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Hold on to your Settlement Docs/HUD1 - Better safe than Sorry
I had a few situations where “repeat home buyers” had to proof the sale of their former home in order to qualify for their new home. It happens more often than one would think. There are several different aspects what to look out for to prevent any hick-ups along the way, and that could throw a wrench in your new home buying plans. It doesn’t mean we can’t overcome these obstacles, it just will take longer.
One client was ready to buy a new home after a foreclosure from 7 years ago. All seemed to be going well, and we found a home she liked….. long story short, the underwriter discovered, that the bank never foreclosed on her home “properly”. (What got me is the fact that this house sat there unoccupied all this time) Her name was still on the deed. With that said, she was not able to buy her new home, and the 3 year clock started ticking all over again.  Now she had to go back to the bank and make sure they processed everything correctly, and rent for another 3 years.  Moral of this story is; check your paperwork, make sure the deed transferred correctly and your name has been ... more

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