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My home is under contract with a real state firm. The contract will not expired until 01/22/2008 I have listed since July, and haven't recieved a single offer, not even a show...In the meantime the rates have come down some, and I would like to refinance. Only that the banks would not refinance a home that is under a real state contract. The high mortgage is killing, and I really would benefit from refinancing. Can I put the contract on hold until the refinancing is done?
NewtoFl or anyone that has the answer,
I'am having the same issue, not with the re contract that's over in a couple of days, but when we spoke with the mortgage broker at the Re office, he said we couldn't put the house back on the market for another year after we refinanced, did you hear this to? I would LOVE to know. I truly need to refi, but the thought of being here another year is killing me, plus we will miss out on the springtime buyers, if there is any.
Last edited by kickinbackfl; 10-03-2007 at 09:16 AM..
Kickin, capecodcathy is right, what the lender may be referring to is a pre-payment penalty. I have never heard of "not being allowed to relist". How would they even know? But, if you do sell the property within the year, you may be liable to pay the penalty. shop around for a new mortgage and see if you can get one without the prepayment penalty. Or you will have to factor that into your pricing....
Thank you sooo much!! This has cause many sleepless nights and lots of stress, on top of the stress of trying to sell for 5 months and to think it was all just a waste of time. I've also heard that some lenders will not work with you till your home has been off the market for at least 6 mths is that true? Sorry New2Fl, I feel like I'am hijacking! But, just so desperate for answers.
Kickin, I haven't heard that, but you are in Florida, right? anything could be happening there. Take this question up to the mortgage board and get some of those smart mortgage lenders to help answer you!!
Appraisers are required to report the listing history for the prior 12 months of the property. This is a national requirement under USPAP. Even if you "withdraw" from the MLS, the history is still on MLS and will be reported. Most lender's require that the property be "off market" for 12 months before a refinance can be done. Some banks, such as Suntrust, will do a no-cash out refi after 90 days.
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