@Anonymous wrote:
For two weeks we have been told closing is set for 4/28. Awesome I'm so happy and excited.
Found out yesterday that the listing agent and title Co had not heard of the plans to close. We are buying a FM home steps, through FHA. So naturally I freak out. Called my LO who never answers and rarely calls back. Got VM. So I sent a text to him and my realtor basically asking how we are closing tomorrow when no one knows about it.
I did finally get someone at the title Co and he said he had JUST received my package and hadn't time to look t it.
Then my LO call and says we were waiting on 2nd review to be done.. Final approval and CTC. I still have no clue how much I'm to wire to the title Co and i have to say I'm not too comfortable with remote notary.
But how can we close today if we don't get CTC and final docs like first thing this am. The other issue Is the UW hasn't taken stuff off that we've already paid for like the appraisal survey and inspection. And my realtor was giving us a VA contribution of 25% her commission but they are saying Freddie mack doesnt allow that.
This has been an awful experience and I just want it over.... TODAY
Please ease my mind.... Can this still happen???
Sounds like you are buying a foreclosure, right? They are more difficult in general because the communication is terrible from the sellers' side (usually).
If it isn't a foreclosure, then your agent needs to get more assertive with the listing agent. This isn't always easy. Some listing agents dissappear when the contract is signed.
Now onto the next part of your question:
All the payments you have made up front toward your down payment and closing costs will show up as a credit on your CD (and the ALTA).
I never heard of any restrictions for a commission contribution before - ever. It has to be on the closing statement and not 'on the side'. Check with your lender. Your Realtor has to have a letter from her broker allowing the contribution because technically the commission belongs to the broker. The letter has to be signed by her broker and submitted to the title company.
As to the amount you wire: that figure comes from the title co. The lender supplies the closing package to the title co to prepare the final closing statement (also called ALTA). It has to match the CD provided by the lender. The final closing statement is approved by your lender and then you are given the figure to wire in to the title co. Sometimes the title co will give you an estimate in advance, you wire it in and any amount over the actual amount is provided to you at closing. The estimate is always higher than the actual figures. If you don't have your official CTC already, it could be tough to close today. Possible, but very tough.
