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Hi, my wife and I are set to close on Thursday, Jan 2. We are first-time homebuyers. The last we heard from our lender was on Thursday, Dec. 26. She said we were moving along fine and underwriting wasn't requesting any additional information. She said that all documents should be generated a day or two before closing and we would probably wire the down payment to the title company around that time, or possibly provided a certified check at closing. I am only slightly concerned since tomorrow is a holiday, and I doubt many of the players involved will be working very hard, if at all (yes, I realize now it was dumb to schedule so close to the holidays, but it was the request of the seller.)
I am simply looking for reassurance that I should proceed as if no news is good news at this point till we hear otherwise or get to the closing table. It is a nerve-wracking process since we're first-time buyers. Thank you!
At some point today you should receive information from the title company or your real estate agent. I would be on the phone with my agent, the lender, or the title company to confirm all is in order or that it is being processed.
Actually it sounds like you are OK. Although, your choice of closing on 1/2/14 was probably not an inspired idea, knowing that 12/31/13 was a limited work day and 1/1/14 was a holiday.
If everything is in order, you may be able to sign and close on time (end of business 1/2/14), but do not freak out if you get delayed by one day. Title companies usually get real busy the day after a holiday fixing things that did not close on time before the holiday.
Hi, my wife and I are set to close on Thursday, Jan 2. We are first-time homebuyers. The last we heard from our lender was on Thursday, Dec. 26. She said we were moving along fine and underwriting wasn't requesting any additional information. She said that all documents should be generated a day or two before closing and we would probably wire the down payment to the title company around that time, or possibly provided a certified check at closing. I am only slightly concerned since tomorrow is a holiday, and I doubt many of the players involved will be working very hard, if at all (yes, I realize now it was dumb to schedule so close to the holidays, but it was the request of the seller.)
I am simply looking for reassurance that I should proceed as if no news is good news at this point till we hear otherwise or get to the closing table. It is a nerve-wracking process since we're first-time buyers. Thank you!
I'm sorry. You're not closing. jk
Seriously, how would any of us know anything about your situation? Call the title company and ask if they have received Closing Instructions or Docs, or the Wire. Maybe mix in a call to your Loan Officer.
UPDATE: Well, closing is NOT happening today. Some time back in December, there was an issue with the appraisal, in which the appraiser said the unit was a condo, when it is obviously a town home and listed as such in all tax records, which I've been told is definitive. Since this is an FHA loan, they wouldn't approve the condo. Everyone has been working to get this corrected since before Christmas, but apparently it's still a hangup. Quite frustrating. We're tentatively scheduled yet again for 4 pm tomorrow, but who knows. This is literally the only thing holding us up. Everything else is a go.
Does anyone have any advice on this situation? How normal is this? Is it just one person dragging their feet or what?
UPDATE AGAIN: Apparently the issues have been cleared up with the appraiser, and we're set for closing tomorrow afternoon. What a relief! Thanks for the advice.
Cool. I remember our closing just over 3 years ago. It was crazy leading up to it and for a while I think my wife had figured it would never happen. It would seem like another paper needed to be signed or something that we turned in was lost. Good thing for copies. In the end when you start to think that it will never happen, it happens and you sign your names to what seems like a foot or more pile of papers all for the hope that you will get your home. Our realtor was not at the signing but he did promise to meet us at the home. Someone had to give us our set of keys. He figured he would give us the set in the lock box of our formerly bank owned property. Only thing was that the bank's realtor had removed those keys and taken then to another city with him. So after all the fun of finally signing we still could not walk into our new home. Our realtor rushed around getting the keys and we met him back at the home an hour later. So much fun.
Probably the best thing we ever did was buy that home. We love it and are so happy to have gone thru the process. It was worth it.
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