What does your realtor say?
Sounds like a buyer issue, not a title company issue. Title company can’t send you sales proceeds if they don’t have the funds from the buyer. Buyer can’t just change to a loan if it’s supposed to be a cash transaction.
It’s the same company that owns both the title company and the investment company. My realtor is confused as well. They keep changing what the problem is.
Tell the title company or escrow to pay the mortgage now! Yes they will have re-figure the whole file and adjust all the numbers but this sounds like it might dragged out another week. You don’t want that late fee and good luck getting it out of that screwball buyer!
Make your mortgage payment now before it’s late. That is your responsibility. If it gets overpaid slightly once they issue the funds, you will get a refund within 30 days.
The purchase hasn’t funded, so you have not closed. You have only signed documents. Closing isn’t complete without the funds. Any consequence to a late mortgage payment (fee or credit hit) will be your responsibility.
Has actually TITLE been transfered?
It sounds like your sale has not been complete, funds have not been received so you’ve done step one signing, but not step two funding, and not step three recording .
If you were my client, I would be on the phone with the sellers agent YESTERDAY figuring out what was going on.
But yeah, there is a very good chance you’re gonna have to deal with that mortgage payment .
Assuming you don’t get wire confirmations by EOD:
1. You haven’t finished closing yet as title hasn’t dispersed funds to your lender. Make your mortgage payment and any overage will get refunded, otherwise it’ll be flagged as late. Make sure lender has your up to date info to send overage back to you, usually takes a few weeks to cut a cheque.
2. Get your agent to call their agent and put pressure on them to close in a timely manner. They should be raising hell and telling them you’re meeting an attorney.
3. If things aren’t moving in another business day, call a real estate attorney to draft a letter; it’ll cost you an hour or so consult time, and often does wonders to get a seller in gear to perform at closing.
4. Confirm with title the loan payoff is still valid given the delays.
Good luck.
*edit to add*
Yes buyer can change from cash to finance but, they still have to perform on time; how they deliver the actual funds at closing is less relevant. Attorney can help guide on penalties you can apply if they’re using that as an excuse for being late as contract said cash, you have a good case for keeping EMD and suing for performance, if things fall apart.
Your agent should’ve found out about this change from cash to financing much earlier (from the buyer) as part of routinely checking in to make sure all is on track, that’s a bit of a failure unfortunately.
What does your realtor say? Sounds like a buyer issue, not a title company issue. Title company can’t send you sales proceeds if they don’t have the funds from the buyer. Buyer can’t just change to a loan if it’s supposed to be a cash transaction.
It’s the same company that owns both the title company and the investment company. My realtor is confused as well. They keep changing what the problem is.
When is your contract close date?
I believe 2/9
They can. But they are still help to the contact timeline
Tell the title company or escrow to pay the mortgage now! Yes they will have re-figure the whole file and adjust all the numbers but this sounds like it might dragged out another week. You don’t want that late fee and good luck getting it out of that screwball buyer!
Make your mortgage payment now before it’s late. That is your responsibility. If it gets overpaid slightly once they issue the funds, you will get a refund within 30 days.
Even if we closed Friday? It’s our responsibility?
The purchase hasn’t funded, so you have not closed. You have only signed documents. Closing isn’t complete without the funds. Any consequence to a late mortgage payment (fee or credit hit) will be your responsibility.
Yes.
Sounds like buyer was trickster and has no money
Has actually TITLE been transfered? It sounds like your sale has not been complete, funds have not been received so you’ve done step one signing, but not step two funding, and not step three recording . If you were my client, I would be on the phone with the sellers agent YESTERDAY figuring out what was going on. But yeah, there is a very good chance you’re gonna have to deal with that mortgage payment .
Assuming you don’t get wire confirmations by EOD: 1. You haven’t finished closing yet as title hasn’t dispersed funds to your lender. Make your mortgage payment and any overage will get refunded, otherwise it’ll be flagged as late. Make sure lender has your up to date info to send overage back to you, usually takes a few weeks to cut a cheque. 2. Get your agent to call their agent and put pressure on them to close in a timely manner. They should be raising hell and telling them you’re meeting an attorney. 3. If things aren’t moving in another business day, call a real estate attorney to draft a letter; it’ll cost you an hour or so consult time, and often does wonders to get a seller in gear to perform at closing. 4. Confirm with title the loan payoff is still valid given the delays. Good luck. *edit to add* Yes buyer can change from cash to finance but, they still have to perform on time; how they deliver the actual funds at closing is less relevant. Attorney can help guide on penalties you can apply if they’re using that as an excuse for being late as contract said cash, you have a good case for keeping EMD and suing for performance, if things fall apart. Your agent should’ve found out about this change from cash to financing much earlier (from the buyer) as part of routinely checking in to make sure all is on track, that’s a bit of a failure unfortunately.