Stressing! Closing is tomorrow and we haven't received any information at all (agents, accept)
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I used to work for a closing attorney and sometimes the banks/credit unions did not get us the numbers until the very last minute...it's very stressful for us too. We know how important all that information is to the buyer and the sooner the better. Unfortunately most of the banks don't care.
I myself had a clear to close and all my ducks in a row when I was supposed to close in April and the night before the closing they told my broker they couldn't get the papers in time to close the next day.
We did close today. Everything at the last minute, lots of mistakes all around. We stayed at the closing table for almost 3 hours while all the paperwork got corrected. The bank used a wrong rate to do all the paperwork and HUD-1 calculations, the deed was missing some important information, the seller hasn't sent all the receipts for the work done.
But the house is finally ours
This was a really stressful experience for us as first time home-buyers. Almost all that could go wrong, did. The sellers were uncooperative, the credit union, who we choose because of their reputation, lost documents and wasn't very responsive. The agent also dropped the ball sometimes. More than once were we ready to throw the towel and stay as renters... It was like all the signs were telling us this was not the time to buy. But we kept trying and now we're proud homeowners.
Congratulations.
We had one closing like that. It was a Wells Fargo mortgage and everything had to be redone at closing as their paperwork did not reflect the interest rate and points we had "locked in."
Not only that, it took them several hours to issue the cashier's check we needed which held up closing.
Thank heavens we had an on-the-ball agent otherwise we would have left.
We did close today. Everything at the last minute, lots of mistakes all around. We stayed at the closing table for almost 3 hours while all the paperwork got corrected. The bank used a wrong rate to do all the paperwork and HUD-1 calculations, the deed was missing some important information, the seller hasn't sent all the receipts for the work done.
But the house is finally ours
This was a really stressful experience for us as first time home-buyers. Almost all that could go wrong, did. The sellers were uncooperative, the credit union, who we choose because of their reputation, lost documents and wasn't very responsive. The agent also dropped the ball sometimes. More than once were we ready to throw the towel and stay as renters... It was like all the signs were telling us this was not the time to buy. But we kept trying and now we're proud homeowners.
Sometimes there are deals (and this isn't just in real estate, I've observed it in other fields and discussed it with people in varying kinds of business) that just seem to be jinxed to have everything that can go wrong do so from the get-go. But you persevered and won the prize! Congratulations!
This kind of thing (the 3 hours and the reason for it) is one reason that I attend every closing. Most of the time my job at closing is to sit in the corner quietly and stay out of the way while the escrow officer conducts the closing, but sometimes things like this happen even when everything has gone smoothly up until then, and that's when my job is to step in and make sure the corrections get done.
Generally speaking, closings never happen on the first date given. Don't stress, you will be given adequate time to get your money together and be provided all the documentation.
Not closing on time is a big deal here. People having moving trucks coming, leases have been terminated. 99% of transactions with me close on time.
I'm a mortgage broker in Florida. The lenders would rather make sure everything is accounted for rather than rush the file.
They don't like mistakes and often, I think, different areas have so much pressure to double check and triple check the same file, there are delays.
Not a happy thing for any of us but from someone who works in the industry, one phone call or e-mail is enough (per day) to check - calling every hour for updates takes the processors out of working a file to check and that is time wasted.
There is so much regulation, so many documents to check in the file - I've got some lenders I can really count on through thick or thin and others that avoid phone calls, etc. just like the OP described.
My personal opinion is that the lenders have gotten used to delays and don't watch the contract dates as they once used to - it's a point I have brought up several times as to its importance.
Congratulations on your new home! Just remember life is an adventure and this is just one of them.
The house and land we presently own was the first one I bought not on contract for deed. It was the most horrible 4 1/2 months of our lives. Dealing with the seller, builder and finance company. The not knowing, the short or no answers to our questions, the mis-promised and delays of the builders and out right lies of them. Once you pay your down and sign the paperwork your at their mercy unless you want to stop the show and let the lawyers drain you.
I will go back to having a lawyer draft the contract with time deadlines on all perspective parts and totals owed, everybody sign it and let it go at the way I used to do it. Oh and I have did this for years this way, this was the first time I had one built from scratch and not just modified someway before the sale.
We did close today. Everything at the last minute, lots of mistakes all around. We stayed at the closing table for almost 3 hours while all the paperwork got corrected.
Oh wow, how terrible! Its so frustrating to be at the mercy of others who are ripe with incompetence... Congratulations on your new home, may you have many happy memories there!
My wife was a loan officer before her current SAHM gig and I have oftened wondered (from her helping friends and family with their closings, and refinancing "reviewing paperwork") why there is not a niche market for a knowledgeable person to offer services to buyers to review their paperwork and carry the poke them stick! She has saved a good bit of money for those she helped and found errors on closing statements which might not have come to light. She attended my closing for my moms house and found a $500 discrepancy in my favor at the table. Although I lost half of that to a dinner at Ruth Chriss. ;-)
A independent person who reviews the closing docs and can give simple honest answers to the buyers.
The bank, lawyer and realtor all work for the buyer but we all know they are not always able explain the process simply enough for the potential buyers.
If a buyer is putting their finances on the line for loans that start at 50k all the way up to 750k and beyond you would think they would want to be knowledgeable and kept up to date. $200 - $300 fee in my opinion is a small price for what you would pay to have a personal loan concierge at your disposal.
Now before I get flamed.......think about all the topics we see here about CDD's, HOA's, not realizing the home they bought from the old couple that had a tax rate based on a tremendous undervalue and now they are paying on a much higher valuation (sale price). Or the importance of owners title insurance.
Now this is not always the case as there are a lot of banks, lawyers, and realtors will give you their first born to help get you through closing, but there are also enough complacent ones out there to spin your head!
Be proactive and diligent, knowledge is deadly, complacency can be costly.
Good luck on your first home.........your patience rewarded you!
In my last sale, we had 3-4 different closing dates that came and went. Was a pain but we did not need the money to move on. I gave my rear estate agent Power of Attorney for the closing. She stayed on top of everything as she wanted to get paid.......LOL
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