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Old 05-23-2013, 08:42 AM
 
775 posts, read 1,108,794 times
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Our mortgage broker has dropped the ball a couple times gettng our loan processed in a timely manner (long story). We close in 11 and are awaiting a rapid rescore and a correction to our credit report that according to Credco, can take 3-5 business days. With Memorial Day being Monday that puts us at getting this credit issue resolved sometime next week...mid week or end of. Our REA is really side-eyeing our broker here with his thought it will close on time, saying there are ther steps that need to happen after close in order for us to move forward. We close June 3 and have movers moving us in June 5. And we are moving intrastate, not locally, so we have to coordinate with kids' schools and them going to grandparents during our move, time off work, not to mention the moving co. we hired, ourlandlord who thinks we are moving out June 4, etc, etc
I guess my question here is when should our broker be giving us a heads up about an extension of close. As a courtesy I suppose to US and then to the seller? We have already had a 60 day close...He has been telling us this whole time "oh yeah, its going to close on time" meanwhile there continue to be major setbacks, the credit issue being the latest. His staff working our file havent really been on top of things until lately when I started calling and emailing daily aski about updates. We and our REA are really skeptical at this point but at his mercy. I dont want him to spring the news we wont close on time at the absolute last minute, especially since I doubt the movers will be able to re-schedule us in with a weeks notice.
What is reasonable to expect from a broker in this situation? Id fire him after the experience we have had but cant do that either at this point.
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Old 05-23-2013, 09:23 AM
 
3,749 posts, read 8,139,878 times
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Why would you assume that your broker would give you accurate information?



You need to take the initiative right now to extend your closing date by two weeks, to "on or before" June 17 or whatever, put the movers on hold, and wait until you are cleared to close. ONLY THEN should you schedule the move.

I bet this broker had the lowest rate, huh?
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Old 05-23-2013, 09:30 AM
 
Location: Salem, OR
14,469 posts, read 34,559,495 times
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You are scheduled to close on your home sale on June 3 on your home sale and June 4th on your home purchase?
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Old 05-23-2013, 09:54 AM
 
775 posts, read 1,108,794 times
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Quote:
Originally Posted by Pfhtex View Post
Why would you assume that your broker would give you accurate information?



You need to take the initiative right now to extend your closing date by two weeks, to "on or before" June 17 or whatever, put the movers on hold, and wait until you are cleared to close. ONLY THEN should you schedule the move.

I bet this broker had the lowest rate, huh?
No, He didnt necessarily have the lowest rate. We have worked with him over 8 years and 2 prior home purchases. The difference now seems to be he has grown his office and has some folks who arent as diligent in getting things done and pushed thru as opposed to the people working with him before. Heck, on one prior home purchase he and his assistant got us closed in 9 days. This time, not so much.
We have a plan in place to ask the seller for an extension tomorrow when they get back from vacation.
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Old 05-23-2013, 10:25 AM
 
775 posts, read 1,108,794 times
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Originally Posted by Silverfall View Post
You are scheduled to close on your home sale on June 3 on your home sale and June 4th on your home purchase?
Here's the thing....my REA is well aware of our timeline and our needs. If this was crazy thinking or if it wasnt possible (I dont work in RE so I wouldnt know all the steps and time details involved) I would sure as heck hope she would tell me that was insane to think we could get that done (aside from the credit debacle we encountered last minute). I dont know how many emails I sent to both REA and broker with our timeline details. In fact I just got an email fromour broker who said he can still "get it done".
I gather from your experience and response to my post that it is nuts to think that would happen?
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Old 05-23-2013, 02:58 PM
 
Location: Salem, OR
14,469 posts, read 34,559,495 times
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Quote:
Originally Posted by Copsgirl73 View Post
Here's the thing....my REA is well aware of our timeline and our needs. If this was crazy thinking or if it wasnt possible (I dont work in RE so I wouldnt know all the steps and time details involved) I would sure as heck hope she would tell me that was insane to think we could get that done (aside from the credit debacle we encountered last minute). I dont know how many emails I sent to both REA and broker with our timeline details. In fact I just got an email fromour broker who said he can still "get it done".
I gather from your experience and response to my post that it is nuts to think that would happen?
I'd give it a 50/50. It really depends on how fast they can get the credit report. Once they have that it goes for final underwriter approval (24-48 hours). Then docs (24 hours). Then to escrow (needs at least a couple of hours for doc preparation), then two appointments to sign documents, then 24-48 hours later, close and record.

I've seen lenders get through that process in as few as three days. Underwriter approval in the morning, docs out in the afternoon, doc prep the next morning, buyer and seller sign that afternoon, and close the next day. It just depends.
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Old 05-23-2013, 06:52 PM
 
1,092 posts, read 3,039,913 times
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Having an extra week or two is a good idea with any move.

I'm paying for a full extra month potentially...but I don't want to deal with prospective tenants viewing my place, so it's worth the extra cost to me even just for that convenience.
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Old 05-25-2013, 12:39 PM
 
Location: Kailua Kona, HI
3,199 posts, read 11,926,476 times
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Your agent should prepare a request for extension and send it to you and the sellers, then to the escrow company. If there are any doubts this close to closing that you won't make it, better safe than sorry with an extension. However my main question is, any credit report issues should have been solved long ago - not when a loan is practically ready to fund a week before closing.
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Old 05-25-2013, 03:34 PM
 
775 posts, read 1,108,794 times
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Quote:
Originally Posted by KonaKat View Post
Your agent should prepare a request for extension and send it to you and the sellers, then to the escrow company. If there are any doubts this close to closing that you won't make it, better safe than sorry with an extension. However my main question is, any credit report issues should have been solved long ago - not when a loan is practically ready to fund a week before closing.
Cant bold, but per your last sentence -YES! We were pre-approved 80 days ago, same bank. And it clearly shows a short sale on it. Why on earth would they wait until 2 weeks before close to start looking into our history/credit report, etc? So frustrating!
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Old 05-25-2013, 06:38 PM
 
Location: Kailua Kona, HI
3,199 posts, read 11,926,476 times
Reputation: 3403
Quote:
Originally Posted by Copsgirl73 View Post
Cant bold, but per your last sentence -YES! We were pre-approved 80 days ago, same bank. And it clearly shows a short sale on it. Why on earth would they wait until 2 weeks before close to start looking into our history/credit report, etc? So frustrating!
Really good question No doubt the underwriters are asking questions that the lender is having trouble answering to their satisfaction. How long ago was the short sale?
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