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A Farm of My Own:  frustrated farmgirl  |
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farmmilkmama
True Blue Farmgirl
2027 Posts
Amy
Central MN
USA
2027 Posts |
 Posted - Jul 26 2011 : 08:56:30 AM
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We have been trying to buy a house since March. The first house we attempted to buy (supposed to close end of May) fell through a few days before closing because the property had a pole barn on it and the bank wouldn't accept it. (SO hard to buy a farm up here!!!) The second house we attempted to buy (supposed to close beginning of August) just fell through because now our loan guy (who we have since fired) told us we actually can't buy a house until October because of our credit history (foreclosure three years ago from legal mess with Countrywide). When we asked him why he approved us for a loan back in March he kinda skirted and danced around the questions and said things like "In the past I have been able to get people approved earlier than other banks. Sorry about that."
Now the people who we were supposed to be buying this last house from said they still want a contract with us but they also want to put the house back on the market at the same time. In other words, they want to see if they can find a better buyer before October, but want to keep us locked in so we don't look elsewhere. Seriously?? We told them wouldn't it make more sense to just cancel the purchase agreement and if their house is still around in October, THEN we re-do the contract? They said no, we should still be under contract with them because after all, it was OUR screwup with the loan. WHAT??
I am sooooo frustrated~! 
--* FarmMilkMama *--
Be yourself.
Everyone else is already taken.
-Oscar Wilde
www.farmfoodmama.blogspot.com
www.thehmmmschoolingmom.blogspot.com |
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farmmilkmama
True Blue Farmgirl
2027 Posts
Amy
Central MN
USA
2027 Posts |
Posted - Jul 26 2011 : 09:15:01 AM
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I forgot an important piece of the information. When the loan guy said we could buy the house in October, he said the loan details would be different and instead of a zero down loan, it would have to be a 3% down loan. So the sellers think this isn't a big deal. We tried to explain to that them if we wouldn't have been looking through a zero down loan (which remember, the loan guy said we were approved for) we wouldn't have even looked at their house because it was at the top of what we could afford with the zero down loan. With 3% down, it takes a lot of our savings which I don't want to do. The sellers still think we should be locked in, regardless of what the difference in the loan is.
Am I not understanding something here? Should I not be so angry? Am I too fired up and not seeing something that makes obvious sense here?
--* FarmMilkMama *--
Be yourself.
Everyone else is already taken.
-Oscar Wilde
www.farmfoodmama.blogspot.com
www.thehmmmschoolingmom.blogspot.com |
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kristin sherrill
True Blue Farmgirl
11303 Posts
kristin
chickamauga
ga
USA
11303 Posts |
Posted - Jul 26 2011 : 09:34:58 AM
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Amy, I know how frustrated you must be. I have been there too. And these loan people think we have all the time in the world and seem to enjoy stringing us along. We were going to re finance through State farm last year. Had the loan all approved and ready for signing. Then they decided we were realy not eligable for their bank because we had been late a time or 2 during the year. And they want perfect credit. Now why did ther not tell us that before we got our hopes up? They knew this before we got started.
We had Countrywide then B of A bought them. I hate B of A. They have NO mercy at all. I hope you don't have to go through them. But I think eventually every one will have mortgages with them.
I so hope you can find a better lender. And start saving for at least some kind of down payment. It always looks so much better. Even 1% is better than nothing at all. Banks like that. And there is always a better house out there. I wish you luck and will be thinking of you through all this mess. It is a head ache for sure. I wish I could help.
Kris
Happiness is simple. |
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FarmDream
True Blue Farmgirl
1085 Posts
Julie
TX
USA
1085 Posts |
Posted - Jul 26 2011 : 09:40:23 AM
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Read your contract, or better yet, take it to someone who knows about this, a realtor or mortgage lender. If I remember correctly you have a certain amount of time to get out of a contract. You will lose your earnest money. I also don't think a house can be under contract but also on the market, like they are saying. Personally, I would get out from under this as fast as possible. It's sounds like a bad deal happening. Get your new realtor or mortgage person to call and do all the talking. That way it stays business and doesn't get personal. I wouldn't take any personal calls or emails from the sellers either. I'm sure they really want to sell their house but it isn't sold until you sign those closing papers. We had to look for a house for 2 years. We lost earnest money on 2 different ones. One guy wanted to sue us and the realtor because the seller stopped paying the mortgage and the bank was coming after him. It was a bizarre and stressful time. I hope you get out of it quick and find your new home.
~FarmDream is Farmgirl Sister #3069
Live Today, Cherish Yesterday, Dream Tomorrow
http://naturaljulie.etsy.com
http://julie-rants.blogspot.com |
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farmmilkmama
True Blue Farmgirl
2027 Posts
Amy
Central MN
USA
2027 Posts |
Posted - Jul 26 2011 : 10:08:57 AM
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Thanks ladies. Kris - we have lots of money in the bank but this particular house we had plans for what to use that money for. And we wouldn't have looked at this particular house if we didn't think we could get it with the zero down program. If we were going through a different loan we could have looked at totally different houses. We're doing good at saving! We just didn't want to clean out our savings account for this house when we made an offer on it with other plans for that money FOR this particular house. And its frustrating to hear that State Farm did that...would be so much nicer if they would get all the details out of the way in the beginning instead of stringing you along and dropping the bomb at the end. :(
Julie - I think we could get out of the contract no problem but it just irks me that they think we'd sit and wait for them to find another buyer and lock us in at the same time. Who are these people?? I'm sorry you had such a stressful time with your house buying too. The more people I talk to, the more I think that buying a house has to be one of the most stressful and UNKNOWN times in your life!
--* FarmMilkMama *--
Be yourself.
Everyone else is already taken.
-Oscar Wilde
www.farmfoodmama.blogspot.com
www.thehmmmschoolingmom.blogspot.com |
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nabrown42
True Blue Farmgirl
409 Posts
Nancy
Caneyville
KY
USA
409 Posts |
Posted - Jul 26 2011 : 11:18:46 AM
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We ran into a hornets' nest when we were purchasing our KY property 2 years ago. My hatrid for National City Bank. is still raw. We had the 20% to put down, made more than enough money to own two house and had pristine credit history. Still, it took months to close the deal even though NC bank said we qualified for a house with 3 times what we were paying. Eventually, after 3 months of mountains of paperwork, we ditched them and got the mortgage through a local KY bank but the interest rate was .75% more. It closed in 10 days!
I wish someone would explain how the banks, who we bailed out, can get away with withholding consumers' money while giving their management huge bonuses? It makes my blood boil!
I would take the other sisters' advise and cut off communication with seller and let the people who get paid to handle legal matters work it out. Personally, I'd walk away from the house and start over. Good luck and I'm sure you will hear from lots of other sisters who are in or have been in the same boat.
Nancy
"I've wept in the night for the shortness of sight that to someone's needs I've been blind; but I've yet to feel a twinge of regret for being a little too kind." |
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farmmilkmama
True Blue Farmgirl
2027 Posts
Amy
Central MN
USA
2027 Posts |
Posted - Jul 26 2011 : 11:35:21 AM
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Thanks Nancy. I'm sorry you ran into a hornets nest, too. :( I don't understand what is up with the banks. I hate hearing other peoples hardships in this area of life, but in another way its comforting to know that others have lived through it and survived. Does that make sense?
--* FarmMilkMama *--
Be yourself.
Everyone else is already taken.
-Oscar Wilde
www.farmfoodmama.blogspot.com
www.thehmmmschoolingmom.blogspot.com |
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Calico Hen
True Blue Farmgirl
146 Posts
Meg
Middle Tennessee
USA
146 Posts |
Posted - Jul 26 2011 : 3:07:43 PM
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| Hang in there Amy! We have been looking for "the farm" for a year and a half now. I was ready to give up after the second fiasco with contracts and conditions being changed after we all agreed to the terms of the original contract. My husband perservered and finally found our farm with the nicest sellers, realtors, and loan people. I would never believe it could happen. We all agreed on the contract in June with a closing date in early September as the elderly couple wanted to spend one last summer on the farm. It has worked out well as we have had time to tie up loose ends, etc. We are putting a good amount down on the loan through Farm Credit Services. I'm originally from MN and I know there are a lot of good people there. I hope you soon run into the perfect sellers and loan company. |
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farmmilkmama
True Blue Farmgirl
2027 Posts
Amy
Central MN
USA
2027 Posts |
Posted - Jul 26 2011 : 3:58:38 PM
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Thanks for the well wishes and positive thoughts, Meg! I know it will happen. That perfect farm is just around the corner. And all the issues beforehand will just make the end result all the more worthwhile. But dang is it frustrating while trying to get there!!
--* FarmMilkMama *--
Be yourself.
Everyone else is already taken.
-Oscar Wilde
www.farmfoodmama.blogspot.com
www.thehmmmschoolingmom.blogspot.com |
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embchicken
True Blue Farmgirl
1487 Posts
Elaine
Ocean
NJ
USA
1487 Posts |
Posted - Jul 26 2011 : 5:41:50 PM
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Amy~ I don't blame you for being frustrated. Your loan officer is one of the reasons that this country is in such a housing crisis. I don't understand why people can't just be upfront with you about loan information. I think they just want to make their money and to hell with everyone else. I have to say that I do agree with the other ladies. Break off any conversation with the sellers and work through your attorney or another representative. They can have the house on the market and have a contract with you - it is called a contigency contract - but ou had to agree to this type of contract at the begining - if you didn't then they can't fofrce you into it. Also - yout loan officer actually committed an act of fraud on you. His company obviously thought he was acting less than ethically because they fired him. I would think that "his" actions would be enough to dissolve the contract and the loan company should shoulder the burden because their represenatative was not truthful with you and they were aware of it. I think if you pushed it - you should not be liable for anything because of this unethical action by their rep. All of this being said - I agrree with you - dissolve the contract and if their house is still for sale in October and you still want it then you can enter into another contract.
I really feel your frustration and have gone through this before myself. I just hope everything works ou to your benefit in the end. You will be in my thoughts.
~ Elaine
Farmgirl sister #2822
"Find yourself a cup of tea; the teapot is behind you. Now tell me about hundreds of things." ~Saki
http://embchicken.blogspot.com
http://gusandtrudy.blogspot.com |
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farmmilkmama
True Blue Farmgirl
2027 Posts
Amy
Central MN
USA
2027 Posts |
Posted - Jul 26 2011 : 5:57:00 PM
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Thanks Elaine. Just to clarify, it was not the loan company that fired the loan guy, it was US who stopped working with him. Oddly enough though, right before we started working with him on the second house, he "switched companies" because he said the communication at the last company wasn't the best. Now we are wondering if he wasn't fired from the first loan place and quickly found a job with another one?
Our realtor (who we love and is a family friend) told us today that the best thing to do is cancel the contract and start over. Whether we buy that same house in October or we buy something else, we really need to just start over. So that is what we are doing. What do they say...third time is a charm? ;)
--* FarmMilkMama *--
Be yourself.
Everyone else is already taken.
-Oscar Wilde
www.farmfoodmama.blogspot.com
www.thehmmmschoolingmom.blogspot.com |
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gypsy goat
True Blue Farmgirl
673 Posts
mary jo
michigan
673 Posts |
Posted - Jul 28 2011 : 07:45:49 AM
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hope things work out for you, that kind of stuff always confuses and fustrates me too! i would much rather deal with my critters than mess around with loan papers! i'm sure you will get your dream farm!
farmgirl#1362 whatever you are be a good one-abe lincoln |
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Dusky Beauty
True Blue Farmgirl
1108 Posts
Jen
Tonopah
AZ
USA
1108 Posts |
Posted - Jul 28 2011 : 12:27:33 PM
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Amy, I'm not sure how the sellers expect "contracting" with you and re-listing to work--- If they have a previous contract with you, I should think you would have to relinquish your rights in the contract to allow someone else to buy it and they would be at your mercy! LOL
I suggest taking it as a sign that this is not the place for you. Keep looking!
"The greatness of a nation and it's moral progress can be judged by the way it's animals are treated." ~Gandhi
http://silvermoonfarm.blogspot.com/
"After eating an entire bull, a mountain lion felt so good he started roaring. He kept it up until a hunter came along and shot him. The moral: When you're full of bull, keep your mouth shut.” ~Will Rogers |
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farmmilkmama
True Blue Farmgirl
2027 Posts
Amy
Central MN
USA
2027 Posts |
Posted - Jul 28 2011 : 1:52:34 PM
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Mary Jo - you're right, critters are way easier (and more enjoyable) to mess around with anyday!
Jen - I think its a big sign its not the right place. We did end up backing out of the contract and will continue to look. :)
--* FarmMilkMama *--
Be yourself.
Everyone else is already taken.
-Oscar Wilde
www.farmfoodmama.blogspot.com
www.thehmmmschoolingmom.blogspot.com |
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medievalcat
True Blue Farmgirl
256 Posts
Cynthia
White County
Arkansas
USA
256 Posts |
Posted - Aug 04 2011 : 5:16:59 PM
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We recently went through a lot to buy the house we just sign for today.. but let say it had me in tears many, many times.. and the "preapproved" was all over the place.. it had actually went up to $125,00o but at the last minute I had to use my husband's credit for the loan..I had reasons I wanted the home only in my name but that's another story.. the closing date was pushed back so many times and after a month and half we finally did it. But it was the worse experience ever.. we did a Rural Development Loan.. which helps in rural areas but they changed their rules half way through the ordeal and we didn't know if we lost not just the house but our earnest money...so what I'm trying to say is keep looking for someone you can trust (it's hard trust me) and don't lose your dream. Good luck and email me if I can answer any questions for you.
hugs,
Cyn |
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A Farm of My Own: frustrated farmgirl |
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frustrated farmgirl
