Amy (SoCaliLover)

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SID081108's picture
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Amy (SoCaliLover)

What's going on with the house?

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your not in it yet are you??

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Uggg

&(*$&Y(*)%*#)#*$#)@(*#*$W)#(w03*%&)&^#@()#*&()#*$)#*#$

Thats how I feel about this ENTIRE process!!

No we are not in yet, we were orignially supposed to close esrow last Friday and that did not happen. We have encoutered one delay after another delay and its starting to wear me out. I am not sure what is going on....the last delay was something to do with title so I think this has got resolved but do not have confirmation yet.

The REO is being a jerk right now, we asked for an extension two weeks so we could get this resolved, the listing agent was cool with it but the REO's asset manager is demanding it close by the end of the year. We got an extension till this friday but there is NO way the loan will fund by then. Beyond that I have no idea what is going to happen --with everyone out due to Christmas getting any answers is like pulling teeth! Sad

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OH man Amy that really stinks. I hope it's all resolved and things get better and you can start enjoying your new home!

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Amy that really sucks. The bank that owned our house had a strict rule that escrow had to close/loan had to fund in 45 days or there was a $2,500 penalty (which we were not going to pay!). It was really high pressure and luckily we had an awesome mortgage guy and a realtor that wasn't afraid to beat people up a little to get things done. You've got to have someone fighting on your side...is your realtor involved at all? Sometimes they can get the loan people to move faster or get the REO agent to budge when they won't listen to the buyer.

I really hope it works out soon and this will all just be a distant memory of the hell you went through to get that beautiful house Wink

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Thanks Lori!

Carrie -- at this point I would almost pay $2,500! My nightmare is potentially losing the house! We are very lucky in that we are working with a good loan broker (not directly with a bank which is probably helpful given some of the pitfalls) and a great realtor --even the listing agent for the house is good to work with but the asset manager at the REO is the problem because they get a bonus if it closes by the end of the year. Gee, I want it closed by the end of the year but it ain't gonna happen!

We have had a few bumps, I had a notation of a "dispute" on my credit report which prevented the automatic underwriting --but could not get the credit card company or the credit bureau to remove the "dispute" (no negative info --just a dispute?) then they had to do a verification of employment for DH but his company was in the middle of open enrollment and the "one person" who could access the wage person was on vacation, blah blah blah, then a missing assignment in chain of title... basically one thing after another but every time it went back to the bottom of a pile to wait 3-5 days to re underwrite.

Our 45 days was 12/23 so we are sorta in limbo now. The great news though is after I posted last night, I got a call that we do finally have unconditional approval --needed a few more docs, then we should get a clear to close by Friday. Our loan people had to go over the underwriters head to get it "unstuck" but we are good (supposedly). Now it looks like it will close by 1/12 ish. Apparently we have the okay of the asset manger (since the title issue was their fault) but we will see??? I will believe it when I see it!

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Wow, that sounds like a huge headache!!

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Amy that news sounds promising! I hope you won't have any more speedbumps and it can just be smooth sailing to close from here on out. It would be stupid for them to not let you buy the house because then they would have to start over with someone else, as opposed to waiting a few extra days for a loan they know is going to fund. They would never do that...they just like to make idle threats I think.

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Crossing my fingers for you, Amy. Glad you got a bit of good news. I agree with Carrie, hopefully they'll see the forest instead of the trees and extend your dates for an eventual sure thing. What a nightmare.

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Thanks guys! Carrie--same thing my agent keeps saying --they are just making threats cause she wants to close by Friday to get her bonus. Well, so I do I guys, so do I.

It does sound like we are moving ahead, I have spent several hours on the phone obtaining insurance, they are getting escrow their docs, I think we should be moving right along --FINALLY!!