Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Supposedly I'm closing next week but have not heard a thing.
I asked my buyer agent about the closing and he said to ask the real estate attorney. I emailed the attorney and got an out-of-office, on vacation, message back with the date back in office the day before my closing date.
Told the buyer agent that and he said to ask the loan officer, which I will do tomorrow.
Are all home sales this mysterious with lack of information and down-to-the wire? I feel fed up with this entire process, which has consisted of constant scrambling and rushing about.
I never bought before, yet have to be a project manager for something I have no experience in.
At this point in the game, it comes down to your loan. Did you have an estimated/target closing date?
Typically, they need to get your loan clear to close about a week before the closing date. To be 'clear to close', you have to have all documents in (even last minute requests) and underwriting has given the approval. After being cleared to close, they will prepare the closing documents. At this point, they will send you a 'Closing Disclosure'. Your CD (closing disclosure) will have itemized costs of everything. You have to approve the CD. By law, you must receive the CD at least three business days prior to closing. This time period cannot be waived. So, while it can be difficult to know when you are closing, it is easy to figure out when you are NOT closing. Until you have received the CD, you know you are more than three days out.
Massachusetts is an attorney state, so I know they do things differently. In my personal experience, my loan officer let my realtor know when my loan was cleared to close and the CD was issued. My realtor was then able to coordinate a closing date, time, and location with the sellers' via their realtor. (Well, it was really more like confirming what we had discussed previously.)
Supposedly I'm closing next week but have not heard a thing.
I asked my buyer agent about the closing and he said to ask the real estate attorney. I emailed the attorney and got an out-of-office, on vacation, message back with the date back in office the day before my closing date.
Told the buyer agent that and he said to ask the loan officer, which I will do tomorrow.
Are all home sales this mysterious with lack of information and down-to-the wire? I feel fed up with this entire process, which has consisted of constant scrambling and rushing about.
I never bought before, yet have to be a project manager for something I have no experience in.
No, most homes sales are NOT that mysterious. I think you need to have a come-to-Jesus talk with your agent. Your agent should be coordinating the closing between you, the lender and the attorney's office - ESPECIALLY since you are a first-time home buyer!! You should have had your closing scheduled and on the attorney's calendar -- date and time -- as soon as due diligence was completed. To NOT know that the attorney was out of town? I can't imagine that, a week before closing, an agent would not know a) the time and date of the closing, or b) that the attorney will be out of town until the day before the closing. WTH? The lender has to issue a CD (Closing Document/Disclosure) 3 days prior to closing. No CD, not closing. Federal law, as of two years ago. If I were your agent, I'd be all over the lender: "Do you have everything you need? Will the CD be issued on time?" etc., etc.
My buyer agent is not the greatest, sad to say. I could go on and on listing the various things he did or didn't do, which resulted in me having several meltdowns in this process. But the end is near, so I just have to make it to close!
In any case, with the close only a week away, I will be on everyone's case as I have already hired movers and painters. I must move out by the end of the month from my rental unit. I told my landlady my furniture will be out on xx date, so she's hired painters for the apartment based on my close date as well.
I also warned my boss closing is probably next week but not exactly certain about the date or time. Fortunately, he is being very flexible that I might suddenly have to call in due to closing. But what if he wasn't? I think it's so rude not to give me this information.
No, most homes sales are NOT that mysterious. I think you need to have a come-to-Jesus talk with your agent. Your agent should be coordinating the closing between you, the lender and the attorney's office - ESPECIALLY since you are a first-time home buyer!! You should have had your closing scheduled and on the attorney's calendar -- date and time -- as soon as due diligence was completed. To NOT know that the attorney was out of town? I can't imagine that, a week before closing, an agent would not know a) the time and date of the closing, or b) that the attorney will be out of town until the day before the closing. WTH? The lender has to issue a CD (Closing Document/Disclosure) 3 days prior to closing. No CD, not closing. Federal law, as of two years ago. If I were your agent, I'd be all over the lender: "Do you have everything you need? Will the CD be issued on time?" etc., etc.
I will ask the loan officer all of these things today! I can't count on anyone else to do it, apparently.
I will ask the loan officer all of these things today! I can't count on anyone else to do it, apparently.
Right. You shouldn't count on anyone else to talk to the loan officer, unless you want them to put pressure on them.
That is one benefit of using an agent-recommended lender. The agent can really lean into them with the onus that they take care of you, or they don't get to take care of the agent's next 5-10-15 buyers.
YOU are the loan officer's client.
The attorney is not.
The agent is not.
The loan officer knows more about your file and personal information than either of those parties do.
Just you, and you need to engage the officer.
Relentlessly, if you have trouble making contact.
Was still sending documents to the loan officer this morning. He asked for information I sent him 2 months ago, which I pointed out rather crossly.
Then my agent texted me a short while ago saying, "Closing at 9am on xx date!"
But just now sent text saying, "oops, attorney confused."
I am now ignoring everyone, including my landlady, they are all such idiots.
Was this a short contract? Just wondering. If your closing should be next week then they're really cutting it close. As a loan officer assistant, from experience, I can tell you that when something is really close, it could be that there are problems approving you if they provided reasonable time frame on the contract. Was everything else okay, value, inspection, etc? You should talk to your loan officer as any other person may just give you the "middle person" information, if anything at all. Like others have mentioned, you have to sign the Closing Disclosure and then wait 3 days in order to sign your final documents. If you receive your Closing Disclosure then you know the end is near. If the loan officer was asking your for documents this morning then most likely the file needs to go back to underwriting still for final approval. Depending on the company, this could be anywhere between 24-72 hours (at least from the companies I've seen). There are times, however, that there are "Prior to Funding Condition" and some documentation may be moved right after getting the "clear to close." Not trying to scare you at all but I'd call the loan officer and ask what's going on.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
