topic Re: Almost there... in Mortgage Loans

Almost there...

Anonymous — Thu, 26 Jul 2012 15:41:51 GMT

I'm a new poster but have been browsing these forums for the past month as we've been on our journey. Initially we found a house that we liked and wanted to offer on but by the time I was able to review the docs with the attorney they had an offer on the property. We found another property and were in negotiations when it came out that the seller was also the listing agent which was not disclosed and there were other problems that happened. Ultimately they did some pretty shady things and we never had an offer accept - which after all that was fine with us. Then we get a call from our realtor that the house we originally wanted but went under contract was now available and we had an offer accept later that day. Everything was going good until the inspection - best investment we made! There were so many problems with the house that it was reported to the city (safety concerns with fire, water in electrical wiring, etc... just a mess). So needless to say we walked away from that.

Continued our search and found a new home that had just been completed. It had just had a price reduction and we moved forward and had offer accept with the builder that same day. Inspection went great and the only items that were noted on inspection were cosmetic (paint a flashing and finish a siding panel which they were in the process of finishing when the inspector arrived). Had our new home owner orientation walkthrough (to go over warranty, maintainence tips, inform us about our new home, indicate if we wanted the builder to fix anything, etc) and that went well as well. Only minor things to fix - wash the siding, paint the flashing, install a door stop on one door. Had our final walkthrough yesterday and all items were taken care of except the installation of the fridge which they are doing today.

We're in the home stretch but have faced some delays.

We are supposed to close on our house tomorrow. Had the final walkthrough yesterday (new build) and everything is good to go. Got all of our final conditions into the underwriter two weeks ago and received the clear to close. But after that it went downhill. As it is the end of the month there are a lot of files to process. But getting the documents to the title company seemed like it required a miracle. It tooks days and was finally sent at 5:03pm last night - after the office closed. The title company does a first come, first served basis and our file is 5th in line so HOPEFULLY we will have our signing appointment this afternoon.

Our realtor is worried that we may miss the fedex cutoff and has indicated that she wanted to drive the documents herself if she had to. Our LO is trying to get an exception processed so that they fund without going through the 24 hour review period. I've told them both that all I am concerned about at this point is knowing when we can move in so that we can make plans. If it's Saturday, great. If it's Monday - it means my husband has to handle most of the move himself until I get off of work but we can do it. Just really down to the wire.

My only saving grace is my husband who has been extremely positive through this last portion of the experience and keeping a level head. We are almost there and so excited but just need to get through this last stretch!

Re: Almost there...

Anonymous — Fri, 27 Jul 2012 13:12:13 GMT

Managed to get the docs signed at 2pm yesterday. Didn't get the HUD statement until 30 mins before our signing appointment but was able to swing by the bank and get the cashier's check since the numbers did not change from the closing cost worksheet we received from our LO so we were glad about that.

Now we wait - typically our lender has a 24 hour review period before they release the funds but our LO put in for an exception to see if they can look at our file first so that they will release the funds and the deed can be recorded. Should know more later this morning. If it doesn't happen today then we'll get the keys Monday. Just keeping our fingers crossed that we're able to get it done today so we can move over the weekend.

Re: Almost there...

StartingOver10 — Fri, 27 Jul 2012 14:19:59 GMT

Congrats! Enjoy your new home

Re: Almost there...

Anonymous — Tue, 31 Jul 2012 14:52:35 GMT

Ugh.. so we weren't able to close last Friday so it was pushed to Monday (the 30th). My realtor and LO are keeping me informed. The loan is funded - we're good to go. I leave work about 2:30 and get a call from my LO that starts off with ..."I'm so sorry...". Apparently when the lender wired the money to escrow there was a glitch in the computer system and it crashed so escrow didn't receive the funds and the deed was not recorded. What luck!

We were able to move our stuff into the garage (since we couldn't take time off of work) and should HOPEFULLY truly close today. What a quirky thing to have happen.

Re: Almost there...

Anonymous — Wed, 01 Aug 2012 12:18:51 GMT

We have had to move stuff into the garage when a closing was delayed as well. Very frustrating,bush hang in there....one day you will tell this story and laugh about it.

Re: Almost there...

Anonymous — Wed, 01 Aug 2012 16:01:15 GMT

I sure hope so Jen! It has been delay after delay. At this point the stress has been getting to me so much that my husband is taking over as their primary point of contact for today. Not to mention it just happens to be the busiest week of the year at work for me this week so I just don't need the added stress.

Re: Almost there...

Anonymous — Mon, 06 Aug 2012 02:48:49 GMT

FINALLY closed on 8/1. Delay due to LO not being able to figure out the correct numbers. AND he kept blaming it on a "computer glitch". Grr.. but we finally closed and are still trying to unpack everything