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.
I am curious if anyone else is having any sort of delays with closing dates?
I received an email from my bank stating they are waiting on the IRS "to return what they have on file for my my tax transcripts" Not sure what that even means.
Having scrolled through Zillow the last few weeks I have seen homes closing come to a halt at least whats being reported online. The last 7 days only 5 homes have closed in a 20 mile radius of me. The week before was 6. Now the weeks before this there was 30-40 each 7 day period go back to the holidays.
There were a lot of " pending sales" when we were looking and while we finally made an offer on a house that was accepted. Just about every house that was in decent shap was sold in less than a day all of February in our area but I am not seeing many of them showing up on Zillow as sold. I am sure many or contingent on other sales but I have to think this is causing a back up no?
you gave the lender permission to get your tax transcripts from the IRS. It's basically a verification that perhaps what you gave them "on paper" as your tax returns weren't fraudulent. Or, if you didn't give them actual 2 or more years of tax returns, it's just the method of income verification.
Assuming your lender is a person, not a 1-800#, you should ask them if there's any change to the requirements. I know they've just relaxed some paper document requirements, given the virus quarantines.
you gave the lender permission to get your tax transcripts from the IRS. It's basically a verification that perhaps what you gave them "on paper" as your tax returns weren't fraudulent. Or, if you didn't give them actual 2 or more years of tax returns, it's just the method of income verification.
Assuming your lender is a person, not a 1-800#, you should ask them if there's any change to the requirements. I know they've just relaxed some paper document requirements, given the virus quarantines.
Thank you for the response.
I have a call into him and an email and waiting for his response. I will ask about this solution.
I am also concerned with my rate. I was locked in at 3.00 2 weeks go. We are supposed to close on the 27th but our sales contract states on or before April 1st. I am assuming my rate lock is only good for a period of time so if this gets delays would I lose out on this rate? I have seen where they have went back up pretty significantly now.
So many unknowns its a nerve wracking time right now for a lot of reason not just my silly issue.
One thing to keep in mind about Zillow. They do not have direct feed to the MLS and their reports about closings are delayed. Zillow is OK for general information, but a Realtor with access to their locala MLS has much more updated information. Lesson here is not to rely on Zillow for anything.
I would boldly assume that your rate lock was good for at least 30 days, but that's definitely a question for your lender (any document you have should also tell you how long the lock is good for)
I have a call into him and an email and waiting for his response. I will ask about this solution.
I am also concerned with my rate. I was locked in at 3.00 2 weeks go. We are supposed to close on the 27th but our sales contract states on or before April 1st. I am assuming my rate lock is only good for a period of time so if this gets delays would I lose out on this rate? I have seen where they have went back up pretty significantly now.
So many unknowns its a nerve wracking time right now for a lot of reason not just my silly issue.
I saw that new applications dropped sharply so maybe it won't be an issue.
I would boldly assume that your rate lock was good for at least 30 days, but that's definitely a question for your lender (any document you have should also tell you how long the lock is good for)
It seems like we are all set to go. I was able to log onto the IRS website and download the necessary documents and get them to him yesterday.
My rate was locked until May 1st but we go the green light for the final walk through today and closing tomorrow afternoon.
It seems like we are all set to go. I was able to log onto the IRS website and download the necessary documents and get them to him yesterday.
My rate was locked until May 1st but we go the green light for the final walk through today and closing tomorrow afternoon.
Best wishes, kaliman91. Please confirm if you do close. Don't leave us hanging.
We were able to close. But we had to sit outside the office and sign on the hood of our cars while on the phone with the tile company explaining each sheet and where to sign etc. Thank goodness it was nice outside.
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.
