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Closing Pushed Back! Grrr!


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We were scheduled to close on our house (well, technically, DH's house) on Monday the 7th. I've been calling/emailing broker all week to see if all was still on track for Monday and to get a set time. Tuesday she told me it still looked like it would be on time. I told her that I needed to know ASAP if there would be a delay because I have to schedule PTO in advance.

 

Well, today, after calling and talking to a loan processor, I find out that it is delayed because they haven't heard back with the clearance to close from Wells Fargo due to a backup of VA Loans. WTH? So, my agent calls to see what is going on. Then a Wells Fargo rep calls my agent and tells them that the file won't make it to the UW to get a clear to close until TUESDAY!!! WF Rep told my agent that there is a 13 day delay from the time the UW gets the file until the clearance to close. She said we could probably get a clearance to close for the following Monday (the 14th)

 

But, what I don't understand is this: Last week they said the only thing preventing us from getting the clearance was the termite letter. They got that last week. So, the UW has already looked at the file, I assume? I am lost. I asked this on Tuesday: "So, if the clearance to close hasn't been given, then we aren't really approved yet? Will this cause a delay in the closing date?" She said, "No, you are approved, we are just waiting on the clearance to close. We should be fine to still close on the 7th".

 

Didn't get to talk to broker today, but have already taken off tomorrow to finish packing, so we're going to have a chat.

 

Has anyone else had a delay with a VA lately?

 

The one week delay doesn't really bother me. Yes, I'm ready to move and all that, but what bothers me is the delay in communication! Earleir this week, I scheduled my cable to be shut off on the 10th, scheduled the power/phones/gas all of that for next week. I guess you live and learn!!

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I'm sorry to hear about that. It seems like its alot of that going on lately, be patient things will work out for you I'm sure. :aggressive:

 

I have a closing set for May 15 I haven't officially been approved yet b/c I didn't want my credit pulled since I was waiting on a collection to be deleted this week.

 

When did you start your loan process?

Edited by Caleb'smom
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We went in and had our CR's manually reviewed by the mtg broker a few months back.

We took all of the income docs in on the 1st, Pulled credit and got Preapproved on 3/5. Made the offer on 3/6, accepted on 3/7.

Had inspection done on 3/11. Had a few items to repair, so we negotiated on that, finally got the go ahead on the 18th, signed the RESPAs and sent all of it to Wells on the 18th.

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Sometimes the broker's don't know about the delays before-hand. Example: FHA with Countrywide was told 24 hours on Conditions; it took almost 3 days to clear conditions and then another 12-18 to get the clear to close and that's after I went over the Underwriter's head to get my file done.

 

So, we don't always know either even when we are following up and monitoring files closely.

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We went in and had our CR's manually reviewed by the mtg broker a few months back.

We took all of the income docs in on the 1st, Pulled credit and got Preapproved on 3/5. Made the offer on 3/6, accepted on 3/7.

Had inspection done on 3/11. Had a few items to repair, so we negotiated on that, finally got the go ahead on the 18th, signed the RESPAs and sent all of it to Wells on the 18th.

 

 

Oh, okay well it sounds like youre pretty much done...these guys are just really slow around here lately I think. You'll be fine.

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Plus, FHA is the new subprime and as bad as that sounds there has been a HUGE influx of FHA loans into lenders and they just don't have the staff to handle it.

 

Although, I am sorry to hear that your closing late. The broker can do what's called a broker credit and credit you anything you may get charged for closing late. I do that quite a bit with appraisals. They pay for the appraisal up-front and then when it closes I credit it back to them.

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My real estate agent told me to not plan anything until the documents are signed, the loan has funded and I have keys in hand - then pack, shut off utilities, turn on utilities and such. She has been an agent for 20 years and has never had closings fall apart at the table like they have in the last couple months.

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My real estate agent told me to not plan anything until the documents are signed, the loan has funded and I have keys in hand - then pack, shut off utilities, turn on utilities and such. She has been an agent for 20 years and has never had closings fall apart at the table like they have in the last couple months.

 

 

 

uh oh........youre scaring me :P

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My real estate agent told me to not plan anything until the documents are signed, the loan has funded and I have keys in hand - then pack, shut off utilities, turn on utilities and such. She has been an agent for 20 years and has never had closings fall apart at the table like they have in the last couple months.

 

 

 

uh oh........youre scaring me :lol:

 

 

Me too. I got an email from my real estate agent lastnight telling me my loan is in "corporate review". :lol: We're supposed to close in 14 days. Why are they still reviewing things? :huh:

 

I let her know her update scared me and she assured me it was typical and there was nothing to worry about. Still.....it's not something I want to hear right now. :P

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My real estate agent told me to not plan anything until the documents are signed, the loan has funded and I have keys in hand - then pack, shut off utilities, turn on utilities and such. She has been an agent for 20 years and has never had closings fall apart at the table like they have in the last couple months.

 

 

 

uh oh........youre scaring me :lol:

 

 

Me too. I got an email from my real estate agent lastnight telling me my loan is in "corporate review". :huh: We're supposed to close in 14 days. Why are they still reviewing things? :huh:

 

I let her know her update scared me and she assured me it was typical and there was nothing to worry about. Still.....it's not something I want to hear right now. :P

 

 

Oh my goodness this stuff is crazy....I hope things work out good for you shady and for you too OP. I haven't even officially started on mine yet but have the closing set for May 15....the seller already has my $5000 earnest money check :lol: I may need to tell em to hold off on cashing it.

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We've talked with the WF rep and our broker since my OP, both assure us that everything is fine with the loan and there are no problems. So, unless I'm not being told something, we are fine, just have to wait another week. I am a little concerned when I see the posts here though?

 

What have been the reasons for these "deals falling apart at the table?"

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UPDATE:

So, we've been calling every day to find out something else. No word at all until yesterday. They asked for updated bank statements, 401K and any other assets, including any Line of Credit that we have with our bank. UW came back and said ok, now they just need a Letter of Explanation for derogs on CR from 2001-ish. We turned the letter in yesterday afternoon. They said they would come back with the clearance to close by today, but didn't. They have up to 96 hours to come back. They are in a different time zone from us and may have updated it after the broker left. We talked to broker this afternoon though and she said she has all but set a time for closing on Wednesday. I will update as I hear something!

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Dickie, 5 weeks is a long time to wait on an offer! I hope that you get an answer soon. Good luck and thanks for the well wishes!

 

Yeah, I heard short-sales and bank owned properties in general take FOREVER to accept offers. My offer was countered, accepted, and signed within a 24hour period. :mellow:

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Dickie, 5 weeks is a long time to wait on an offer! I hope that you get an answer soon. Good luck and thanks for the well wishes!

 

Yeah, I heard short-sales and bank owned properties in general take FOREVER to accept offers. My offer was countered, accepted, and signed within a 24hour period. :D

 

 

Must be nice!

 

I'll tell you what though, with my current situation (living with inlaws) I have the luxury of time. I'm not technically paying rent and have, like I said, all the time in the world. If my offer works out, the wife and I will be in a good position. 53K "instant equity", and the time to work on the house a little bit before we move in.

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Must be nice!

 

I'll tell you what though, with my current situation (living with inlaws) I have the luxury of time. I'm not technically paying rent and have, like I said, all the time in the world. If my offer works out, the wife and I will be in a good position. 53K "instant equity", and the time to work on the house a little bit before we move in.

 

I'm currently renting from my in-laws so I'm almost in the same boat as you. I wasn't pushed to buy/move, but the local economy and market won't get any better than it is now. I thought I missed my chance to buy, but houses becamse available and prices dropped, so it became a reality. :o We are also walking into instant equity, which is very nice. :rofl: We are scheduled to move in next Friday. :)

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What is going on here? We are renting a house from my parents too! So funny that we are all in similar situations.

 

Everyone send good thoughts and prayers that we get a call from the broker tomorrow morning!

We only have until Friday before we have to start paying $100 per day to the seller due to late closing.

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UPDATE: We are scheculed to close tomorrow at 4PM. I will let you guys know if it actually happens!

The paperwork was supposed to be ready on Friday, then Monday, then today...as of 4PM today, the closing department at WF had given the clearance to close, but had not sent the packet out. Lawyer said he has to have the packet waiting on him tomorrow morning when he walks in at 8AM to close tomorrow. Otherwise, ONE MORE DAY.

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UPDATE: We are scheculed to close tomorrow at 4PM. I will let you guys know if it actually happens!

The paperwork was supposed to be ready on Friday, then Monday, then today...as of 4PM today, the closing department at WF had given the clearance to close, but had not sent the packet out. Lawyer said he has to have the packet waiting on him tomorrow morning when he walks in at 8AM to close tomorrow. Otherwise, ONE MORE DAY.

 

Stretch your fingers......

 

 

Congrats!!

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Guess what?

 

 

 

 

 

We didn't close. SHOCKER! The packet didn't come through in time. Now we're looking at 2:00PM tomorrow. Will let you guys know then. The Wells Fargo rep called us and apologized this morning. Remember that post on here where the guy had $1500 deposited in his account because of his experience? That would make it alllll better. LOL.

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Guess what?

 

 

 

 

 

We didn't close. SHOCKER! The packet didn't come through in time. Now we're looking at 2:00PM tomorrow. Will let you guys know then. The Wells Fargo rep called us and apologized this morning. Remember that post on here where the guy had $1500 deposited in his account because of his experience? That would make it alllll better. LOL.

 

 

We were supposed to close today too, but it didn't happen. You and I will probably be getting our keys at the same time tomorrow. :rofl: I was hoping for today, but..... :P

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Good luck, Shady! I just talked to our broker and she said it WILL BE today! Woohoo!

 

It seems that they discovered a fraud alert on my husband's TU when it was in closing at Wells Fargo. This was probably from the missing VA laptop a few years ago, we sent the letter in that the Navy sent us so we could get the free credit monitoring service.

 

The day before, the hold up was that they found (in the closing dept, mind you) a missing initial on the RESPA's. So, since my husband works 45 minutes from the broker, they had to fax the paperwork over, he had to fax it back and then they faxed it to Wells.

 

I guess the closing department just has a better eye for detail than the loan exec or UW.

 

When the acct exec called, she said the she truly apologized, but she didn't know why so many people suddenly put in mortgage applications, but something was really happening in the mortgage industry! LOL. Has she SEEN THE INTEREST RATES?????

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WE CLOSED ON OUR HOUSE TODAY! :angry:;);)

Of course, more things had to go wrong before we closed. 1) The interest rate had a discrepancy. Original paperwork said 5.25%, when the lawyers were doing the HUD, they found it said 5.5% in some places. 2) There was a question regarding seller contribution limits, but we were well within limits, so I don't know what was going on there.

 

We were supposed to close at 3, got pushed back to 4 and we were literally in the lobby of the attorney's office when the wire came in! HAHA!

 

But, we have the keys!

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