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I hope some of the real estate professionals do weigh in on this topic. I don't understand why everything has to wait until the last minute. They have weeks if not months to pull everything together. Why does this happen so often? I can't imagine how frustrating this must be for both the homebuyers and for the sellers.
Usually, the file will go through quality control at the end. It is their job to nit pick. That's why the last minute item - otherwise, it doesn't look like they're doing their jobs.
I can appreciate it being hard on the other end of the deal too. MY LO had her boss on the phone while I was in the office, and told her this was ridiculous. I guess I just dont understand how in my case, it is going to go through by 3 pm, considering it took them three weeks to decide they didnt like the cash deposit I made. How is my going to the bank at 9 am with the final docs needed, going to put us at ready to close at 3 pm? Im not even dealing with a national or big bank. Just a local branch. But I guess for now, it is out of my hands and I am going to try and not worry about it. what will be will be.
My deal is with a mortgage banker and the fund the deal themselves. That's part of the reason I was shocked with the lack of communication and delays... the lender told me from the beginning we have an advantage working directly with them because the officers, processors, underwriters, etc. are all under the same roof.
He did explain, as others did above, that my closing delay is very typical of of the current market with regulations changes, investors trying to figure out the new regulations, etc. It is crazy for the buyer though who is trying to schedule their life around the closing... not just movers, but scheduling time off with work, scheduling painters or other folks who need to come out and look at the property for quotes, etc.
Oh well, we're supposedly -- 100%-- set for a closing tomorrow. We'll see.
ave yet another hurdle to jump over. Went down to the bank with the check that was requested. The LO went through all of the paperwork to see if everything was an order. and here comes the snag...
She couldnt find the paperwork that stated the house roof was less than two years old. So she tries for about thirty minutes to get ahold of the realtor. Finally she does , and he emails her something. So the LO drives 30 minutes to where the main ban k branch is located to get the final paperwork. Once there, she calls to tell me that whomever the bank had go out to the house that checked the roof, was not licensed. She said that we needed to pay $185 in order for someone licensed to run out there to check in order to make closing. I think it is beyond ridiculous that we would have to pay, they are the ones who picked who went out there in the first place. So now I am worried a lot. If the person that said about the roof wasnt licensed, then chances are the roofers themselves werent, considering they were one in the same!! SO frustrated right now! I almost want to walk away from it it all.
ave yet another hurdle to jump over. Went down to the bank with the check that was requested. The LO went through all of the paperwork to see if everything was an order. and here comes the snag...
She couldnt find the paperwork that stated the house roof was less than two years old. So she tries for about thirty minutes to get ahold of the realtor. Finally she does , and he emails her something. So the LO drives 30 minutes to where the main ban k branch is located to get the final paperwork. Once there, she calls to tell me that whomever the bank had go out to the house that checked the roof, was not licensed. She said that we needed to pay $185 in order for someone licensed to run out there to check in order to make closing. I think it is beyond ridiculous that we would have to pay, they are the ones who picked who went out there in the first place. So now I am worried a lot. If the person that said about the roof wasnt licensed, then chances are the roofers themselves werent, considering they were one in the same!! SO frustrated right now! I almost want to walk away from it it all.
Who are these people?
Does the seller know what's happening on your end?
the seller is a bank somewhere in TX. I am in WI. I had to go down there and pay $185 for some guy who lives on my very street to take 5 minutes and go look at it and say that what the first guy said was in fact true. anyway, the Lo says that is not her bank that is the problem, it is FHA. I disagree to a certain degree. I believe that FHA has tightened the noose on a lot of things, but I also believe the bank were borrowing from is the one dropping the ball. always losing paperwork, not knowing what is going on, always passing the blame. Im pretty sure she also made a point of telling me this today, as she says I will be asked to fill out a survey and she says " you can write whatever you want, but it is not really our fAULT, BUT RATHER fhaS" . im sure she didnt want me to say her bank, because then she might look bad. Like I said, it is just a regional bank, nothing big. I do know, I will never recommend them to anyone.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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We closed a property last week that went 93 days in escrow. Up to the last minute, the lender was asking for documents which they had had in their possession for over 60 days. 35 days after the appraisal they threw up another condition that said they didn't have a copy of the appraisers license! 5 extensions too!
I haven't had an escrow go this long since the 1970's before Fed-Ex and email.
My deal is with a mortgage banker and the fund the deal themselves. That's part of the reason I was shocked with the lack of communication and delays... the lender told me from the beginning we have an advantage working directly with them because the officers, processors, underwriters, etc. are all under the same roof.
He did explain, as others did above, that my closing delay is very typical of of the current market with regulations changes, investors trying to figure out the new regulations, etc. It is crazy for the buyer though who is trying to schedule their life around the closing... not just movers, but scheduling time off with work, scheduling painters or other folks who need to come out and look at the property for quotes, etc.
Oh well, we're supposedly -- 100%-- set for a closing tomorrow. We'll see.
I know this is a tad old, but did you end up closing like you thought?
LOL, it's my observation after they close (or realize they aren't closing), they move on.
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Im not even dealing with a national or big bank. Just a local branch. But I guess for now, it is out of my hands and I am going to try and not worry about it. what will be will be.
I almost want to walk away from it it all.
