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Closing date is Friday, but no loan approval yet
Ah, I am completely losing my mind! My husband and I put an offer on a home in early June and completed a loan application with US Bank. The loan officer told us we had a 50/50 chance of closing July 13, then told us we had a great chance of closing on July 20 (even though our purchase agreement said 7/27). Those weeks obviously passed us by, but now we are less than 48 hours before the closing date on our agreement, and our file hasn't even been reviewed by an underwriter.
Our loan officer has made numerous mistakes throughout the process (submitted appraisal request wrong, didn't send file to underwriter until July 19 even though he said he did July 3, etc.) and we don't have any trust left. For all we know, our file is floating around in la la land.
They keep telling us to be patient, but how can we be patient when the underwriting department should notice the date listed on our purchase agreement. Is there any hope we can still close Friday? We are renting and since our lease is up, we have to be out by Saturday. If our loan officer hadn't been so promising on closing before month's end, we wouldn't have given our notice until August.
In addition, our loan was put on a "rush" on Monday, yet it still hasn't been touched 48 hours later. Does a rush really mean anything?
My husband and I have a 3 year old, 2 year old and 9 month old and now have to find a hotel to live in now. So sad and feeling completely hopeless. :-( Anyone experience a similar situation and it turned out okay?
Re: Closing date is Friday, but no loan approval yet
I usually don't reply on posts but since you are going to a very similar situation I think at least I can help somebody with our experience. we put an offer on May 4th on a really beautiful house and started the loan process right away. we put our closing date for June 15th (we thought 6 weeks for the loan to be ready was going to be enough). Our lease was up on June 30th so in our minds it was the perfect scenario. two weeks to get the house ready to move!. We got a conditional approval (after the mortgage crisis, all loans go through that step since the underwriters want to clear any questions or doubts regarding credit, employment verification blah, blah) on May 30th and sent all the conditions to the loan officer on june 5th. We had to wait for appraisal and title to be rady and they didn't submit everything to the underwriter until the 19th (after moving our closing date for the first time to the 29th). When the underwriters reviewed the loan, finally, they sent a second set of conditions and paperwork. We had to move out on the fist week of July to a hotel since with the second set of conditions the loan approval got postponed and we had to move the closing date to the 14th of July. July 14th came and after clearing all our conditions the underwriter saw a problem on the appraisal that took more than a week to get resolved, we postponed the closing to the 25th but the seller required 48hours to review the final statement of the house so we are closing on Friday the 27th (I think, after so many problems I don't know anything anymore).
Sorry this is such a long story, but in conclusion my advise is for you to arrange at least one more month of housing. If you close in 2 weeks then yoiu will be able to move with no rush and if you have the same experience we did (hope not) at least you are not sleeping (as we, my husband and 4 kids are) in a friends house each week after paying too much on hotel.
Good luck and have a lot o paciente, it will all be worth it and will make a really good story when your kids grow up
I went through this exact thing when we sold our coop recently. Everything that could go wrong, went wrong. Our first buyer signed with back in Oct., two month later he got turned down for a mortgage. Our next buyer came not to far behind in January. Among other things, the buyer's mortgage broker put her file in a drawer (along with the check for the appraisal that was never done), he then told all of us the file was submitted to underwriting. For about a month we heard nothing. Our buyer then received a phone call from someone at the bank saying that her broker was fired and they found her file laying in his drawer, check and all, and that it was never submitted and only was first being submitted to underwriting. It was a nightmare and i feel for you and your situation. After SO many more horror stories that we endured, and to make a very long story short, we missed our contracted closing date AND our buyer's loan commitment expired, TWICE. But I will tell you, after two commitment extensions and a new closing date, we eventually closed. Here was our timing, Signed the contract in Feb. with a potential closing date of on or about April 15. (so that meant we could closed thirty days before march 15- or thirty days after May 15)
After all was said and done we didn't closed until June 12th! Keep hope that everything will work out. This happens quite often apparently, but it still stinks going through it.
(My DH and I are waiting on a closing date for our house, we've been living with my parents since we sold the coop!)
MY FINGERS ARE CROSSED FOR ALL OF US!!
Thank you for posting. We are working with three different lenders right now. One lender is a she and has been super awesome and on top of things. Another lender we have been working with for three weeks, have submitted all the info. Then, he gives us our app to sign and it is missing so much info and is just inaccurate in other places. After hearing you guys' stories, I don't think we should work with the second lender...
Good luck! I hope everything gets moving soon!
Can you ask for one more month on your lease?