Sitting on pins and needles....

[Anonymous]

Here's the story: Put in a bid on an REO on 8/17 it was accepted on 8/19. We were supposed to close on 9/25, the paperwork from the owner/bank was pending. It took a long time to get the correct POA from the seller. That is finally taken care of. Then it went back into UW and another condition was found. We needed confirmation of the minimum amount of hours that I work. Did that and gave the info to the broker by 9:30am 10/16. As of the end of the month I have no home. My question: Why am I getting hit with another condition? Supposedly it was only the POA they were waiting on nothing else. That was satisfied and now the verification of hours, now it's back in UW again. Doesn't make sense that it would take this long. HELP! Is my broker just not doing a good job. He works out of his home. I am afraid that he isn't as effeicient as I would hope for.

[Anonymous]

no wat to tell from here, but lists of conditions are never final until the keys are in your hand.  60 days to close on a REo is farily common since the seller (the bank) tends to take awhile to get things moving.  As far as the additional condition (employment stuff), this type of stuff is fairly common right at the end as the UW id dotting the I's and crossing the T's.

[Anonymous]

So glad to hear your response. I really hope that this is close to the end. What I don't understand is why it takes so long in between satisfying each condition?

[Anonymous]

Because the UW has a big pile of files sitting on his/her desk. Each time your file goes back to them it goes to the bottom of the pile. What takes so long is waiting in the UW que. Actually going over your file is probably less than an hour.

[DallasLoanGuy]

this might be the broker doing a good job or not.

some files just go this way....

[Anonymous]

Still no word on a clear to close. It has been over 48 business hours and nothing! I am going nuts trying to get through this. I really don't know how anyone manages. Is no news good news???

[Anonymous]

No news probably just means the UW has'nt looked at your file yet. Have you tried sending an email to your LO asking when they expect to hear something back?

Getting a mortgage is very stressful, some times more than others. Everytime we have got a mortgage I have said "thats it I am never going to go thru this again, I can't take it!" Yet...here we go again.

[Anonymous]

They just keep saying that they are confident that they will get the CTC today. That if no questions have been posed to them we are in the clear. I just can't stand the waiting.

[Anonymous]

I understand...my loan is in UW as well and am expecting to hear something today or tomorrow.

[Anonymous]

I am in desparation mode. I have 1 week before I have no home. Everytime I satisfy a condition another one comes back. Why is that happening? Can anyone shed any light on this? Should I switch brokers? I am desparate! I don't know who to believe.