Indiana purchase may be in Jeopardy due to buyers buyers lender


Man holding home

Its amazing what comes up in Real Estate that us Realtors have to mediate to get to close.

My buyer from Alaska has a contract on their home there and has an accepted offer on a home in Brownsburg Indiana.  They were to close in Alaska on the 27th and here in Indiana on the 28th.  My buyer had told his Realtor there that he needed to close early and was told that it shouldn't be a problem.  He had called a week ago and said that he thought they might close on the 21st but then called a couple of days ago in a panic and said his Realtor had called and they wouldn't be able to close on the 27th. and as of now they don't have a closing date. 

I called the title company in Alaska and it turns out they have different rules to fund.  In Alaska they don't fund til the next business day after they close.  The sell has to be recorded first before funding the sell of the property.   Here in Indiana we fund the same day of the closing. 
That would mean if they were to close on his house on the 30th in Alaska it wouldn't be funded til the 2nd of June so we would need a June 2nd closing here in Indiana at the very least.  The only other way is for all parties here in Indiana agree to a dry close.  We would Close on Friday also but it wouldn't be funded til sometime on Monday.  Getting the short sale lender to approve that may be an issue.

I talked to my buyers Realtor in Alaska yesterday and he basically said their contract states they have upto the 30th of may to close so it was my problem not his.   I told him I just wanted to know a date and time of close there so that I can work on solutions here.  He stated he didn't have a closing date or time and thats just the way it is.  I told him his sellers may lose this home if he can't get us a closing date and time so we can work on solutions here.  He stated again.  Not his problem.  All I could think of was "Really?"  Not your problem that your seller will loose the cost of the inspection and appraisal and may not have a home to come to after the sell of their home there. 

The other issue is the home my buyers are buying here is a shortsale and has two leins.  The main lein holder has to have the settlement (hud 1) at least 48 hours before close.  If we don't have a date to close we can't send in the (hud1) to the short sale lender.

Almost always we can work all the details out on a purchase.  This one will most likely all come together but is proving to be a difficult transaction and stressful to all parties involved. 








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Comment balloon 0 commentsShannon Thomas • May 23 2014 04:45AM