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.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
supposed to close tomorrow...still not approved
We have been tirelessly going back and forth with the LO. We had gotten approved nearly 3 weeks ago and then starting about 10-12 days ago they started requesting more and more documents. Everyday it was something new. I worked my butt off getting them the information either that day or the next morning. They sent everything to the underwriter yesterday morning for final approval and we still haven't heard anything. I'm starting to panic and get frustrated. What happens if we don't hear anything today?
Re: supposed to close tomorrow...still not approved
This has to be one of the most frustrating processes in the entire world. My husband and I went through this earlier this year.
My attorney was a huge help at pushing our LO. I would ask yours to give them a call. Also, you have to remember, if they don't get it approved, then they did all that work for nothing. Believe it or not, they WANT to approve you so they can get paid. You can still get approved in the morning and close in the afternoon (as far as I know), so I wouldn't sweat too much. I've heard lots of people in which it has come down to a few hours.
Lastly, if the attorneys agree and put something in writing, you can always get your closing date pushed back (though I think it's fairly short notice for that now). I'm sorry this is happening to you. Best of luck.
We had something similar happen. The closing date came and went and we were lucky in that the sellers were patient enough to wait until our mortgage company could get the paperwork and approvals together. Once you are approved, you also need the commitment, then you may need to satisfy certain conditions, they need to review the additional documentation you submit and THEN you can close. Depending on your mortgage company and financial profile, you can probably expect an extra few business days before the lawyers can get the documents together and for all this to happen.
Depending on your contract and state laws, the sellers are within their right to issue a "time of the essence", which means that you have 10 business days to get your sh*t together to close or your contract is void and everyone starts back at square one.
I feel your pain. I can't think of anything that has ever been more stressful in my life! We had a similar experience with our mortgage. Best of luck with it! When you do get cleared to close and sign those papers it is such a huge sigh of relief. There is light at the end of the tunnel. Just make sure you stay up your LO's butt or try to get in contact with the actual processor. That's what we did and found they were much more responsive.
I never post on here, but i felt compelled today.
We were supposed to close on December 5th... Then again we were supposed to yesterday, December 13th. Now they are saying hopefully, Friday or early next week O.o We're waiting on the "clear to close".
I was hoping for Christmas at my new house... Ughhh.
I definitely feel your pain.
We went through this with selling our house - we were supposed to close 11/8 at 4pm - and literally the buyers did not get approved to close until 4:45pm on closing day (and we did close that night...just later than expected).
Hang in there! We (sellers and buyers) went to closing a little late, and sat there until the loan officer arrived and the title company went through and did the settlement statement (and let us review the draft).
I would also have your realtor hound the hell out of the LO to where exactly things are. But, it sort of sounds like it's the underwriter you're waiting on. Is this correct? If it's a big bank then it's possible that they're so swamped they can't get to your file.
I'm sorry it's so frustrating. The only really bad thing is that if you have gone past your closing date and the seller has not granted you an extension then you are technically in default of the contract and it can get ugle.
I'm not trying to scare you but it's serious right now and your realtor needs to push it as hard as they can.
Good luck and everything will be allright