Well "A Little Knotty" is on the trailer and ready to make the move to Florida. Now all we need to do is find a house. We are flying down on Thursday for a whirlwind house hunting trip. Sailboat access is a priority, although she may end up in a slip at a marina.
Haul Out
- Thread starter Tony_Furst
- Start date
Tony, suggest you send me a privat email if you want to discuss safety measures or advice for the move. I think you know my relationship to the Hunter water ballast boats particularly the 23.5. Dave
Dave,
Once we get back from our house hunting trip I'll drop you a note, I definitely want to get your opinion on a few things before we start on the road as well as once we get there.
Ok. Two deer so far taken off my ridge. Nope I am not getting out in cold weather anymore to freeze my tush off. Looking forward to hearing from you.
Hi Tony,
You must be well prepared to be successful on your "whirlwind" house hunting trip. I moved 4 years ago down to Florida, drove for 3 months around all the coastal lines from Jacksonville to the Keys, over, up to the west coast and panhandle. Found finally my house on a canal without bridges to the Intracoastal. If you would like to discuss with me about my experiences, please send me a private mail.
Hart
You must be well prepared to be successful on your "whirlwind" house hunting trip. I moved 4 years ago down to Florida, drove for 3 months around all the coastal lines from Jacksonville to the Keys, over, up to the west coast and panhandle. Found finally my house on a canal without bridges to the Intracoastal. If you would like to discuss with me about my experiences, please send me a private mail.
Hart
I live in FL and never found a home I liked through a real estate agent. They drive you to all the overpriced dumps first, on the belief they can sucker you. I just drove around the areas I liked and knocked on doors.
Quick update we found a house in Cape Coral, made an offer and it was accepted. We are a week away from closing and our buyers mortgage company at the last minute and with no explanation tells our buyer that they have decided not to fund the mortgage. We found out from our realtor at 6:00 last night. Not sure what's going to happen, we are hoping that we can talk our seller into giving us an extension.
I don't think a lender can decided not to fund and not provide a reason. Not sure about Ohio law, but it seems to me that with all the new(ish) Truth in Lending requirements, and the advent of the CFPB, that a reason would be supplied. I counsel my sellers to require a pre-approval (not a pre-qualification, a pre-approval) letter with an offer.
Did the lender ever issue a written loan commitment? There is often contract language that requires a written loan commitment. Your agent should be all over this, both because it's his job, and because he doesn't get paid until closing. If he hasn't counseled you on your options, you need a better agent.
Barring recourse against the lender, check with your agent to see if you can keep the buyer's earnest money. In Florida, you would have recourse if this actually occurred within 7 days of closing. The earnest money wouldn't completely compensate you if you lose the sale, but at least you could then consider putting additional earnest money towards the house you are buying, which would help convince that seller that you are serious. In the alternative, you could use the money to just "buy" an extension of the closing date for the Florida house. Whatever you do, be truthful with the seller of the house you are buying.
Did the lender ever issue a written loan commitment? There is often contract language that requires a written loan commitment. Your agent should be all over this, both because it's his job, and because he doesn't get paid until closing. If he hasn't counseled you on your options, you need a better agent.
Barring recourse against the lender, check with your agent to see if you can keep the buyer's earnest money. In Florida, you would have recourse if this actually occurred within 7 days of closing. The earnest money wouldn't completely compensate you if you lose the sale, but at least you could then consider putting additional earnest money towards the house you are buying, which would help convince that seller that you are serious. In the alternative, you could use the money to just "buy" an extension of the closing date for the Florida house. Whatever you do, be truthful with the seller of the house you are buying.
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We had a copy of the pre-approval letter so we are mystified as to what happened. All we and our realtor were told is that the mortgage company has rescinded their agreement to fund. Our buyer wants his earnest money back and so now I get to see what my seller wants to do. Since we were to close on our Florida home on the 19th we may lose our earnest money. Right now I am not in a position to buy an extension. My buyer isn't sharing a lot of information and my guess is that I don't have much legal recourse against him or his original lender. I also don't know yet what this actually means regarding the Florida property just because of the timing.
you need an OH lawyer ASAP if your defaulting buyer was in OH . whether you and seller's broker in OH gets to keep the deposit and take broker fee and/or your down payment $$ out of buyer's escrow depends entirely on what your contract of sale with OH buyer said. you may suffer loss of your deposit on your FL house if you cannot close on it because of loss of proceeds from sale of your OH house, unless you were properly protected by a contingency clause in your FL - buy contract. meet with both of your RE agents ASAP, make extensive notes of what they said , and make NO commitments to release escrow on OH deal to anyone till you get competent legal advice (i.e. not from internet buddies like us.) .
Mitch,
Ohio law doesn't allow release unless all parties agree and I'm not agreeing until I know I am clear of the Florida deal and get my earnest money back. We are covered from a contract standpoint as ours was contingent upon a successful closing on our house in Ohio. The bigger issue is all of the soft costs and such that we can't recover unless I want to take somebody to court.
Ohio law doesn't allow release unless all parties agree and I'm not agreeing until I know I am clear of the Florida deal and get my earnest money back. We are covered from a contract standpoint as ours was contingent upon a successful closing on our house in Ohio. The bigger issue is all of the soft costs and such that we can't recover unless I want to take somebody to court.