Is almost unbearable.
Found the House
To make a long story short, the wife and I were planning to rent another year, but due to some unforseen circumstances found ourselve in position to buy a little ealier than anticipated. After looking at essentially every house in town (in our price range) we found the perfect home for our rather large family (5 kids), however the house was a forclosure - meaning a hassle to purchase. Being a bank owned home they required pre-approval from BoA. We were unable to obtain this, however we submitted our pre-approval letter from our prefferred lender along with out offer and waited. They counterred (taking off the discount we offered and offering the same amount in closing costs paid) and we accepted, with a tentative closing date of Apr 23.
This was back on Feb 22.
...
The Loan Process
Our (FHA) loan conditions came back on April 2nd and within a day we'd met them and provided everything to the loan officer. At this point we were told it would take 48hrs to clear the condtions, and another 48hrs to setup closing - so we were hoping for a closing on the 6th.
Circumstance 1
Well, as it turns out noone ever let the title company know we wanted to close early, so noone had even started the title work, finally on Monday the 9th this had been taken care of... So we were hoping for a closing on Wed the 11th.
Circumstance 2
On Wednesday we find out that some of the conditions had not been met (or rather not been submitted) and we had to re-send the documentation to the loan officer. So at this point we're hoping for being able to close on Friday (and not waste another weekend).
Alas it's now Monday and we've yet to hear back with a 'clear to close'... Our LO has been terrible about keeping us in the loop, and the whole process has been extremely frustrating. To make matter worse, we've got a $185 per diem on our contract that will take effect on the 23rd.
Anyone have any suggestions?
Starting Score: 722
