Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Poll-- On Time Settlement?
Here we are 3 days from settlement, and everyone I'm talking to is saying "good luck, I hope you settle on time, we didn't!" and of course, it's not even something I had considered.
We need to be out of our apartment by Wednesday whether we close or not, so we're trying to get in touch with the bank today to get a feel for if we need to work on a backup plan. If so, we're going to try to get a pre-occupancy agreement with the sellers.
Did you close on time? If not-- how much notice did you have before it was delayed, and how long was it delayed?
[Poll]
Re: Poll-- On Time Settlement?
Call your bank! Most have to send out the final HUD statement 48 hours in advance of closing for review by the buyer's bank. They should have an idea on whether or not things are on track.
When we bought, our original closing date was pushed almost a month. That was due to several factors; HVAC system needed replaced, several safety issues needed resolved, had to get re-approval from the selling bank when the appraisal came in low, etc. It worked out well for us because it was less time that we were paying two mortgages so we were happy about it.
When we sold, we closed on the exact date the buyers stated on the contract, even with some snags.
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Life and Love at #16 | our married life blog
Our closing was scheduled for 10am.
We found out our paperwork wasn't done and they were still having issues with the appraisal at 9:30 that morning and we wouldn't be closing on time. They pushed it back to noon, then to 2pm at a different venue. We went into closing at the 2pm appointment.
Our original closing date changed 4 days prior due to a property tax statement issue from our county (they were in the process of setting the taxes and our lender required a statement from them to close so we had to wait). Our second closing date was changed the night before when the seller (a bank) had not signed off on the final HUD agreement. It was rescheduled for 3 days later. In total, our final closing date was just shy of 2 weeks later than it was originally scheduled.
Our refi could not close at the time of closing due to a missing form from the seller. It was rescheduled for 2 days later.
My Valentine Bookends (2~13~13, 2~15~09)
We were supposed to close on a Tuesday. Got the HUD on Friday, mortgage broker called on Saturday just to confirm that everything was good to go for Tuesday. Monday afternoon we got a call that a box hadn't been checked correctly and we couldn't close for a specific period of time from when the paperwork had been resent. We ended up closing 1 day late, but our mortgage broker actually sent us a check for the difference it cost for us to move over the weekend vs. middle of the week due to the screw up.
My sister also ended up closing 1 day late back when she bought her condo. There is always something, but if you stay on top of everyone and keep the communication lines open and keep checking in, I think you can kind of minimize the delay unless there are extraordinary circumtstances.
Good luck!
Thanks everyone for the info. I'm trying to stay on top of it. I talked to our loan officer and she said everything's been sent back to the underwriter and she'll let me know when it's completed. She also said she can't imagine there will be any reason we can't meet the deadline on Friday.
Let's hope she's right.
Life and Love at #16 | our married life blog
We didn't get our final HUD statement until 30 minutes before we were supposed to close. As for how much to bring to closing we just made sure to wire more than we knew we'd need. The title company ended up writing us a check for the 9k that we were over.