Forum Replies Created
Thanks Nelson. I guess I should have asked, would NACA block you from doing it.
I asked her about the Web file and this was her response:
“Yes. The web file says I haven’t entered my dependents or my debts, therefore I cant schedule online… even though i have.“
I just said “Welcome to NACA”.
You absolutely can’t make this stuff up. If I knew the situation would have been what it was, I wouldn’t have participated in it.
I had attended a workshop and we were looking at buying again through NACA. We’ve decided to just ride out our current home. We couldn’t go through this process again.
Indexing Issues? Lol. Let me google that. Unbelievable.
Due to the incompetence that I mentioned earlier, the closing time was pushed back. So my clients are signing right now, but the loan will not fund until Monday. So they will not get their keys until Monday and of course, I won’t get paid until Monday. They had a moving truck reserved for tomorrow, since they were scheduled to close at 10am this morning.
So we have to go through a weekend of waiting, again, due to no fault of the buyers. We thought this nightmare would end today, but the sad thing is that I am not surprised that there was another twist in the story.
@Nelsont, this is actually the first NACA client I’ve had. I’ve never heard of this before. It doesn’t mean it doesn’t happen, it just means that it wasn’t a big enough deal for my clients to mention anything about it to me.
The only red flag I’ve ever heard about was with cash deposits of $5000 or $10000 (can’t remember which one). I just had no idea that $100 would trigger anything.
Kb7571, I’m a very patient Realtor. My full time job is an Alternative School Principal. I love being a Realtor. I have more patience than most. Many Realtors I know avoid NACA clients because of this and what Kris Fraley has gone through. It really ends up being about volunteering at the end of the day because you are just putting in so many hours.
EHill, stick in there. I know the seller is probably frustrated beyond belief. I had to talk the builder off the ledge many times. I also had to talk my buyers off the ledge. It’s still a travesty that they are closing 22 days after originally scheduled and paid $2250 in unnecessary fees. They would have paid more, had I not advocated for them. NACA and BOFA had since August to get this right and it just didn’t happen how it was supposed to, unfortunately. It caused my clients to have to move things into storage and move into our place for a week.
Kris, my NACA brother! We’ve been through this together for many years!
I know it doesn’t help you now, but when I went through the process in 2014-2015, I found a way around the cash withdrawal thing. I didn’t think it was their business when I withdrew over $100 and I didn’t have to justify it. So what I would do is go to Walmart. If I needed $300, I would get 3 packs of gum and buy them in 3 separate transactions, getting $100 cashback on each one. That way, when NACA did the forensic audit on my account, they would see 3 transactions and wouldn’t have any questions, since cash withdrawals were not evident.
Good morning, everyone. We were supposed to close at 11am this morning. The title agent let me know that BOFA did not know that I was giving a realtor contribution towards the buy down. This morning (about 45 minutes before the supposed closing), NACA calls for clarification on my contribution. It shows as $2430, which is 1% of the original price, before upgrades. So they want to clarify whether or not it’s $2430 or $2530, which is 1% of the purchase price after upgrades. She said she would let BOFA know that it’s the $2430 and she said they may be sending an amendment. My broker was on 3 way and even asked why they would need to do an amendment. I was just absolutely floored that this VERY minor detail was caught around an hour before closing.
I’ll take the minuscule check I receive from this deal to pay for counseling and alcohol (and I don’t even drink). This definitely felt like a volunteer deal. Can’t wait until it actually closes.
The underwriter called me this morning. She told me that there was an addendum that needed to be signed by the builder. The precious addendum only had the buyers’ signatures. The builder sent me the proper form and I sent it to the underwriter. The underwriter then said that the processor was going to do a final VOE. They are retired, so I don’t know how they will do that.
Anyway, maybe this nonsense will be done by Friday.
Just received this update:
“Im on the phone with them now. We should be good with the Addendum but the Appraiser screwed up the Appraisal Purchase Price and they had to send back for a correction and asked for a Rush. Hopefully we get the CTC tomorrow. They know this is Priority.“
The builder called me after I sent the above email. She offered to extend closing up to 2 weeks without adding any fees. I asked the builder if they could refund the $2250 in fees at closing. She checked with someone and got with me the next day. She said the best they could do is to waive any future fees for up to 2 weeks.
My clients put all of their belongings in our garage and are staying with us, until they move in. We were told that last Wednesday should have been the final close date. I spoke with a closing coordinator after that date was not met. She said they would get it to the escalation team and try to push for a closing ASAP. Yesterday, we received another email from NACA stating that the bank needed an addendum and that the contract was incomplete without it. The bank even wondered why an incomplete contract made it to their desk for closing.
We sent the concern to the builder and they sent the addendum. I’m immediately forwarded it to NACA and they confirmed that this was the needed document.
I have the same concerns of the bank: why was an incomplete document sent it to them?
Anyway, my clients ask me if this is it. I can only tell them that I’m not sure because every time we send in what they ask, they ask for something else.
I told the builder that the 2 weeks was probably far more than we needed and that we should close by Wednesday. I believe the builder pushed it out so far because they have no confidence that they will close.
Hopefully, we hear something soon.
In all of my deals as a Realtor, I’ve never seen anything like this. Every other deal closed on time or early. For a March 5 closing date to extend past March 25 is completely unacceptable and frankly, it’s a joke. We can blame Bank of America all we want, but we all know that NACA has to take some ownership in this. The MC did NOT do everything asked of her. An incomplete contract was submitted to the bank. My clients have been billed an extra $2250 in fees for no reason. Again, this is not fair to them.
The fees they have paid and the extreme anxiety this has caused have basically nullified the benefits of the program.
This was my email to NACA as I forwarded them my clients’ email:
Good afternoon. It is with extreme disappointment that I have to communicate this to you. Mr. and Mrs. *** have perfect credit, plenty of assets, and no debt. We have no idea why a contract that was signed in August was not closed by the March 5 closing date. My clients are losing $2500 for their earnest money deposit, around $10,000 for upgrades that they paid outside of closing in cash, and $2250 in late fees from the builder. They have done everything asked of them throughout the process and are deeply saddened that this has happened to them. They were supposed to close on March 5 and gave their apartment complex a move-out date of 3/20. They have been living out of boxes for the past 2 weeks. They were able to get the apartments to extend them until Sunday. That gives them 2 days to look for and secure an apartment.
This is absolutely unacceptable. I have been one of the biggest advocates of NACA in the past 5 years. I can no longer stand behind this program after what has happened with my clients. I have communicated this to my other clients who were planning on going through NACA. I cannot let them go through what the ***’ have gone through. I wouldn’t wish it on my worst enemy. They have lost many thousands of dollars and it is due to NACA not doing its part, not to any fault of their own.
Well, my clients were tired of the NACA shenanigans, so they decided to walk away, and I can’t blame them.
We just received an email from NACA informing us that they have to do comparables for the appraisal report (per the lender) which means we will not close tomorrow and it looks like we will go into next week and even that’s uncertain.
With all that said and all we have been through with this program (NACA). The money spent, the highs and lows, the stress and strain, we have decided to walk away. We are beyond pained, frustrated, and tired and can’t take their empty promises anymore and have to walk away.
We paid for the two extensions thinking we would be in a house by now but we find ourselves at the end our apartment lease, so we are forced to rush and find a new residence.
We felt we have done everything that NACA has asked us for and we have spent money to buy THEM time. How could we have gotten to close if NACA is still asking for things they should have cleared before we got to this point. Again, we are heartbroken, frustrated and exhausted and we don’t feel we can go further with this ineptitude and unprofessionalism.
We’d like thank those at *** Homes who were willing to work with us during this time. Thank you Nancy *** at *** Title for taking our calls and answering our questions, your patience and, going the extra mile on our behalf. Thank Rashad *** for your assistance, patience and understanding. You both are examples of those who take pride in their work and any home buyer would be lucky to have either one of you in their corner.