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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 26352
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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I am buying a condo through quicken loan I am ready to close

Customer Question

I am buying a condo through quicken loan I am ready to close and have an loan lock in rate. Quicken told me that the condo unit is getting their insurance renewal and will not be able yo provided all documents until 15th November then Quicken will need an additional week to get all the documents together. I am going on vacation doing thanksgiving week if I don't close before my vacation I will get charge an additional $320 for letting the lock end rate expire can you help me
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 year ago.

Good evening. Was this disclosed and known to Quicken, when you proceeded to use them for the loan? Were they aware and did they promise to close prior to your vacation?

Customer: replied 1 year ago.
From my understanding Quicken didn't know that the Condo Association was getting there insurance renew and did not have the additional paperwork needed to complete the loan process. The disagreement with quicken was if the lock end rather expires who was going to pay the additional fees. We told them we should not be held responsible for those charges
Expert:  RealEstateAnswer replied 1 year ago.

Thank you for the additional information and sorry about the delay, as I thought you signed off. It is not uncommon for there to be delays with the closing of a loan and when it happens, a borrower runs the risk of the rate lock expiring. Based upon what you shared above, the issue with the Condo Association is something outside the power and control of Quicken. Unless there was a specific agreement to close by an agreed upon time and they messed up, their would not have to incur the cost of any additional fees. I say this because they were ready to go and it was the Association who caused the delay, as a result of the bad timing with the insurance renewal. Now, if Quickens wanted to provide good customer service, they would waive the fees association with this but if not, they are not necessarily legally obligated to, since the delay i not as a result of anything they did. I know you need to close prior to your vacation but the decision to go away and not close till after IF they are ready, is not something they would be liable for either. I now this is not something you were hoping to hear but unless you can show the delay is the result of Quickens, they would not have to incur the cost or waive any fees.

Customer: replied 1 year ago.
Quicken is the one who selected the close date we did not it was suppose to close on the 21 thanks for your assistance.
Expert:  RealEstateAnswer replied 1 year ago.

You are welcome. When they picked the date did they know of the issue with the association?

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