topic Re: waiting for clear to close in Mortgage Loans

waiting for clear to close

Anonymous — Tue, 24 Feb 2009 15:17:12 GMT

I can't take this. We are waiting for clear to close. We are buying a bank owned (foreclosure), "AS IS". The underwriter had some conditions. We met the conditions ( treated for termites along w/a few other things). Everything has been submitted to u/w. Friday (27th of Feb.) is our deadline to close. How do people get through this w/out losing their minds? We have 3 days! I have never been so nervous and on edge as I am right now. The LO keeps telling me u/w has everything & the docs just have to be emailed to title co. and we should have no problem closing Friday. I wish the u/w would just review everything already and get on w/it. I am literally sick to my stomach. To all of you going thru this, Good luck & I wish you all the best. This should be a joyous happy time for our family, but can't get excited and happy until clear to close is issued. To those of you have been thru this already...I hope everything turned out great & you are enjoying your home.

Re: waiting for clear to close

Anonymous — Tue, 24 Feb 2009 15:21:09 GMT

Good luck! I'll keep my fingers crossed for you.

I am buying a HUD and am just wondering the process. I posted in someone else's thread but no one responded. If the inspections are for the buyers informational purposes, then how does the UW know you needed to treat for termites? I didn't think they got copies of inspections, as you aren't required to have one. Or are you required for FHA? I am going conventional, so maybe I am getting my wires crossed. Just trying to gain some insight.

Re: waiting for clear to close

Anonymous — Tue, 24 Feb 2009 15:45:21 GMT

In our case the underwriter wanted to see it. We had to turn it over. You can't tell them no. I think all banks require you to get one, I could be wrong though. Actually the home inspector found an inactive termite tunnel on basement wall, but it didn't even go up to the wood work. It was on the concrete wall from the floor up a few feet. Our underwriter picked on every little thing the home inspector noticed. It is crazy. No house is perfect. It's really frustrating. I never knew buying a house was so stressful. Good luck!!

Message Edited by dlspal1310 on 02-24-2009 07:45 AM

Re: waiting for clear to close

Anonymous — Tue, 24 Feb 2009 17:21:27 GMT

That's the thing, you are not required to get a home inspection. Not that I would recommend buying a house without one, but it's not required. That's why I am getting so confused about people posting that the underwriters are requiring certain things to be done on the home. Really, really confusing me.

No house is going to be perfect at all, that's why I am asking becuase it makes me nervous and I'm not about to put money into a house I don't own. So, this could be a deal killer for me come inspection time. Though, my realtors husband is a home inspector and he's already been through the house 3 times and says everything looks great except for evidence of a past termite issue as well. He did note that he could see where barrier treatments were already done, but recommeded I do it again when we move in because it's a HUD home and since we don't have contact with the original owners we have no way of knowing how long ago the treatment was done.

I really hope my uw is not as nit picky and I personalyl don't think I should have to provide an inspection report when it's not required to get one in the first place. Hmm, should be interesting to see how it pans out.

Sounds like you have complied with all your uw's nit-picking, I sure hope you can relax soon enough knowing that all conditions have been met and you'll soon be in your new home.

Re: waiting for clear to close

Anonymous — Tue, 24 Feb 2009 17:24:04 GMT

Just an after thought. Did you approval say in the conditions that it was contingent upon inspection? Mine just says appraisal and some tax forms and some other forms I think that had to do with me stating I'll be living in home as primary residence. I can go back and look, but I wonder if it was a condition of approval?

Re: waiting for clear to close

Anonymous — Tue, 24 Feb 2009 17:34:09 GMT

I am in your boat. Since the home was a foreclosure "AS IS" the u/w wanted us to go ahead and to repairs BEFORE CLOSING! We were so nervous & uncomfortable about putting money into a house we didn't own. It's a very scary, risky thing. We replaced the water heater & did over $3000 in repairs. Everything was turned into the u/w again & she came back w/the appraiser needed to fill out HUD form 92051 stating what was done & submit pics. She also wanted us to go ahead & treat for termites even though there were none found, nor any damage from termites, just an old inactive tunnel found on the concrete wall. Another $730. Then b/c the home inspector put that the foundation had a few cracks (which were hairline & normal & had been filled in & waterproofed already) we had to get inspection from a licensed contractor or engineer. My husband is an engineer. We had a licensed contractor come & look at it & reported no leakage & structurally sound. Now we have turned in those things & are waiting for clear to close. Closing set for this Fri. at 3. It's the scariest thing we have ever been thru! The LO keeps telling us we are approved & that she wouldn't be doing this if we weren't going to be able to close. She keeps telling us not to panic, but it's hard when you have spent all this money & the deadline is so close. I hope everything goes well for you! Good Luck. Maybe we are overreacting & paranoid, but it's worse than being on pins & needles.

Re: waiting for clear to close

Anonymous — Tue, 24 Feb 2009 17:35:52 GMT

No my approval did NOT say contingent on home inspection, but u/w ended up wanting it & then made conditions after viewing it. They can do whateve they want at any time. It's unsettling.

Re: waiting for clear to close

Anonymous — Tue, 24 Feb 2009 17:40:08 GMT

Oye! You are not overreacting or paranoid, after ALL that you have been through and everything you have invested I don't think anyone can blame you for wanting peace of mind and just to get the final OKAY! Geez. You poor thing. Hang in there. Hopefully it's almost over!

Who is your lender?

Re: waiting for clear to close

Anonymous — Tue, 24 Feb 2009 17:43:32 GMT

Franklin American or FAMC thru broker. We should have gone thru our home town bank, but I went thru this broker because she had 16 yrs. experience in FHA loan. I thought it would be smoother & quicker going this route. Just praying and hoping everything works out & we will be able to celebrate Friday with our family! Thank you for your advice & well wishes. It makes me feel better to hear others feed back & situations.

Re: waiting for clear to close

GFer — Tue, 24 Feb 2009 21:22:12 GMT

Oh, wow! That's the same thing I'm going through!!! My home inspector put in that he 'recommends' the home be treated again. Actually, I have no problem with that as I'd rather have it done before I move in, I want to make SURE my home is sound, and while yes---I'm nervous like you....I really, really, want this house!

FHA appraisal was done yesterday but haven't heard anything yet. But---loan guy says that if something had come up he would have heard about it by now. These are all people he works with on a regular basis. Only thing left is final loan commitment. He says I have a strong file and I was pre-approved. Everything on 'my' part has only improved....(scores, cash reserves, and paid off my car).

Only one glitch...have submitted all docs for loan except 2007 W2's. I think I may have thrown them away with another loan packet (this is my 7th contract!!). I emailed loan guy, but haven't heard anything back yet. I so hope he still has them!

It IS all especially unnerving! Breath deeply and find something to keep you busy. That's why I'm here!

Good Luck!!!

Re: waiting for clear to close

malys28 — Tue, 24 Feb 2009 22:00:49 GMT

Going through the same thing - my file was submitted to the u/w on 2/6 where it sat for a week and then came back with conditions on the 13th - got all the conditions cleared by the 18th and my LO had been waiting for my file to clear legal (not sure what that means) since then - he thought he would have a close date yesterday but haven't heard from him yet today.

I have to close by the 3rd so this is killing me....

Re: waiting for clear to close

Anonymous — Tue, 24 Feb 2009 22:18:29 GMT

I find it very odd that all of these lenders are requiring buyers to put money into a property they don't own before closing. I am not doubting any of you, I just find it a very odd way to do business. Extremely risky for the buyer. Are you guys going FHA or conventional? I wonder if FHA has stricter policies on this stuff with the REO homes. Sheesh. Fingers crossed for ALL of you!

Re: waiting for clear to close

Anonymous — Tue, 24 Feb 2009 22:24:29 GMT

We are going FHA. I will let you know how things turn out. We were uncomfortable w/this from go. Wanted to go 203k rehab loan but LO said they are a pain & advised us not to go that way. We ask over & over again if we were definitely approved & wanted to know exactly what u/w wanted done. We did everything now why is u/w taking so long to clear to close? It's so aggravating!

Re: waiting for clear to close

Anonymous — Tue, 24 Feb 2009 22:28:19 GMT

Does anyone know how long underwriters usually take to clear to close? Everything was turned in a couple weeks ago, we got the conditions back (list of repairs they wanted done prior to close). We did those & had to pay appraiser $100 extra to come back again to re-inspect. LO turned in appraisers final report, along w/termite treatment papers & clear foundation report yesterday morning. We have to close Friday at 3. LO keeps re-assuring us that everything is ok, but I am curious to know how long u/w usually takes to clear? 1 day, 2 days, anyone know? They already had title work, VOD & VOE etc.

Re: waiting for clear to close

Anonymous — Tue, 24 Feb 2009 22:34:18 GMT

@Anonymous wrote:
We are going FHA. I will let you know how things turn out. We were uncomfortable w/this from go. Wanted to go 203k rehab loan but LO said they are a pain & advised us not to go that way. We ask over & over again if we were definitely approved & wanted to know exactly what u/w wanted done. We did everything now why is u/w taking so long to clear to close? It's so aggravating!

Oh my gosh. I totally remember your other thread now. You poor thing, you really have been put through heck and back. Hmm, when all said and done, I'd be asking that loan officer if it he/she thought it was any less of a pain to be going back and forth with all these conditions and laying out money for a home that isn't yours yet. I'd ask her if she would have been willing to do all of that. Really makes you wonder who she's looking out for...

I'm sure it will all work out, but boy oh boy I bet your ready for a glass of wine --- in your new home!!

Re: waiting for clear to close

Anonymous — Tue, 24 Feb 2009 22:41:37 GMT

Yep that is me. The realtor & us planned on going 203k, the LO insisted on trying to go reg. We just wanted the house. We are getting such a great deal & we were told if we did the work we could close ontime w/out extension. Well we had to get an extension of 2 weeks. The appraiser turned in the wrong form when she came back to re-inspect. So know the correct form has been turned in along w/the other 2 papers. If we don't close by Friday at 3, as planned we will lose the house & the money we put in. It is so scary, this board & you guys are all that is getting me thru this. I am seriously about to lose my mind! Our credit is really good so we could go to another bank, but we don't have time to now. With all the improvements we have made to the house why would bank want to wait on us, they could sell the house for a lot more money now w/the stuff we have done. I will never go FHA again & I will only deal w/our local bank if I had to do over.

Re: waiting for clear to close

Anonymous — Wed, 25 Feb 2009 00:49:51 GMT

You WILL close this friday by 3pm!!! You WILL!! Failure is not an option!

(And, if the screw with you tell them you will go down there and sit on their desk until they fix it. That's always worked for me in the past!)

Re: waiting for clear to close

Anonymous — Tue, 03 Mar 2009 20:38:34 GMT

I am so stressed! My loan has been approved after 6 months of fighting with the sellers on house we are trying to purchase(long story, sellers were not honest up front). Anyways are loan has made it past the underwriters and is now with the title company. Are closing date has been changed several times in the last 6 months. We were told that we would close this past Friday, then before this Wednesday. Today is Tuesday late afternoon. Apparently the title company has to do their thing....but i dont know what thier thing is?!!?? What the heck are they doing and why does it take so long. When will I close.

Pulling hair out!!(rescheduled appliance delivery 3x).

HELP!!!