Skip to main content

Lender Forgot to Get VA Condo Association Approval--24 Days Past My Closing Date. Recourse?

Summary: My gorgeous new condo unit is built, had final inspection, I'm approved for a VA loan, but the VA has not issued a condo association approval and so we can't close--do I have any recourse?

I have a contract to build and purchase a new home, a firm settlement date on Oct 7th, and the builder/lender (the mortgage company are sister firms in the same corp.) has $30k in my original earnest money and $51k proceeds from my house sale.

That's the problem: I sold my old home Oct. 1st planning to move in on the 8th. The mortgage lender came back and admitted they had forgotten to file paperwork for the condo association approval until 4 days before settlement, and then compounding this the VA is super behind now (COVID supposedly) and what should have been a 3-10 day wait is stretching out now to 30 days.

I don't know what to do. All my home goods are in storage, I'm shuttling from hotel room to AirBnB to hotel room, and my life is pretty much on hold. The builder offered to make up the difference between my presumptive mortgage payment ($115) and my average cost of temp. housing, but I can't keep going on like this.

I'm going to try and find a real estate attorney soon, but was wondering if other folks have ever had a similar experience and insight?

submitted by /u/Mbando
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/qjsdsw/lender_forgot_to_get_va_condo_association/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Looking for Prospective Opportunities to Utilize Floor Plan Redraw Skills

"Hey HomeOwners & Investors , I have a team of 10 professionals who are trained in redrawing/redesign floor plans in both 2D and 3D interior& exterior using floorplanner.com/3ds Max and TruView point cloud. We're looking for prospective opportunities to utilize our skills. Are there any companies or individuals in need of accurate floor plans and measurement reports ? Any suggestions for where to start looking? Thanks in advance for your help!" submitted by /u/mangojuicelife [link] [comments] source https://www.reddit.com/r/RealEstate/comments/119uoh0/looking_for_prospective_opportunities_to_utilize/
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more