We're going USDA. Our earnest money deposit covers all of our out of pocket expenses, and we're set to actually get 1500 of it BACK at closing. That INCLUDES the money for inspection and appraisal. Broker emails that "as a formailty" he needs a check for the appraisal. 450 bucks. I *have* the email from him still that he's going to "hold" this check because of the closing scenario that the money for the appraisal will be taken from our earnest money and lender credit.
Husband gets paid on the 15th. We don't have a lot of money in our checking account at this point. I keep our savings with ING. Basically the only money in my checking account is our rent money since the check hasn't cleared.
What do you think happened yesterday? 450 check cleared the account. I IMMEDIATELY transferred money over from ING, but it takes 2 business days to show up 
If my rent clears today (and I so suspect it's going to) I'm going to have an NSF. On my rent no less. In the middle of the mortgage process.
I haven't had an NSF is almost FOUR years. I'm SO pissed.
Broker is like "oh sorry, it was an oversight since my assistant opened your package. I do remember that email, but no big deal" We're like HELLO? IS a big deal?? He claims that a "simple LOE" would fix any potential issues that may arise with this. I'm completely beyond irritated.
So now all I can do today in additon to working 10 hours and taking care of 3 kids is stalk my bank account and pray like heck my rent doesn't clear until tomorrow.
@Anonymous wrote:Oh no! I'm sorry. Fingers Crossed!
I think you will be fine 
NSF's can be adequately explained with a good LOE -- but I feel your pain...
On a personal note, I made a decision years ago, after bouncing several checks, to never, ever write a check that won't clear, no matter what ANYONE says about not cashing it or holding it for a certain time... if the money isn't there, I am not writing a check..
-scott
@rckstrscott wrote:
@Anonymous wrote:Oh no! I'm sorry. Fingers Crossed!
I think you will be fine
On a personal note, I made a decision years ago, after bouncing several checks, to never, ever write a check that won't clear, no matter what ANYONE says about not cashing it or holding it for a certain time... if the money isn't there, I am not writing a check..
-scott
I made that same decision years ago - if it's not in the account, I don't write a check. I never believe it when someone says they will hold a check - it just isn't true. You eliminate all stress for money when you have the funds in your account before you issue any check, ACH transfer, debit charge etc.
As to the mortgage broker, he should have never stated he would hold the check. They always cash the appraisal check and give you a credit for it on the HUD1. If you don't close, then the appraisal is paid for at your expenses. That's SOP in the industry.
@rckstrscott wrote:On a personal note, I made a decision years ago, after bouncing several checks, to never, ever write a check that won't clear, no matter what ANYONE says about not cashing it or holding it for a certain time... if the money isn't there, I am not writing a check..
-scott
+10000000000000000
I feel you. Although my appraisal has been done, my appraisal money has been just sitting in my checking for weeks. I transferred it because you never know when someone on the other end might speed up or drop the ball.
@Familywantsahouse wrote:Yeah. Lesson leanred. I could have easily transferred the money. So far nothing has cleared yet today. We fully expected to have to fund the appraisal and inspection, our broker made it a point to let us know he would hold the check....just one more thing to stress out about...
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