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Closing anxiety :(

6,288 Views | 40 Replies | Last: 3 yr ago by Diggity
rondis23
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AG
My wife and I recently sold our house, and had to play the waiting game. It wasn't our first sale, but I felt pretty familiar with how the closing process goes. Our home sold in 3 days, and after accepting the offer the buyers agent said to expect a quick close since they had excellent credit and pre approval was through a major lender. That was late August. Closing got scheduled for mid September.

I kept getting laughed at cause I said from the beginning that realistically we probably would not end up closing until October. Sure enough, a day before closing something came up on the buyers credit report from and old account they had forgotten about. It took about 3 weeks to correct, but we finally closed October 5. I was not happy to have been right but with closings I've learned to expect the unexpected. Patience is all we have.

In my experience, clearing the appraisal is the biggest hurddle. So you should be good!!! Like the previous poster said, just dont go shopping until you've closed! Gaurd your credit like your life depended on it! The sellers want to get paid. The agents want to get paid. You want your house. Everyone wants to move on...patience is all you need. You're almost there!!! You got this!
Zombie
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Update! We got the approval tonight! It's an approval with conditions, but the conditions are only a couple of title related issues that will be cleared up on Tuesday. We will have the CD tuesday morning! Thank you all for your advice through this whole process!!
hph6203
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AG
Bill Robbins said:

Everything appears to be running smoothly. so take a deep breath and enjoy the 3-day weekend. Just NO SHOPPING.

Title companies and lenders don't have the same feeling of urgency that you as a first-time buyer do. So if you don't receive the pre-lim Settlement Statement by Tuesday, it is OK. They will get it to you in time to close.
Just as an FYI, this isn't accurate any longer. Beginning 5 years ago the lender is required to deliver a closing disclosure 3 business days prior to consummation. The initial closing disclosure does not have to be the exact final figures, but any material change triggers a new waiting period (APR change of more then 1/8th, prepayment penalty added, or change from fixed to adjustable or vice versa).

In order for a closing disclosure to be delivered the loan has to receive a final approval.

Zombie, if your processor hasn't already sent you the closing disclosure by Tuesday morning I'd be calling to make sure you're still on track. You'll need to acknowledge receiving the closing disclosure tomorrow in order to keep your closing date on Friday.

Sounds like it should be on track and if it's not it is probably the seller's fault. It's their title and they likely selected the title company. Granted I'm pretty shocked your loan was still dealing with title conditions after a month in process, maybe they wouldn't review it without an appraisal.
Zombie
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We received the CD yesterday afternoon and sent it back. So we are good to go to close on Friday. Loan officer did say some of the figures may change, but it was more to do with the closing costs (we had money left over after concessions and using that to buy down the rate.). So as far as I know at this point, we are good to close.
Zombie
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Final update. We finally closed on Thursday. One lesson I learned, don't do business with friends. I honestly thought going to a friend who is a loan officer would be a good idea. Yes we got everything done in the end but the lack of communication was horrible. We were supposed to close on the 9th, then moved to the 16th because VA appraisers were behind. Got to 18 hours before close and they missed something to do with title. Get an email from his assistant to tell us closing will not happen the next day. We were pissed to say the least. Had to reschedule movers, vacation, school. Etc. Then we are told it will be Tuesday. Two push backs later due to no one communicating at the mortgage company. Even our realtor and title office said they had never seen someone so unprofessional.

But at the end of the day, we have our dream home. And first day there, 3 boys my sons age come to the door and ask if he can play. All in all, not an experience I want to go through again, but well worth it in the end.

Thank you all for you advice and support through all of this.
Diggity
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AG
Sounds like a crappy finish, but you have the right attitude about it. A little bit of pain and frustration to get into the right home for your family is well worth it!

Congratulations!
Diggity
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AG
Sounds like a crappy finish, but you have the right attitude about it. A little bit of pain and frustration to get into the right home for your family is well worth it!

Congratulations!
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