Bev's home buying journey 4/2014 - ?

[bdhu2001]

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@bdhu2001 wrote:

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@bdhu2001 wrote:

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@bdhu2001 wrote:

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@bdhu2001 wrote:

The end of  April I decided to get my credit score up as much as possible to get the best interest rate.  I set a goal to have my score in good shape by September, be pre-aproved for a Mortgage November.  I was hoping for pre-approval by September and purchase a new home by December 2014, but I thought it best to give myself room.

4/2014 I discovered the FICO has multiple scores and the scores on my bank statements are not the mortgage scores.

4/28/14 Go for pre-approval to learn where I stand.  (Get pre-approved by 3 companies)

5/13/14 Submitted back-up offer on a home (Did not get it.  Original offer went through)

5/28/14 Scores have improved enough for the best interest rate and I start looking more diligently

5/28//14 Submitted offer on another home

5/29/14 Seller can't be reached for signature

5/30/14 Seller is out of country and can't be reached

6/5/14  Seller has finally signed docs, but in interim Buyer and agent have discovered property was a previous grow house (Wasn't disclosed by seller or seller's agent)

6/9/14  I rescind offer

6/11/14 Offer on 15K over asking on new property (but don't get it)

6/23/14 Offer 30K over asking on new  Property (but don't get it) Feeling really discouraged and about to through in the towel until winter

6/27/14 See home on Zillow that previous went to pending, before I could see it an offer.  See that it's a foreclosure, but no link on how to offer for property

6/28/14 investigate and discover how to bid on property

6/28/14 Bid on foreclosed home  (on line bidding site)

7/7/14 No response so daughter hunts down names of people associated with bank and advises them to counter and cut to the chase, because her mom is serious.

7/8/14 Seller counters

7/8/14 Buyer(me) accepts counter

7/8/14 receive contract, but without finance contingency

7/9/14 Buyer advises need Finance contingency of 17 days (send e-mails to bank, web site, seller's agent, and customer service

7/9/14 Buyer's agent also sends e-mails and leaves messages on everyone's phone

7/9/14 Finance contingency of 7 days added (already have 7 days for inspection. Thus this adds nothing

7/10/14 Buyer sends(bids as) Backup offer on same property, listing less money and adding every contingency I want. Also requesting 6K to fix stairs

7/10/14 Receive purchase and Sale agreement and addendum for 17 day Finance Contingency.

7/14/14 Meet  Home inspector at property 

7/16/14 Meet Pest inspector at property

7/17/14 Advise site, customer service, seller's agent, and seller's title company that title needs to be open and lender need Title and Escrow fee cost to open loan & provide good faith estimate

7/18/14 Title company opens escrow

7/22/14 Escrow fee and title Papers from title company to lender 

7/22/14 LO receives information and sends Loan to processor 

7/22/14 Processor sends Buyer Good Faith estimate, Loan application, ... (myriad of other loan documents)

7/23/14 LO locks in rate Buyer wants and Processor sends new Disclosure showing the lower rate

7/24/14 File sent to Underwritter (Now I'm waiting for a conditional Loan Approval & Appraisal)

Additional information:  Inspection contingency ended on 7/17/14, Finance contingency ends on 8/3/14, Escrow must close by 8/12/14 or pay $300 extension fee and $100 for each day it goes over.

---

Update:

7/25/14 Processor requests most recent bank statement for Underwriter and advises Buyer that appraisal has been ordered.

---

Update:

7/28/14 Received Conditional Loan approval & appraisal is scheduled for 7/29/14

7/29/14 Home appraised

---

8/6/14 Update & 2 big monkey wrenches:

Appraisal came in 4K over purchase price.  But since appraiser wanted the code to lockbox on REO property instead of mtg agent, he sent back two items that he needs handled: 1) cover plate for fixture wires (cover plate had fallen, because the one we found was too big) and 2) turn on utilities & water (utilities & water are turned on.  It's an REO property. You turn on the breaker box and the water when viewing and turn them off when you're done). Agent is out of town so can meet with appraiser Friday.  Appraiser wants to meet Thursday, can't happen.  

Quicken has informed us that the Title Company which we are using is on their blacklist (list of companies they won't do business with).  Really Quicken!!! When Title was opened 3 weeks ago, they could have informed us and we could have went with another lender or gotten another Title Company.  They waited until closing before noticing it was a Title company they don't work with.  Now my LO is scrambling for options so that we can still close on time. Option 1) another lender is in the wings Option 2) another title company is in the wings Option 3) Quicken and the Title company work together for this loan since Quicken has had the papers for 3 weeks.

---

Update

8/7/14: Received notice from Seller that closing has been extended to 8/30/14

8/8/14 LO is working on option 2.  Signed papers to change Title company.

[bdhu2001]

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

The end of  April I decided to get my credit score up as much as possible to get the best interest rate.  I set a goal to have my score in good shape by September, be pre-aproved for a Mortgage November.  I was hoping for pre-approval by September and purchase a new home by December 2014, but I thought it best to give myself room.

4/2014 I discovered the FICO has multiple scores and the scores on my bank statements are not the mortgage scores.

4/28/14 Go for pre-approval to learn where I stand.  (Get pre-approved by 3 companies)

5/13/14 Submitted back-up offer on a home (Did not get it.  Original offer went through)

5/28/14 Scores have improved enough for the best interest rate and I start looking more diligently

5/28//14 Submitted offer on another home

5/29/14 Seller can't be reached for signature

5/30/14 Seller is out of country and can't be reached

6/5/14  Seller has finally signed docs, but in interim Buyer and agent have discovered property was a previous grow house (Wasn't disclosed by seller or seller's agent)

6/9/14  I rescind offer

6/11/14 Offer on 15K over asking on new property (but don't get it)

6/23/14 Offer 30K over asking on new  Property (but don't get it) Feeling really discouraged and about to through in the towel until winter

6/27/14 See home on Zillow that previous went to pending, before I could see it an offer.  See that it's a foreclosure, but no link on how to offer for property

6/28/14 investigate and discover how to bid on property

6/28/14 Bid on foreclosed home  (on line bidding site)

7/7/14 No response so daughter hunts down names of people associated with bank and advises them to counter and cut to the chase, because her mom is serious.

7/8/14 Seller counters

7/8/14 Buyer(me) accepts counter

7/8/14 receive contract, but without finance contingency

7/9/14 Buyer advises need Finance contingency of 17 days (send e-mails to bank, web site, seller's agent, and customer service

7/9/14 Buyer's agent also sends e-mails and leaves messages on everyone's phone

7/9/14 Finance contingency of 7 days added (already have 7 days for inspection. Thus this adds nothing

7/10/14 Buyer sends(bids as) Backup offer on same property, listing less money and adding every contingency I want. Also requesting 6K to fix stairs

7/10/14 Receive purchase and Sale agreement and addendum for 17 day Finance Contingency.

7/14/14 Meet  Home inspector at property 

7/16/14 Meet Pest inspector at property

7/17/14 Advise site, customer service, seller's agent, and seller's title company that title needs to be open and lender need Title and Escrow fee cost to open loan & provide good faith estimate

7/18/14 Title company opens escrow

7/22/14 Escrow fee and title Papers from title company to lender 

7/22/14 LO receives information and sends Loan to processor 

7/22/14 Processor sends Buyer Good Faith estimate, Loan application, ... (myriad of other loan documents)

7/23/14 LO locks in rate Buyer wants and Processor sends new Disclosure showing the lower rate

7/24/14 File sent to Underwritter (Now I'm waiting for a conditional Loan Approval & Appraisal)

Additional information:  Inspection contingency ended on 7/17/14, Finance contingency ends on 8/3/14, Escrow must close by 8/12/14 or pay $300 extension fee and $100 for each day it goes over.

---

Update:

7/25/14 Processor requests most recent bank statement for Underwriter and advises Buyer that appraisal has been ordered.

---

Update:

7/28/14 Received Conditional Loan approval & appraisal is scheduled for 7/29/14

7/29/14 Home appraised

---

8/6/14 Update & 2 big monkey wrenches:

Appraisal came in 4K over purchase price.  But since appraiser wanted the code to lockbox on REO property instead of mtg agent, he sent back two items that he needs handled: 1) cover plate for fixture wires (cover plate had fallen, because the one we found was too big) and 2) turn on utilities & water (utilities & water are turned on.  It's an REO property. You turn on the breaker box and the water when viewing and turn them off when you're done). Agent is out of town so can meet with appraiser Friday.  Appraiser wants to meet Thursday, can't happen.  

Quicken has informed us that the Title Company which we are using is on their blacklist (list of companies they won't do business with).  Really Quicken!!! When Title was opened 3 weeks ago, they could have informed us and we could have went with another lender or gotten another Title Company.  They waited until closing before noticing it was a Title company they don't work with.  Now my LO is scrambling for options so that we can still close on time. Option 1) another lender is in the wings Option 2) another title company is in the wings Option 3) Quicken and the Title company work together for this loan since Quicken has had the papers for 3 weeks.

---

Update

8/7/14: Received notice from Seller that closing has been extended to 8/30/14

8/8/14 LO is working on option 2.  Signed papers to change Title company.

---

Update

Switched to new Title Company, recheck for Appraisal has occurred, and Underwriter has verified everything.  Original close date was supposed to be 8/12/14.  I don't know what I'm waiting for now. I realize seller extended closing to 8/30/14, but since Title is clear and it's an empty foreclosed home, I don't know why there is a holdup.

[bdhu2001]

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

The end of  April I decided to get my credit score up as much as possible to get the best interest rate.  I set a goal to have my score in good shape by September, be pre-aproved for a Mortgage November.  I was hoping for pre-approval by September and purchase a new home by December 2014, but I thought it best to give myself room.

4/2014 I discovered the FICO has multiple scores and the scores on my bank statements are not the mortgage scores.

4/28/14 Go for pre-approval to learn where I stand.  (Get pre-approved by 3 companies)

5/13/14 Submitted back-up offer on a home (Did not get it.  Original offer went through)

5/28/14 Scores have improved enough for the best interest rate and I start looking more diligently

5/28//14 Submitted offer on another home

5/29/14 Seller can't be reached for signature

5/30/14 Seller is out of country and can't be reached

6/5/14  Seller has finally signed docs, but in interim Buyer and agent have discovered property was a previous grow house (Wasn't disclosed by seller or seller's agent)

6/9/14  I rescind offer

6/11/14 Offer on 15K over asking on new property (but don't get it)

6/23/14 Offer 30K over asking on new  Property (but don't get it) Feeling really discouraged and about to through in the towel until winter

6/27/14 See home on Zillow that previous went to pending, before I could see it an offer.  See that it's a foreclosure, but no link on how to offer for property

6/28/14 investigate and discover how to bid on property

6/28/14 Bid on foreclosed home  (on line bidding site)

7/7/14 No response so daughter hunts down names of people associated with bank and advises them to counter and cut to the chase, because her mom is serious.

7/8/14 Seller counters

7/8/14 Buyer(me) accepts counter

7/8/14 receive contract, but without finance contingency

7/9/14 Buyer advises need Finance contingency of 17 days (send e-mails to bank, web site, seller's agent, and customer service

7/9/14 Buyer's agent also sends e-mails and leaves messages on everyone's phone

7/9/14 Finance contingency of 7 days added (already have 7 days for inspection. Thus this adds nothing

7/10/14 Buyer sends(bids as) Backup offer on same property, listing less money and adding every contingency I want. Also requesting 6K to fix stairs

7/10/14 Receive purchase and Sale agreement and addendum for 17 day Finance Contingency.

7/14/14 Meet  Home inspector at property 

7/16/14 Meet Pest inspector at property

7/17/14 Advise site, customer service, seller's agent, and seller's title company that title needs to be open and lender need Title and Escrow fee cost to open loan & provide good faith estimate

7/18/14 Title company opens escrow

7/22/14 Escrow fee and title Papers from title company to lender 

7/22/14 LO receives information and sends Loan to processor 

7/22/14 Processor sends Buyer Good Faith estimate, Loan application, ... (myriad of other loan documents)

7/23/14 LO locks in rate Buyer wants and Processor sends new Disclosure showing the lower rate

7/24/14 File sent to Underwritter (Now I'm waiting for a conditional Loan Approval & Appraisal)

Additional information:  Inspection contingency ended on 7/17/14, Finance contingency ends on 8/3/14, Escrow must close by 8/12/14 or pay $300 extension fee and $100 for each day it goes over.

---

Update:

7/25/14 Processor requests most recent bank statement for Underwriter and advises Buyer that appraisal has been ordered.

---

Update:

7/28/14 Received Conditional Loan approval & appraisal is scheduled for 7/29/14

7/29/14 Home appraised

---

8/6/14 Update & 2 big monkey wrenches:

Appraisal came in 4K over purchase price.  But since appraiser wanted the code to lockbox on REO property instead of mtg agent, he sent back two items that he needs handled: 1) cover plate for fixture wires (cover plate had fallen, because the one we found was too big) and 2) turn on utilities & water (utilities & water are turned on.  It's an REO property. You turn on the breaker box and the water when viewing and turn them off when you're done). Agent is out of town so can meet with appraiser Friday.  Appraiser wants to meet Thursday, can't happen.  

Quicken has informed us that the Title Company which we are using is on their blacklist (list of companies they won't do business with).  Really Quicken!!! When Title was opened 3 weeks ago, they could have informed us and we could have went with another lender or gotten another Title Company.  They waited until closing before noticing it was a Title company they don't work with.  Now my LO is scrambling for options so that we can still close on time. Option 1) another lender is in the wings Option 2) another title company is in the wings Option 3) Quicken and the Title company work together for this loan since Quicken has had the papers for 3 weeks.

---

Update

8/7/14: Received notice from Seller that closing has been extended to 8/30/14

8/8/14 LO is working on option 2.  Signed papers to change Title company.

---

Update

Switched to new Title Company, recheck for Appraisal has occurred, and Underwriter has verified everything.  Original close date was supposed to be 8/12/14.  I don't know what I'm waiting for now. I realize seller extended closing to 8/30/14, but since Title is clear and it's an empty foreclosed home, I don't know why there is a holdup.

---

Update

8/13/14: Requested proof of withdrawal of down payment from 457b.  Also new bank statements and explanation of why withdrawal and deposit don't match (they take taxes out              when you withdraw from your 457b. Thus amount withdrawn is larger than the amount you deposit in bank.

8/14/14: Send proof of insurance on property I'm buying. 

8/21/14: Clear to close. 

Quicken has coordinated a closing call with our escrow officer and Quickens closing coordinator, therefore we should know pretty soon whether the sellers will allow us to close early. Based on LO conversation with the escrow officer yesterday, the sellers side (asset manager) needs to approve the deed of trust and HUD of which the closing dates must all match, this takes 24-72 hours to complete for the seller. In short, as long as this is all accomplished over the next couple of days the sellers will release transaction for closing earlier than the new 8/30/14 date.

[bdhu2001]

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

The end of  April I decided to get my credit score up as much as possible to get the best interest rate.  I set a goal to have my score in good shape by September, be pre-aproved for a Mortgage November.  I was hoping for pre-approval by September and purchase a new home by December 2014, but I thought it best to give myself room.

4/2014 I discovered the FICO has multiple scores and the scores on my bank statements are not the mortgage scores.

4/28/14 Go for pre-approval to learn where I stand.  (Get pre-approved by 3 companies)

5/13/14 Submitted back-up offer on a home (Did not get it.  Original offer went through)

5/28/14 Scores have improved enough for the best interest rate and I start looking more diligently

5/28//14 Submitted offer on another home

5/29/14 Seller can't be reached for signature

5/30/14 Seller is out of country and can't be reached

6/5/14  Seller has finally signed docs, but in interim Buyer and agent have discovered property was a previous grow house (Wasn't disclosed by seller or seller's agent)

6/9/14  I rescind offer

6/11/14 Offer on 15K over asking on new property (but don't get it)

6/23/14 Offer 30K over asking on new  Property (but don't get it) Feeling really discouraged and about to through in the towel until winter

6/27/14 See home on Zillow that previous went to pending, before I could see it an offer.  See that it's a foreclosure, but no link on how to offer for property

6/28/14 investigate and discover how to bid on property

6/28/14 Bid on foreclosed home  (on line bidding site)

7/7/14 No response so daughter hunts down names of people associated with bank and advises them to counter and cut to the chase, because her mom is serious.

7/8/14 Seller counters

7/8/14 Buyer(me) accepts counter

7/8/14 receive contract, but without finance contingency

7/9/14 Buyer advises need Finance contingency of 17 days (send e-mails to bank, web site, seller's agent, and customer service

7/9/14 Buyer's agent also sends e-mails and leaves messages on everyone's phone

7/9/14 Finance contingency of 7 days added (already have 7 days for inspection. Thus this adds nothing

7/10/14 Buyer sends(bids as) Backup offer on same property, listing less money and adding every contingency I want. Also requesting 6K to fix stairs

7/10/14 Receive purchase and Sale agreement and addendum for 17 day Finance Contingency.

7/14/14 Meet  Home inspector at property 

7/16/14 Meet Pest inspector at property

7/17/14 Advise site, customer service, seller's agent, and seller's title company that title needs to be open and lender need Title and Escrow fee cost to open loan & provide good faith estimate

7/18/14 Title company opens escrow

7/22/14 Escrow fee and title Papers from title company to lender 

7/22/14 LO receives information and sends Loan to processor 

7/22/14 Processor sends Buyer Good Faith estimate, Loan application, ... (myriad of other loan documents)

7/23/14 LO locks in rate Buyer wants and Processor sends new Disclosure showing the lower rate

7/24/14 File sent to Underwritter (Now I'm waiting for a conditional Loan Approval & Appraisal)

Additional information:  Inspection contingency ended on 7/17/14, Finance contingency ends on 8/3/14, Escrow must close by 8/12/14 or pay $300 extension fee and $100 for each day it goes over.

---

Update:

7/25/14 Processor requests most recent bank statement for Underwriter and advises Buyer that appraisal has been ordered.

---

Update:

7/28/14 Received Conditional Loan approval & appraisal is scheduled for 7/29/14

7/29/14 Home appraised

---

8/6/14 Update & 2 big monkey wrenches:

Appraisal came in 4K over purchase price.  But since appraiser wanted the code to lockbox on REO property instead of mtg agent, he sent back two items that he needs handled: 1) cover plate for fixture wires (cover plate had fallen, because the one we found was too big) and 2) turn on utilities & water (utilities & water are turned on.  It's an REO property. You turn on the breaker box and the water when viewing and turn them off when you're done). Agent is out of town so can meet with appraiser Friday.  Appraiser wants to meet Thursday, can't happen.  

Quicken has informed us that the Title Company which we are using is on their blacklist (list of companies they won't do business with).  Really Quicken!!! When Title was opened 3 weeks ago, they could have informed us and we could have went with another lender or gotten another Title Company.  They waited until closing before noticing it was a Title company they don't work with.  Now my LO is scrambling for options so that we can still close on time. Option 1) another lender is in the wings Option 2) another title company is in the wings Option 3) Quicken and the Title company work together for this loan since Quicken has had the papers for 3 weeks.

---

Update

8/7/14: Received notice from Seller that closing has been extended to 8/30/14

8/8/14 LO is working on option 2.  Signed papers to change Title company.

---

Update

Switched to new Title Company, recheck for Appraisal has occurred, and Underwriter has verified everything.  Original close date was supposed to be 8/12/14.  I don't know what I'm waiting for now. I realize seller extended closing to 8/30/14, but since Title is clear and it's an empty foreclosed home, I don't know why there is a holdup.

---

Update

8/13/14: Requested proof of withdrawal of down payment from 457b.  Also new bank statements and explanation of why withdrawal and deposit don't match (they take taxes out              when you withdraw from your 457b. Thus amount withdrawn is larger than the amount you deposit in bank.

8/14/14: Send proof of insurance on property I'm buying. 

8/21/14: Clear to close. 

Quicken has coordinated a closing call with our escrow officer and Quickens closing coordinator, therefore we should know pretty soon whether the sellers will allow us to close early. Based on LO conversation with the escrow officer yesterday, the sellers side (asset manager) needs to approve the deed of trust and HUD of which the closing dates must all match, this takes 24-72 hours to complete for the seller. In short, as long as this is all accomplished over the next couple of days the sellers will release transaction for closing earlier than the new 8/30/14 date.

---

Update

8/22/14:

I signed all the documents and provided a cashier's check for the down payment.  In a face to face closings, this is normally where I'd get my key. I'm not sure if the seller has released the transaction for closing earlier; I guess I'll find out next week.  On the plus side, I'll contact the utility companies Monday and have everything turned or switched to my name effective Thursday, 8/28/14.

Regardless of how you slice it, I've got a new house and I've either closed today or I close next week when everything is recorded. Yeah!!!

[bdhu2001]

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

---

@bdhu2001 wrote:

The end of  April I decided to get my credit score up as much as possible to get the best interest rate.  I set a goal to have my score in good shape by September, be pre-aproved for a Mortgage November.  I was hoping for pre-approval by September and purchase a new home by December 2014, but I thought it best to give myself room.

4/2014 I discovered the FICO has multiple scores and the scores on my bank statements are not the mortgage scores.

4/28/14 Go for pre-approval to learn where I stand.  (Get pre-approved by 3 companies)

5/13/14 Submitted back-up offer on a home (Did not get it.  Original offer went through)

5/28/14 Scores have improved enough for the best interest rate and I start looking more diligently

5/28//14 Submitted offer on another home

5/29/14 Seller can't be reached for signature

5/30/14 Seller is out of country and can't be reached

6/5/14  Seller has finally signed docs, but in interim Buyer and agent have discovered property was a previous grow house (Wasn't disclosed by seller or seller's agent)

6/9/14  I rescind offer

6/11/14 Offer on 15K over asking on new property (but don't get it)

6/23/14 Offer 30K over asking on new  Property (but don't get it) Feeling really discouraged and about to through in the towel until winter

6/27/14 See home on Zillow that previous went to pending, before I could see it an offer.  See that it's a foreclosure, but no link on how to offer for property

6/28/14 investigate and discover how to bid on property

6/28/14 Bid on foreclosed home  (on line bidding site)

7/7/14 No response so daughter hunts down names of people associated with bank and advises them to counter and cut to the chase, because her mom is serious.

7/8/14 Seller counters

7/8/14 Buyer(me) accepts counter

7/8/14 receive contract, but without finance contingency

7/9/14 Buyer advises need Finance contingency of 17 days (send e-mails to bank, web site, seller's agent, and customer service

7/9/14 Buyer's agent also sends e-mails and leaves messages on everyone's phone

7/9/14 Finance contingency of 7 days added (already have 7 days for inspection. Thus this adds nothing

7/10/14 Buyer sends(bids as) Backup offer on same property, listing less money and adding every contingency I want. Also requesting 6K to fix stairs

7/10/14 Receive purchase and Sale agreement and addendum for 17 day Finance Contingency.

7/14/14 Meet  Home inspector at property 

7/16/14 Meet Pest inspector at property

7/17/14 Advise site, customer service, seller's agent, and seller's title company that title needs to be open and lender need Title and Escrow fee cost to open loan & provide good faith estimate

7/18/14 Title company opens escrow

7/22/14 Escrow fee and title Papers from title company to lender 

7/22/14 LO receives information and sends Loan to processor 

7/22/14 Processor sends Buyer Good Faith estimate, Loan application, ... (myriad of other loan documents)

7/23/14 LO locks in rate Buyer wants and Processor sends new Disclosure showing the lower rate

7/24/14 File sent to Underwritter (Now I'm waiting for a conditional Loan Approval & Appraisal)

Additional information:  Inspection contingency ended on 7/17/14, Finance contingency ends on 8/3/14, Escrow must close by 8/12/14 or pay $300 extension fee and $100 for each day it goes over.

---

Update:

7/25/14 Processor requests most recent bank statement for Underwriter and advises Buyer that appraisal has been ordered.

---

Update:

7/28/14 Received Conditional Loan approval & appraisal is scheduled for 7/29/14

7/29/14 Home appraised

---

8/6/14 Update & 2 big monkey wrenches:

Appraisal came in 4K over purchase price.  But since appraiser wanted the code to lockbox on REO property instead of mtg agent, he sent back two items that he needs handled: 1) cover plate for fixture wires (cover plate had fallen, because the one we found was too big) and 2) turn on utilities & water (utilities & water are turned on.  It's an REO property. You turn on the breaker box and the water when viewing and turn them off when you're done). Agent is out of town so can meet with appraiser Friday.  Appraiser wants to meet Thursday, can't happen.  

Quicken has informed us that the Title Company which we are using is on their blacklist (list of companies they won't do business with).  Really Quicken!!! When Title was opened 3 weeks ago, they could have informed us and we could have went with another lender or gotten another Title Company.  They waited until closing before noticing it was a Title company they don't work with.  Now my LO is scrambling for options so that we can still close on time. Option 1) another lender is in the wings Option 2) another title company is in the wings Option 3) Quicken and the Title company work together for this loan since Quicken has had the papers for 3 weeks.

---

Update

8/7/14: Received notice from Seller that closing has been extended to 8/30/14

8/8/14 LO is working on option 2.  Signed papers to change Title company.

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Update

Switched to new Title Company, recheck for Appraisal has occurred, and Underwriter has verified everything.  Original close date was supposed to be 8/12/14.  I don't know what I'm waiting for now. I realize seller extended closing to 8/30/14, but since Title is clear and it's an empty foreclosed home, I don't know why there is a holdup.

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Update

8/13/14: Requested proof of withdrawal of down payment from 457b.  Also new bank statements and explanation of why withdrawal and deposit don't match (they take taxes out              when you withdraw from your 457b. Thus amount withdrawn is larger than the amount you deposit in bank.

8/14/14: Send proof of insurance on property I'm buying. 

8/21/14: Clear to close. 

Quicken has coordinated a closing call with our escrow officer and Quickens closing coordinator, therefore we should know pretty soon whether the sellers will allow us to close early. Based on LO conversation with the escrow officer yesterday, the sellers side (asset manager) needs to approve the deed of trust and HUD of which the closing dates must all match, this takes 24-72 hours to complete for the seller. In short, as long as this is all accomplished over the next couple of days the sellers will release transaction for closing earlier than the new 8/30/14 date.

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Update

8/22/14:

I signed all the documents and provided a cashier's check for the down payment.  In a face to face closings, this is normally where I'd get my key. I'm not sure if the seller has released the transaction for closing earlier; I guess I'll find out next week.  On the plus side, I'll contact the utility companies Monday and have everything turned or switched to my name effective Thursday, 8/28/14.

Regardless of how you slice it, I've got a new house and I've either closed today or I close next week when everything is recorded. Yeah!!!

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UPDATE!!!

8/26/14 CLOSED AND FUNDED!!!!