Loan Process

[rlow]

I Need advice. We visited a local dealer the middle of June about purchasing a modular home to be onstructed on land that we had found but wanted info on home costs and loans before putting a contract on the land. The salesman told us that we would qualify for the best interest rates based on our credit and that the loan would take about 4 weeks to close. The home we were considering would run around $165k. The next day we put in an offer on the land with our buyer's agents who had also recently sold our home. The offer was accepted and called for a closing date of July 19 based on the 4 week time frame we were told. Needles to say it is now July 22 and we have not closed and are being told that it will be sometime in August. The reason being is that we are now stuck waiting on their surveyor to complete his work which he has not even started yet. I have called the modular home dealer daily trying to get answers only to be told they will cal me back, i have called and left 4 messages for the land surveyor but have yet to get a call back in 3 days. At this point i am worried that if there are this many problems and misleading statements on the front end it will only get worse when we are trying to get our home constructed and or warranty issues. Should i request my $1k deposit back and walk away to start over with a new loan company and go with a site built home or look for a more reputable modular dealer. What other problems might i encounter.

[rmurray]

4 weeks is very fast for a closing...This probably was bad info to start with...

I would suggest you talk to the loan originator or the loan processor at the mortgage company...Rates are rising everyday and probably over 1/2% higher now than when you started...The loan processor will know exactly what is needed to close....Your decision to proceed is only yours...If the lies and exaggerations are way to much...Move on..but I doubt you will have any chance for full refund....By now they have spent some of your money,,for survey...appraisal...title search and opinion..These could easily cost as much as $750.00,,,Expect these costs to be your responsibility...I am sure your buyers agent (not doing very well I might say..he should have known the time frame was optimistic at best) should be able to get a closing extension...The closing agent will require one anyway..