topic Re: Just needing to vent..grrr in Mortgage Loans

Just needing to vent..grrr

Anonymous — Wed, 11 Apr 2018 17:27:50 GMT

So this mortgage and selling process is literally sucking the life out of me, and my anxiety is through the roof. We are supposed to close on our current house Monday, and our new house Thursday. Our buyers were under the impression all they needed was their down payment for closing, but of course there were some fees and they need one month reserve. They are going to be $200 short to close on time, so we will be pushed back 2 weeks. This will make our sellers pretty upset sense they already closed on their new home and dont want to keep paying. Hoping we dont have to pay a per diem for 10 days. The new house needed repairs due to the appraisal. The reinspection was ordered Monday but they cant get ahold of him. Multiple people have tried with no success. Frustrating $200 can cost us closing for one, and cost us to pay bills we werent expecting to pay because they were to be paid off at closing, and possibly paying a per diem. I want to rip my hair out.

Re: Just needing to vent..grrr

JediNeo — Wed, 11 Apr 2018 23:48:11 GMT

Sorry to hear that. Was the $200 short of the min investment or just closing cost in general. Surprised your buyer's lender didn't just eat the $200 and lower a fee or two to offset the shortage.

Re: Just needing to vent..grrr

CreditInspired — Thu, 12 Apr 2018 00:43:44 GMT

I'm confused, OP. Why don't you just pay the $200? Sounds like in the scheme of things, you would come out ahead or am

I missing something?

@JediNeo

Re: Just needing to vent..grrr

hollyanimal — Thu, 12 Apr 2018 01:03:56 GMT

It’s scary that somebody purchasing a house can’t scrape up $200 🤔🤔

Re: Just needing to vent..grrr

Anonymous — Thu, 12 Apr 2018 01:57:20 GMT

We have contributed all we are allowed to contribute, or we would. We are not allowed to add to their reserves or down payment. I dont think they knew anything about a reserve until just recently, and he does roofing so its been slow because of all the rain lately. We are trying to pull a miracle by Friday so we can close Monday.

Re: Just needing to vent..grrr

Anonymous — Thu, 12 Apr 2018 16:35:26 GMT

Ugh, no real advice to give but I hope you all can figure something out. I think lenders need to be more upfront about reserve requirements. We are closing next month and I just happened to ask my lender if we need reserves and it turns out we need 2 months worth. I wouldn't have known if I didn't ask, it wasn't listed in our disclosures anywhere and it hadn't been brought up to us previously!

Re: Just needing to vent..grrr

Anonymous — Thu, 12 Apr 2018 16:52:23 GMT

Thank you, you are right about that. I think we got the whole closing for Monday worked out I think (fingers crossed). We still havnt heard back from the appraiser for the reinspection. Its holding our file back from going to USDA. Hopefully he gets out there soon. Looks like Missouri USDA turn around time is only a day or 2 so hoping Thursday happens.

Re: Just needing to vent..grrr

jlitnns — Thu, 12 Apr 2018 16:58:30 GMT

White envelope, $200 cash money, unmarked, on their doorstep. No one will know.

Except us, we will know.

Re: Just needing to vent..grrr

Anonymous — Thu, 12 Apr 2018 19:43:06 GMT

@hollyanimal wrote:
It’s scary that somebody purchasing a house can’t scrape up $200 🤔🤔

I agree. There is alot more cash needed when it comes to owning a home than the reserves and the down payment. A lot of people don't know this.

OP, glad things worked out. I will be following the thread so update once you are able to close on your current home on Monday.

Re: Just needing to vent..grrr

Anonymous — Thu, 12 Apr 2018 20:09:42 GMT

I sure will update either way Monday. Still waiting on the CD for both houses and still no word from the appraiser. I think they need to find another one to go do the reinspection.

Re: Just needing to vent..grrr

Anonymous — Fri, 13 Apr 2018 17:13:19 GMT

about how much cash would they like to see 2 or more months worth of expenses ?? i am in the process of getting everything i can ready before i evn apply my credit is at 680 and only have like 3k for downpayment atm so i dont think im ready just yet

Re: Just needing to vent..grrr

JVille — Fri, 13 Apr 2018 17:31:00 GMT

2 months PITI and this can actually be your 401k Account.

Re: Just needing to vent..grrr

Anonymous — Tue, 17 Apr 2018 00:25:42 GMT

Thought I would update thus far. We closed today on our current home. Glad that is out of the way. Appraiser finally went out Thursday night apparently and sent in his report this morning. Our realtor and LO had no idea he went back out. As soon as his reinspection report came in, we went straight back to underwriting where they cleared us and sent us to USDA at 2pm. 50/50 chance we hear back tomorrow, but probably Wednesday. Praying we make our closing on Thursday at 2pm. Our LO said he won't let us be homeless lol. Our buyers have let us stay until Saturday afternoon at 2, so hopefully we can be moved out by Friday and able to clean Saturday morning.