Hello,I have been trying to close on a home located in Burlington County in New Jersey where it was not required for me to have a lawyer represent me. I am doing an FHA 203K loan. However, the 203K has held things up significantly. I have submitted, signed and done everything on my end but cannot move forward on this. When I ask the realtor any questions, I get told they have to call me back and never hear from them again until I call. I have left a deposit for the down payment with the realtor. The closing date went from 1/8/2010 to being extended to 2/26/2010 and not hopeful that it will happen then because I cannot get any answers or any real communication. Is there anything I can do to have my deposit released?
State/Country relating to question: New Jersey
Have tried communicating with the realtor continuously. I am currently in Essex County, the realtor is in Burlington County and have made dozens of road trips to Burlington County just to be told they have no answers.
Thank you for your question. What exactly is the hold-up, do you know?
That is the problem. I cannot get a straight answer as to what is holding up things. The only thing I am told when I ask that question is that the 203k process is very tricky. Then I am asked to sign the same papers again that I signed several times now as far as the bid request for the 203k. The realtor tells me that they will "keep me posted" and I never hear from him again until I call and ask whats going on. I am starting to thing that I was swindled out of a few grand b/c no progress is being made.
Thank you for the explanation.Please allow me to inform you as to the 203K process (which I am currently going through myself on a home purchase). The FHA 203K requires that your property be re-inspected, and that you are remain always in contact with the lender about whatever progress is being made on the loan receivership. In addition, with the new laws that came down, getting accepted and finalized on a loan can now take 2 months if not longer, so it is quite possible that the lender, broker, and the seller really have no new answers to give you. To cancel, you have two ways of getting out of the agreement. First, review the agreement signed and see if the sellers are in violation of any clauses. If this is a condo or a property that is within an Association, you may want to consider "denying" the HOA docs and getting out of the agreement that way. Otherwise, consider retaining counsel to assist you. I wish I had better news for you.Dimitry Alexander Kaplun40226.8106064005
JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin
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