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.
Closing dates-on time?
We sold our house and in the offer it said closing would be 3/20. When will we know if that date is still right and what time we'll need to sign papers? All the inspections and appraisals were done weeks ago. DH and I both work FT and DH is a teacher and can't leave in the middle of the day to sign papers. We need some lead time.
Im just worried because our schedules are jam packed with stuff that can't be rescheduled, so we're holding 3/20 open.
Re: Closing dates-on time?
If I remember right there's something in the Frank/Dodd act about the closing taking place at least 48 hours after they get the "clear to close" from the underwriters. So you should have at least 48 hours notice.
This past time that we bought, we actually closed a week earlier than specified in our contract. The inspection and appraisal went through without a hitch, our file went through underwriting without any wacky documentation requests and they moved our date up. We were given the official closing date and time the day before closing. We told our employers up front that we were closing on a house and would need time off unexpectedly.
Try to get an afternoon slot. A lot of title companies will try to get you in in the morning, assuming that you'll want to go paint and move stuff right away. But they actually do closings into the evenings too. Let your realtor know that you'd rather have a late afternoon or evening closing time so your H doesn't have to try and find another teacher to cover his classes or a sub with only a day's notice.
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I was in constant contact with our mortgage person and he kept me up to speed on where we were in the underwriting process so I basically knew when closing was going to be about a week beforehand.
We have a very unique situation but our closing date is March 30th (this is when I can sign the papers), and the original date was Jan 9th.
Things can come up and change the closing date dramatically.
We just closed on a home and everything went smoothly with closing on time. We didn't get the actual time until a day or 2 before, though.
The sellers' attorney specified in their attorney review letter that they would close "by mail" so they did not even attend the actual closing. I am not sure if that is an option for you.
We bought our house 6 months ago and our bank didn't officially give us the clear to close until 4 hours before our scheduled settlement.
I say scheduled because it did not happen on time. We did settle that day thank goodness since we had no other options, but thanks to many issues on our bank's end we were 5 hours at the title company waiting for them to send over what we needed.
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Never, ever have we closed a purchase or re-fi on the originally planned date.
We usually find out a day or 2 before closing that we're ready.
For one re-fi, they sent a notary to our house with all of the docs at 7pm, and that was, by far, the best closing.