. We have been turned down by 2 lenders so far (maybe it's 3) and are waiting on this final one to see what happens. On top of that, my hubby's friend is a mortgage broker and just called with really depressing news pretty much crushing my hubby's hope that this will happen. I am not giving hope. You shouldn't either.
One option that was thrown our way already was finding a "non-resident" co-signer. Do know anyone that could do that? We didn't. But you might.
I thought the money held your lot. Our lot has been on hold over 30 days.
Did you ask them what the good faith money was for? Because you were under the impression it held your lot, and after talking to other people building with Ryan, they said the same thing. See what they say? I couldn't hurt at this point. What about this person's manager?
I'm so sorry. I'm still crossing my fingers for you and I'll pray. I know what your going through....in love with the house, and no one will have enough faith in you to give you the loan. *hugs*
I am sorry to hear this I will be praying that it all works out for you
ReplyDeleteThanks everyone,
ReplyDeleteimitchely- yah, our sales rep did say if anything was to go wrong they would refund all the money I put down. Lets hope we dont need to find out. I guess we will see what happens with this last loan company & see what happens & then I will have to look into talking to a manager. =(
noey814- Thanks so much for the encouragement. I guess we are past the 30 days. They make it seem like it would be so easy to get approved. Ill also keep my fingers crossed for you guys. What are the reasons they cant get yours approved? It seems like they shouldnt have thrown out the words "contingent on the condo" if they couldnt hold our lot. So stressful. Ill keep you in my thoughts. =)
My first thought would be that "contingent" means....they will hold your lot. I agree that you should go to a higher-up to discuss that. Not that I know anything about purchase agreements...but that just seems shady. Good luck and keep us updated
ReplyDeleteSorry to hear that you are having these problems. Our sales rep was very up front about everything along these lines. He clearly told us that if we signed a contingency contract and someone else came in and wanted our lot, he would tell us and we would have the option to resign without the contingency, but if we kept the contingency we could lose the lot. Because there were limited lots that would fit our configuration and because they agreed to push out our start date till mid-June we signed a contract with no contingency. It kind of sucks that all the sales reps aren't upfront with all the possible ramifications!!!
ReplyDeleteOh man...sorry to hear this. Seems like $8k should hold the lot.
ReplyDeleteIf it is an option, like Noey said, I would check into a co-signor. See if you can get someone on the loan to hold it, then once the condo sells take the co-signor off and put your husband on the house loan. We had to do this.
Good luck!
Here's my experience with this. I don't think I wrote about this in my blog. We signed a contract and then walked away from the deal 7 days later. I got cold feet. My GFD was not cashed and was indeed held during that time. The check was promptly returned to me in the mail. It was for $1,000.00. Had we gone through with the deal we were expected to give them 3.5% of the sale price 30 days later, which was an additional $5,600.
ReplyDeleteAlmost exactly a month later we went back to Ryan Homes and resigned a contract and went through with the deal. We were also told about the "contingency" option, but we qualified for the loan and didn't fall into this category. We actually took someone's lot who was on the contingency plan.
How frustrating I am sooo sorry that you have to deal with this! Please do speak with the manager and see if there is anything you can do. Ugh everything from the start to signing papers trying to get approved in process of trying get house built is not smooth sailing. Hoping you all get some answers soon.
ReplyDeleteIt really seems like things are different in different places. For us, there was never any worry or any cautions about what would happen if we didn't get approved. Maybe because we rented before and didn't own? Anyway, we had to put 5% down. I know that India's house cost quite a bit more than mine and we had to put down nearly $14,000 at that initial signing and then we brought more to the table at closing. Like many other issues, it seems like there are different rules in different places.
ReplyDeleteOurs is long sorted story hon. But I will try to keep to meat of it.
ReplyDeleteWe had a bankruptcy 2 years ago. Now FHA's guidelines say that's fine. ok. BUT...
We surrendered our last home in the bankruptcy. Underwriters at 2 of the 3 places we've been too have looked at that as a foreclosure. We have consulted our lawyer who says they can't legally do that. It was NEVER a foreclosure or even a deed-in-lieu (went from perfect credit (score close to 800) straight to bankruptcy. We never missed any payments until we filed). It was a bankrupted loan. Period. So it's a very sticky situation. Everyone so far has been afraid to loan us the money.
One local credit union could have cared less about it all, but they weren't happy that we didn't have more credit out since the bankruptcy. Uh...really? We learned our lesson. Don't charge it. Only get it if you have the money for it. But since we haven't charged $10 grand worth of furniture or a car or whatever, it was no a go.
Now we're lender 4. I hoping, praying, and believing they can help us.
Wow. sounds like we arent the only people with a yucky situation. Thanks for all the help and support. We are trying a 3rd mortgage company. We will find out in 7-10 days whats going to happen. Our sales rep is out for a few days. So aleast I hope no one is gunning for out lot. That is the only lot that can do the 3 car & walk out basement in the whole development.. this will be a long interesting week.. Thanks again everyone! <3
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