cancel
Showing results for 
Search instead for 
Did you mean: 

Closing taking forever

tag
Anonymous
Not applicable

Closing taking forever

I started my house hunt on around 7/7. Contract finalized around 8/5...set to close 9/15. Got commitment from bank (New Penn Financial) via a broker. So now here is what my lawyer (settlement office) is telling me, we are waiting on and this is her reply:

 


No problem. We are waiting on the seller’s attorney to provide us with the title documents (abstract, survey, deed etc). The seller’s attorney is waiting on the updated survey from the surveyor. Once we get the title docs, I have to review title and order the title insurance (which takes a few days) . then we send the title insurance to the bank and wait for their clear to close in order to schedule the closing. I’ll let you know once I receive the title work.
 
I am a bit frustrated being that Monday is the 15th. I mean, can my sellers back out? I dnt see them doing that, since they have already moved out the house...super fast. My loan rate lock ends, 10/3 but on 9/18, charges can change. I am super mad. I mean, from what the lawyer is saying, is it alot to get done time wise? I need to be out my place the end of the month. Im so damn frustrated. My realtor is like sit tight..it will all work out. Easy for her to say. Any advice is appreciated.
Message 1 of 4
3 REPLIES 3
StartingOver10
Moderator Emerita

Re: Closing taking forever


@Anonymous wrote:

I started my house hunt on around 7/7. Contract finalized around 8/5...set to close 9/15. Got commitment from bank (New Penn Financial) via a broker. So now here is what my lawyer (settlement office) is telling me, we are waiting on and this is her reply:

 


No problem. We are waiting on the seller’s attorney to provide us with the title documents (abstract, survey, deed etc). The seller’s attorney is waiting on the updated survey from the surveyor. Once we get the title docs, I have to review title and order the title insurance (which takes a few days) . then we send the title insurance to the bank and wait for their clear to close in order to schedule the closing. I’ll let you know once I receive the title work.
 
I am a bit frustrated being that Monday is the 15th. I mean, can my sellers back out? I dnt see them doing that, since they have already moved out the house...super fast. My loan rate lock ends, 10/3 but on 9/18, charges can change. I am super mad. I mean, from what the lawyer is saying, is it alot to get done time wise? I need to be out my place the end of the month. Im so damn frustrated. My realtor is like sit tight..it will all work out. Easy for her to say. Any advice is appreciated.

^^^No, this is not a lot even though it might sound like it. It does sound like there was a mis-step in the beginning of your loan process. Normally the survey and title insurance is ordered early enough in the process so that you don't have these types of delays in the processing and closing of your home loan.

 

I know it is easy for those of us in the business to say not to worry, but really this is the very last step. You do want to have clear title when you close Smiley Happy  Congratulations! You are almost there.

Message 2 of 4
Anonymous
Not applicable

Re: Closing taking forever

Thank you Starting over. So after this is done, will the underwriter have to review my file again (taxes, paychecks, bank statements) or do they just review these documents we are waiting on? Thank u for giving me hope...

Message 3 of 4
StartingOver10
Moderator Emerita

Re: Closing taking forever

If you have no other conditions on the loan then you should be fine. The underwriter takes one last look when you satisfy any/all the condition(s) on your loan commitment. All loan commitments are subject to clear title so that is really standard.

 

Don't worry. This issue with the title can be done pretty quickly - couple of days is normal.

Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.