04-23-2012 06:36 AM
The whole process for for me start to finish (finish being conditional approval) was 2 months. So once all the document fetching, sending and signing was done, waiting on underwriting was 3 weeks. I was told when the whole process started at the beginning of the 2 months I'd know something in 48 hrs. Obviously that was not the case and I just rolled with it. Getting impatient wasn't going to get anything done any faster and may have served more harm than good on my part. Even though my broker wasn't extremtly forth coming with information, she did a good job. She didn't want to say something she'd have to take back. I do respect her for being optimistic while not painting herself in a corner so to speak.
04-23-2012 06:41 AM
That's true Dallas... and I do understand that... I've even tried thinking "well, maybe there was a sick kid at home" and that's why she didn't make it into the office Saturday... I really have been trying to be optimistic thru this whole thing... It's just getting harder and harder when you know the house you are trying to get is slipping away... The sellers are still showing the house until we get this pre-approval letter...
Of course my situation was just a streamline refinance i was waiting to hear about and not buying a home. I had my home so I wasn't worried about an optunity passing me by while waiting. That probably would have made me more crazy.
04-23-2012 08:06 AM
This must be very stressful ....
So let's say you find a LO that doesn't have enough experience and make a mistake (thinking you can get approved for something while you can't).
Is there any accountability in this type of situation or does the buyer simply loses all the money invested? (appraisal, etc)
04-23-2012 11:11 AM
Well... I got a call today... No good news (but, not dead in the water news)
Apparently when they did a 2nd credit report pull So that they could add our rent payments to the report... Something that was supposed to be removed from the credit report (and WAS off the credit report) on a closed account... Somehow mysteriously showed back up.. It was a 30 day late payment that was not a 30 day late payment... So this made the score drop by 7 points... So when she called today she told me somehow it only got put back on to the TransUnion report... She told me if I got them something in writing saying that it is an error they would send it back thru Rells to get it corrected... So of course I called the company.. Within 5 mins they sent me the form that they say they sent to each credit bureau... So I scanned it in and sent it to the processor... I called her to confirm she got it... and of course she did get it... She said to give her ANOTHER couple of days for them to get it straightened out and she'll get ahold of me...
04-23-2012 01:21 PM
I can relate somewhat, our file went to the UW last Wednesday and we're waiting too. Emailed for an update today and our LO said he's still waiting. I guess the only thing that makes it bearable is that we haven't actually found a house yet and DH refuses to look at any until we hear back.
04-23-2012 07:17 PM
04-24-2012 06:04 AM
Oh the waiting game is what has made this the worst... I've been so flustrated...
We weren't planning on looking to buy a home... Until last month the landlord told us he and his wife got divorced and she got the house in the divorce... and she wants to move back into it... So of course I just started looking at places on Craigslist... and started the home buying quest... (I'm determined to never be in this situation again)... I happened to stumble across a home close to where he are but, also real close to other family members... It is the perfect situation being that my husband leaves a lot for work... The people selling the home knows how bad we want this home... But, the problem is... until we get this pre-approval letter they are still showing the home - they already have a letter from their bank stating they can short sale the house... That the sellers bank will accept the appraised value... Plus side is... they aren't going thru a realtor... So advertising they are doing is a sign out in front of the house and craigslist...
At one time, they did tell us we could move into the house and take over their payments until we get all the credit stuff straightened out...
04-24-2012 08:30 AM
First I want to say good luck with your home purchase. But I am confused... Are you waiting on a pre-approval letter or are you in underwiting? Have you made an offer on the short sale? And was the offer accepted? If you are still waiting on pre approval, I hate to say it, but you have a long wait ahead of you. I know... I got pre approved a few months ago. Put an offer in on a short sale that was accepted on March 13th. Didn't hear anything till April 5th when they wanted wet signatures instead of DocuSign. Then finally heard that the appraisal from the seller was done on April 13th. Got an email on April 17th that we are "still waiting". And today is the 24th, still haven't heard anything... Short sales take a LONG time. I wish you the best of luck.
04-24-2012 08:46 AM
We went to underwriting last Tuesday... They said we would get the pre-approval letter from underwriting... Wells said once we have the pre-approval they will order the appraisal... The sellers already have a letter from their bank stating they will accept appraised value... So we can't really "make an offer" until the appraisal comes back... and can't get the appraisal until it comes out of underwriting...
04-24-2012 09:10 AM
I am going through WF also. So you are waiting for the "PriorityBuyer" pre approval letter? They put my info into the computer and I got the print out with a breakdown of closing costs the same day.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO