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jillee03
LIF Adult
Member since 8/05 953 total posts
Name:
Jill
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lock in rate
Message edited 1/18/2016 4:46:10 PM.
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Posted 1/18/16 9:05 AM  |
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MrsB12614
LIF Adult
Member since 4/14 1986 total posts
Name:
Mrs
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lock in rate
I would call your lawyer and let them know they need to move it with the C/O if possible. If not, try going for them paying for the rate lock or you will terminate the contract. It really depends on the sellers. If you really LOVE the house, I would offer to maybe split it 50/50. You never know what sellers are willing to do/ what buyers are willing to do. Doesn't hurt to ask your attorney
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| Posted 1/18/16 9:32 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: lock in rate
As a seller I would not pay for any buyer's rate lock since it was the buyer's decision to lock in and choose their bank's terms.
If I was the seller id tell the buyer go find another house if they aren't happy with it, especially when the buyers knew there would need to be paperwork filed with the town.
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| Posted 1/18/16 9:45 AM |
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loveus
LIF Adolescent
Member since 9/13 684 total posts
Name:
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lock in rate
Some banks allow the sellers to put money in escrow so you can close sooner rather than later.
Most sellers will not pay escrow, they were up front so I doubt it in this case. Are they working with an expeditor? If so, it shouldn't take that long. It takes a long time when the sellers are trying to save money and do it themselves.
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| Posted 1/18/16 10:09 AM |
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bunnyluck
LIF Adult
Member since 1/14 3196 total posts
Name:
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lock in rate
Anything is worth a shot. As a seller, unless I were desparate to sell the house quickly I would not agree to pay for your extension.
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| Posted 1/18/16 10:29 AM |
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jillee03
LIF Adult
Member since 8/05 953 total posts
Name:
Jill
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Re: lock in rate
no they are not using an expeditor.
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| Posted 1/18/16 12:06 PM |
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loveus
LIF Adolescent
Member since 9/13 684 total posts
Name:
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Re: lock in rate
Posted by jillee03
no they are not using an expeditor.
Without an expeditor this can take a long time.
I doubt they will pay anything once your rate expires.
I would call you bank and attorney and find out about escrow. You can also ask for an update with getting a permit and based on the answer figure out how you want to proceed.
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| Posted 1/18/16 12:32 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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lock in rate
The sellers are not responsible to pay for your expenses to keep your rate. It was your decision to lock it in. And why would they....your option is to pay for the rate, get a new one or walk....all will cost you money. The seller loses a buyer and gains a down payment. They have not much to lose since it is a sellers market right now.
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| Posted 1/18/16 1:08 PM |
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