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  • March 26, 2010 at 11:10 PM #17272
    s_county
    Participant

    Like a previous poster I’m closing around 4/10 – 4/15 and with the California tax credit out there on 5/1 I’m thinking if it would be possible to move the closing date to 5/1 or 5/2

    The closing date on escrow is 3/31, but the bank won’t be ready by then. The seller is flexible and would not have a problem. What should I expect from the bank or escrow if I approach them with this request to postpone?

    I would not want to jeopardize the loan terms. Also there’s 3 more paychecks between now and 5/1 so I would have saved up some more.

    Looks like I’m paying around 3,000 in CA tax so should be able take advantage of most of the credit over 3 years.

    cons would be:
    – Paying an extra full months rent for april
    – Losing the locked rate, or having to start over with the paperwork.

    Anyway, it’s tough to pass up the 10k being so close. Interested in what the fellow piggs think.

    Does it make sense, will it fly with the bank & escrow ?

    March 26, 2010 at 11:14 PM #531997
    sdrealtor
    Participant

    Escrow only follows buyer and seller instructions. They wont care. The big question is the seller and if they are cool with it you should be fine. The only risk is the rate changing but I’m guessing that $10K would go a long way toward buying down the rate and could easily make up for the rate increasing a bit. I’m guessing you wont have a problem getting the same or close to the same rate from them

    March 26, 2010 at 11:14 PM #532125
    sdrealtor
    Participant

    Escrow only follows buyer and seller instructions. They wont care. The big question is the seller and if they are cool with it you should be fine. The only risk is the rate changing but I’m guessing that $10K would go a long way toward buying down the rate and could easily make up for the rate increasing a bit. I’m guessing you wont have a problem getting the same or close to the same rate from them

    March 26, 2010 at 11:14 PM #532577
    sdrealtor
    Participant

    Escrow only follows buyer and seller instructions. They wont care. The big question is the seller and if they are cool with it you should be fine. The only risk is the rate changing but I’m guessing that $10K would go a long way toward buying down the rate and could easily make up for the rate increasing a bit. I’m guessing you wont have a problem getting the same or close to the same rate from them

    March 26, 2010 at 11:14 PM #532673
    sdrealtor
    Participant

    Escrow only follows buyer and seller instructions. They wont care. The big question is the seller and if they are cool with it you should be fine. The only risk is the rate changing but I’m guessing that $10K would go a long way toward buying down the rate and could easily make up for the rate increasing a bit. I’m guessing you wont have a problem getting the same or close to the same rate from them

    March 26, 2010 at 11:14 PM #532935
    sdrealtor
    Participant

    Escrow only follows buyer and seller instructions. They wont care. The big question is the seller and if they are cool with it you should be fine. The only risk is the rate changing but I’m guessing that $10K would go a long way toward buying down the rate and could easily make up for the rate increasing a bit. I’m guessing you wont have a problem getting the same or close to the same rate from them

    March 27, 2010 at 9:03 AM #532111
    (former)FormerSanDiegan
    Participant

    My advice depends on the price of the house and the status of your interest rate lock and rates.

    You are essentially risking an unknown change in interest rate for the 10K credit.

    If it’s 250K property and you are not locked with your rate yet, then it’s probably worth stalling. If rates move against you during the interim the penalty is about $625 per year per quarter-point increase in rate.

    If it’s 850K property and your interest rate is locked, then I probably would not stall. AT that level a quarter-point increase in interest rate is over $2k per year.

    March 27, 2010 at 9:03 AM #532241
    (former)FormerSanDiegan
    Participant

    My advice depends on the price of the house and the status of your interest rate lock and rates.

    You are essentially risking an unknown change in interest rate for the 10K credit.

    If it’s 250K property and you are not locked with your rate yet, then it’s probably worth stalling. If rates move against you during the interim the penalty is about $625 per year per quarter-point increase in rate.

    If it’s 850K property and your interest rate is locked, then I probably would not stall. AT that level a quarter-point increase in interest rate is over $2k per year.

    March 27, 2010 at 9:03 AM #532691
    (former)FormerSanDiegan
    Participant

    My advice depends on the price of the house and the status of your interest rate lock and rates.

    You are essentially risking an unknown change in interest rate for the 10K credit.

    If it’s 250K property and you are not locked with your rate yet, then it’s probably worth stalling. If rates move against you during the interim the penalty is about $625 per year per quarter-point increase in rate.

    If it’s 850K property and your interest rate is locked, then I probably would not stall. AT that level a quarter-point increase in interest rate is over $2k per year.

    March 27, 2010 at 9:03 AM #532788
    (former)FormerSanDiegan
    Participant

    My advice depends on the price of the house and the status of your interest rate lock and rates.

    You are essentially risking an unknown change in interest rate for the 10K credit.

    If it’s 250K property and you are not locked with your rate yet, then it’s probably worth stalling. If rates move against you during the interim the penalty is about $625 per year per quarter-point increase in rate.

    If it’s 850K property and your interest rate is locked, then I probably would not stall. AT that level a quarter-point increase in interest rate is over $2k per year.

    March 27, 2010 at 9:03 AM #533049
    (former)FormerSanDiegan
    Participant

    My advice depends on the price of the house and the status of your interest rate lock and rates.

    You are essentially risking an unknown change in interest rate for the 10K credit.

    If it’s 250K property and you are not locked with your rate yet, then it’s probably worth stalling. If rates move against you during the interim the penalty is about $625 per year per quarter-point increase in rate.

    If it’s 850K property and your interest rate is locked, then I probably would not stall. AT that level a quarter-point increase in interest rate is over $2k per year.

    March 27, 2010 at 12:09 PM #532160
    sdrealtor
    Participant

    I’d take the risk. If rates go up you can buy it down and I’m guessing you not taking out at 700K loan so 10K would pay a bunch of points to buy the rate down. Worth the risk IMO.

    March 27, 2010 at 12:09 PM #532290
    sdrealtor
    Participant

    I’d take the risk. If rates go up you can buy it down and I’m guessing you not taking out at 700K loan so 10K would pay a bunch of points to buy the rate down. Worth the risk IMO.

    March 27, 2010 at 12:09 PM #532741
    sdrealtor
    Participant

    I’d take the risk. If rates go up you can buy it down and I’m guessing you not taking out at 700K loan so 10K would pay a bunch of points to buy the rate down. Worth the risk IMO.

    March 27, 2010 at 12:09 PM #532839
    sdrealtor
    Participant

    I’d take the risk. If rates go up you can buy it down and I’m guessing you not taking out at 700K loan so 10K would pay a bunch of points to buy the rate down. Worth the risk IMO.

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