h***@oddkarma.com
2005-07-23 18:16:24 UTC
Went to the title company on Friday to sign the settlement papers (house
closes on Tuesday the 26th).
I found out there is a discrepency between the builder/seller's price, and
the price the lender has (Chase). The builder's sales price is $5,000
higher than what Chase has. Why? Because of my upgrades.
The builder included the upgrades into the purchase price of the house. I
am told (by the builder) that this is something they are required to do by
law. I thought I could pay for this out of pocket.
The title company says we cannot proceed until Chase is satisfied. And
Chase wants one of two things: 1) The builder lower the price back to the
original price, minus upgrades or 2) They redraw the loan to reflect the
$5,000 difference.
That was yesterday.
As of today - The builder will not lower the price. They say they have to
by law. Chase is redrawing the papers, but there is one more person who
needs to review the papers, and she will not be able to process it until
Monday.
So best case scenario, everything gets processed Monday morning and the
house is funded by lunchtime.
Worst case scenario, everything gets processed by Tuesday, and we have to
file for some sort of special appointment with the county of Santa Clara
to have the purchase recorded.
Absolute worst case scenario. Loan gets denied because Chase is being a
jackass.
I've already called the builder and let them know what's going on, and
that there may be a delay. There is a $500/day penalty.
I've contacted the Broker I am working with, and she is pressuring Chase
to turn this around asap.
I've contacted my Real Estate agent, who says there is nothing more she
can do, and that the best thing to do is just keep pressure on the Lender
(Chase) and the Builder to give me a grace period.
I honestly had no idea that buying upgrades would increase the selling
price. In hindsight it makes sense, but it never occured to me. I put a
lot of the blame on myself as a result. Right now I just want to get this
resolved, but there's not much I can do.
So I'll probably go refrigerator shopping.
Any advice / suggestions would be appreciated.
closes on Tuesday the 26th).
I found out there is a discrepency between the builder/seller's price, and
the price the lender has (Chase). The builder's sales price is $5,000
higher than what Chase has. Why? Because of my upgrades.
The builder included the upgrades into the purchase price of the house. I
am told (by the builder) that this is something they are required to do by
law. I thought I could pay for this out of pocket.
The title company says we cannot proceed until Chase is satisfied. And
Chase wants one of two things: 1) The builder lower the price back to the
original price, minus upgrades or 2) They redraw the loan to reflect the
$5,000 difference.
That was yesterday.
As of today - The builder will not lower the price. They say they have to
by law. Chase is redrawing the papers, but there is one more person who
needs to review the papers, and she will not be able to process it until
Monday.
So best case scenario, everything gets processed Monday morning and the
house is funded by lunchtime.
Worst case scenario, everything gets processed by Tuesday, and we have to
file for some sort of special appointment with the county of Santa Clara
to have the purchase recorded.
Absolute worst case scenario. Loan gets denied because Chase is being a
jackass.
I've already called the builder and let them know what's going on, and
that there may be a delay. There is a $500/day penalty.
I've contacted the Broker I am working with, and she is pressuring Chase
to turn this around asap.
I've contacted my Real Estate agent, who says there is nothing more she
can do, and that the best thing to do is just keep pressure on the Lender
(Chase) and the Builder to give me a grace period.
I honestly had no idea that buying upgrades would increase the selling
price. In hindsight it makes sense, but it never occured to me. I put a
lot of the blame on myself as a result. Right now I just want to get this
resolved, but there's not much I can do.
So I'll probably go refrigerator shopping.
Any advice / suggestions would be appreciated.
--
\\ \\ Hosun S. Lee // Vorpal Bunny(TM)
\\-\\ http://www.bluebmw.com
( 0-0) "No quip."
{_^_}
\\ \\ Hosun S. Lee // Vorpal Bunny(TM)
\\-\\ http://www.bluebmw.com
( 0-0) "No quip."
{_^_}