April 2021 Closers Thread

[DiamondDan73]

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@DiamondDan73 wrote:

Purchase price - $774K SFR
% Down - 3.5
Product - FHA
Mid score - 642

Sellers Credit - $9.5K
Rate - 2.75 (locked) Expires 4/26 cost was $4,700 to buy down from 3.25% 

Estimated Close Date -  Was scheduled to close on 3/31/2021 now earliest close date is 4/9/2021
Possible issues - What a wild ride! Started escrow on 2/5/2021 buying our rental from our landlord. He is a tightwad and decided not to use any sort of selling agent. When we moved in April of 2020 we both agreed on a one year lease with an option to purchase at fair market value as well as a 6K seller credit towards the down payment. In November 2020 seller had an appraisal down to establish FMV and it came in at 780K. Offered him $760 since he wouldn't have to pay any REA fees. He refused and we agreed to 780K. He sent over the counter offer at 774K which included the 6K seller credit and agreeing to fix all termite damage.

We open escrow and started jumping thru every hoop you could imagine. Trying to buy a home from a seller with no one except the escrow company was a nightmare! We decided to pay for a REA out of our own pocket to help us buy the home since the seller had absolutely no clue.
At the beginning of March a get a call from the seller telling me we have a "big problem" and I start freaking out. I call him and he tells me we need to increase the price to 780K because he made a mistake and thought that the 6K seller credit was towards the purchase price and not the down payment. He even emailed escrow telling them to adjust the price to 780K. Our REA jumped in and explained to him that the price is the price and get those repairs done. We also find out that the seller hasn't even signed escrow papers! Appraiser comes out while the termite repairs are being done and notes that the wooden patio cover has termite damage. Then he tells us that he won't fix the patio cover and will just tear it down. Appraisal comes back at 750K and we start to freak out. We knew the seller wouldn't agree to 750K after almost killing the deal over 6K. My REA and LO get more comps to the appraiser and he raises the appraisal to 774K and looks like we are good. I get an email at 9:30 PM on 3/21 letting us know that the appraiser will be there at 2:30 the next day to inspect the termite repairs. The seller still hadn't fixed the patio! He tells us that we should take care of it if we want to buy the home. I proceed to tear it down at 8:00am it didn't realize how big of a project it was and how heavy it was. I ended up finishing tearing it down around 1:30pm. The appraiser shows up at 2:30 and tags the patio as a hazard. We get word from the mortgage company on 3/26 saying we need to remove the patio before they can move forward. Have it hauled away the next day. Appraiser comes out on 3/29 to take the pictures. Obviously we aren't going to close on the 31st.

on 4/1 we get an email from an attorney that is now representing the seller in the transaction asking us why we haven't closed escrow yet?!?!? My REA (who is also and attorney) rips in to her letting he know that we would have closed escrow if her client would have done everything he was supposed to do.

Now we are waiting for the mortgage company to review all conditions and give us the CTC. Hopefully we can close on 4/9/2021. 

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Update. Got the CTC on 4/7, signed docs on 4/10, closed today 4/14!

[AZEsq]

This looks like what our ride will be smh. What market are you in and please update as to whether you're able to close by end of the month!

[Anonymous]

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@Anonymous wrote:

Purchase price - Cash out refi.  House value $650,000; loan amount $520,000
% Down - See above; 20% equity remaining
Product - Conventional
Mid score - 707

Rate - 3.25 (locked), no points, expires May 10th  

Estimated Close Date -  Expected end of April
Possible issues - Prior loan is FHA because I had past tax debt and liens at time of purchase; using part of proceeds to pay off prior tax debt and have liens released/withdrawn.  Shouldn't be an issue, but the whole thing makes me nervous.  I've spent a lot of time researching and understanding the in and outs of mortgages and tax liens, but have found most loan officers are not nearly as familiar.

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Got the CTC yesterday, set to close 4/20!

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Purchase price - $420k 
% Down - $0
Product - VA (Navy Fed)
Mid score - I'm not sure how to check my scores my regular credit scores are 787

Sellers Credit - $0
Rate - 2.375% (locked)

Estimated Close Date -  April 28th
Possible issues - None that I know of, our appraisal came back on point today, we should hear back from our first round of underwriting tomorrow. As long as our title comes back in a timely manner (we are in NY) then we have been advised we can close early. 

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We heard back from UW on Friday, we had to send in a receipt of our paid 2020 taxes, signed taxes and updated P/L for my husbands business. Our new MLO at Navy Federal (we were switched bc initial one was fired I believe) - has been INCREDIBLE. She answers emails emails with in 15 minutes is so full of knowlendge and is very pleasant to work with (I ask a ton of questions). She will ensure our file is resubmitted to UW today and she said timeline should be 48 hours or less with approval and CTC. Fingers crossed, we want nothing more than to close early!! 

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Navy Fed is so slow, we still do not have the clear to close, we were told that bc our file is showing an estimated closing date of 28 APR the UW team is bypassing us to clear files closing sooner. So despite our file being complete, we are just in a holding period. Our MP finally told me yesterday at 1:00 ET that we can submit a signed addendum to push up closing date...... this would have been lovely to know 1-2 weeks ago. Regardles, just waiting for the sellers to sign it so I may submit it. We were hoping to close this Friday, but as it turns out, sellers realtor is on vacation till 20th. Non-stop things in the way. On the bright side, we were able to get closing pushed up to 22 APR. So here's to hoping!! 

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We got the CTC last week! Set to close Thursday 7/22!

[stellarrr]

Nice -- You were able to get lender and seller's credit!  😎

[Anonymous]

woof, 4/22 not 7/22. 

[leahslavi]

Thats today....HAPPY CLOSING DAY!

[devacraze]

Purchase price - $1,800,000 cash out  refi; of which 500k cash out and 1,300,000 existing mortgage balance. 
% Down - n/a
Mid score - 815

Credit - lender paid 5k closing costs 
Rate - 2.375% 5/5 ARM

Lender - Security Federal Credit Union

Estimated Close Date -  Signed yesterday; close and fund April 23

[hsfun2019]

Well we are scheduled to close this Friday at 11am.... still waiting on Clear to Close....   and the closing disclosure so I know how much to bring....  LO said today would be the latest they would get us the final closing information by law.    Needless to say a little bit stressed...

[hsfun2019]

Got closed on 4/30.  Didn't have final approval until 600pm on 4/29.  Didn't get final Closing doc and amount to show up with until 1020am on 4/30...  40 minutes before actual closing.  Can breathe a bit now.  PHEW.