Complete Timeline and Review of NACA Experience

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  • #71312
    Rml712
    Participant

    2/8 Attended Homebuyers Workshop
    3/5 Intake appointment
    Next appointment was supposed to be 5/1, but I was able to request an earlier appointment
    4/16, 4/21, 4/27 – appointments
    4/27 submitted for qualification
    5/5 conditions
    **Lost a week because my MC said she resubmitted us to UW, but actually didn’t**
    5/12 finally resubmitted
    5/16 another condition
    MC stopped responding and did not resubmit our file even though condition was addressed 5/16
    5/22 finally resubmitted to UW
    5/23 qualified
    5/28 we had an offer accepted
    5/31 inspection done
    6/4 cancelled contract (property was a money pit and seller refused to do any repairs)
    6/15 under contract again
    6/17 inspection done
    6/19 moved to credit access
    6/24 HAND sent us the required repairs list
    **Credit access was delayed because we are buying a condo and needed to order HOA certification docs. Those took a week to be delivered to us and then several days for all the needed info to be submitted to the UW.**
    7/1 status changed from credit access request to credit access pending – conditions – changed back to credit access request
    7/3 credit access approved
    July 4th holiday delay
    7/7 bank loan
    7/13 notified of credit pull
    7/14 status changed to underwriter initial review, also submitted repair waiver to HAND
    7/16 conditions
    7/20 waiver approved, HAND cleared
    7/22 conditions cleared – no status change
    7/27 back to initial review
    7/28 approved with outstanding conditions
    7/29 received commitment letter
    7/30 appraisal finally uploaded
    7/31 no change to my file at all, but at the EOD we were told that the file was in line to be reviewed for clear to close and that another contact was needed to verify my husband’s employment
    8/3 verbal verification of employment completed, initial closing disclosure uploaded to file. We were told we had to wait 3 days to close
    8/4 a new condition popped up because we are receiving a seller contribution for repairs and the repairs were waived, so the money was set to go directly to us. This is against real estate law or something. I was emailing and calling trying to get clarification on what was going on and told by my MC that my “emails were not helping.” She basically told me to shut up so she could “focus” on our file, yet through all that work and focus, she could not take a second to give us an update. At the end of the day, we had no idea what was going to happen with our seller concession nor with closing.

    8/5 In the afternoon, I finally heard from my MC and we were given two options: use the seller concession for a buy down or set up an rehab escrow account with HAND (which was exactly what we wanted to avoid hence the repair waiver), address ALL repairs, and delay closing by at least two weeks. This per the HAND director. Simply because of NACA being NACA, we could not set up an escrow account with our title company to arrange the concession be applied to paying a contractor. There was literally no reason for them to deny that except because no one was willing to make the exception (I firmly believe it is because HAND makes money off repairs and doing this through title would mean HAND wouldn’t get their cut). A COC was created and sent to us. The seller concession was supposed to be $2500, but the COC only showed $2200. I asked about this because it did not seem right and was not given any sort of answer as to what happened with the other $300. This is important – it will come up again later. We were also informed by our MC that we had to pay for yet another credit report because the system wouldn’t let her do anything without it, meaning she could not make the COC. I questioned why on earth our credit report would be needed at this point in the process since we already got approved by the bank. She told me we had no choice but to pay for one to continue and to not worry, we would get the money for credit reports credited back to us at closing. We were told that more than once. Spoiler alert – you are credited back the cost of your first report, but not the other ones. Our MC tried to act like she didn’t know she was lying to us, but I don’t buy that for a second. Pulling credit reports are essentially just a way for NACA to make money.

    8/7 Status changed to CTC Final. Closing was set for Monday, but title was unsure that docs from BoA would be sent over in time, so a back up time was set for Tuesday just in case.

    8/9 Did final walkthrough

    8/10 Our title company opened at 8am and closing was set for 10:30am. I reached out at 8:10am to title and my realtor asking if we were all set to close. My realtor responded first and said yes, the docs were received and we are good to go. Two minutes later, title responded and said the docs were not received. My realtor was obviously wrong. BoA told title that the COC was incorrect because it was for $2200 and not $2500 (see I told you that would come up later) and that closing was postponed until this was corrected. We were left with two options: get a new COC or create a new addendum that changed the concession to $2200. I could not get a hold of anyone at NACA to create the COC and I figured buy downs had to be an exact amount for points (i.e. 10% of purchase price so 1 point = $2200). Due to this, we opted to just change the concession through an addendum. This was all figured out by 9am. We had to sign THREE different addenda because my realtor kept making mistakes. First, he put the signature in the middle of the page, then the listing agent had to point out we were on addendum 3 not 2, and then, finally, he got it right the third time. It took until 12:45 to get the addendum signed by the seller and sent to BoA. We were then informed at 3pm that we wouldn’t be closing on Monday (we were told all day that title/NACA thought there was a chance of doing so, we knew there wasn’t). Title/NACA wasted hours getting bank docs for Monday so we could sign and then fund the following day. They failed to realize that the numbers (interest and such) in the bank docs would be for Monday and not Tuesday, and they had to be for Tuesday. What a waste of time… So we rescheduled for Tuesday, which should have just been done in the first place, if you ask me. It was then confirmed at 5pm that title received the bank docs and we were definitely closing on Tuesday.

    8/11 We went to the NACA office at 7am and signed the documents. We were under the impression that this meant we were closing and would leave with the keys, since no one ever told us otherwise. In Arizona, this is not how closing works. Closing is technically when the sale is recorded with the county, not when docs are signed. We were told to expect recording to happen around 1-2pm. I called my realtor and relayed this information (he was not present at signing) and he kept saying to not expect recording until 3:30-4pm. At 11:30am, my realtor called and told us that the sale was recorded – we officially closed. Naturally, I asked when we would get the keys. He hadn’t planned anything out and wasn’t expecting things to happen until later so he wasn’t available. I complained because we arranged our entire move for Tuesday and already lost hours. He said he had a buddy that could get the keys out of the realtor lock box for us, but I would literally have to leave that second because the dude wouldn’t wait around for us. I kid you not, that’s how we got our keys. We had to inconvenience ourselves, as usual, drop everything and go get keys from a freaking friend of the realtor.

    This whole experience, more specifically the last bank loan stage, was terrible. I strongly do not recommend using NACA unless you want to deal with more stress than necessary, constant mistakes, unprofessionalism, unnecessary delays for no real reason, and not getting exactly what you want. If you want to deal with a team that cares about you closing and wants to do everything they can to help, go elsewhere.

    Our MC made a ton of mistakes once we got to the bank loan part. I don’t think she has a lot of experience in actually closing. She refused to own up to her mistakes. Instead, she blamed us for “changing” things by asking for HAND to waive our repairs

    HAND was an absolute nightmare that caused so many problems for us. From 6/29 to 7/20, I called them 24 times and sent 13 emails. I received 1 phone call in response. I got the most help on the webinar by using the chat box to speak with someone. They told me there was no chance of closing on time if we pursued a rehab escrow account and recommended we submit a waiver. This is why we “changed” things, as my MC loved to point out. We did not do it because we wanted to, but because HAND did not leave us with much choice. It was either waive repairs or guarantee delaying closing. The incompetency of my MC due to waiving the repairs ended up causing our delays, so there’s that.

    Our realtor was something else. He was an older gentleman who clearly has his own life to deal with, which was more important than being our realtor. He has elderly parents that he cared for hours out of town, which meant he would send his wife to do showings with us. She is not a realtor. We honestly dealt with her more than we did him (we only met with him twice) and she was not knowledgable about anything, which made things a lot more difficult. He forgot things and did not keep anything organized. He would forget to send us docs to sign and then scramble to get them last minute. He even screwed up the property address on the contract when he created our initial offer! He did not even have the time of day for us to get us keys. He was a nice guy and all, but we did not appreciate his absence and he made so many mistakes. We weren’t told which mailbox was ours (AZ has a really dumb numbering system for mailboxes that does not go by address), which storage unit was ours, or told which key goes to those things, as well as our laundry room and pool. This certainly feels like something a realtor should have found out and told us when giving us the keys, but no, I had to ask.

    In the end, yes, we closed and that is great. If I had known how this would have gone down, we would have stuck with our previous realtor and continued pursuing an FHA loan.

    #71317
    sneakerz4me
    Participant

    Congrats despite all the trials and tribulations.

    I’m dealing with an incompetent naca realtor so I kinda feel your pain. Only using him cause he’s my connect to the MC who I’ve never spoken to.

    #71319
    CommonCents
    Participant

    Yikes! I have nothing to say but I appreciate your absolute honesty!

    So far, I’ve had to pay for a credit report 3 times this year and two of those payments were made in the same day! I’m very concerned because I haven’t received an inquiry from NACA on my credit report. So these payments for credit reports are for non-profit NACA?

    #71320
    Rml712
    Participant

    @CommonCents I don’t know how they get the reports. The only credit pull that’s on my report is from the BoA when we actually applied for the loan. They charged us for 4 reports.

    My MC did not seem to actually look at them. She looked at the first one to get an idea of our debts. From there, we had to prove paid off accounts with statements – the zero balance on the report wasn’t enough. The only purpose of them, at least for my file, was to make NACA money.

    #71321
    Nelsont
    Member

    Naca pulls a Tri-Merge report which includes Experian. Experian does not contract with free sites. Those sites use only Equifax and transunion and typically use vantagescore score which tends to be less conservative than fico.

    Naca does not make money on the credit pull. They charge you the enterprise account price. The reason it’s not free is because Experian requires an account to get information. Yes you are entitled to a free report once per year. But that’s you. Businesses and other parties on your behalf are required to pay. Plus the free report especially from Experian gives you high level information and often leaves important information grayed out.

    The report is valid for 90 days so no matter what the situation is there is a high probability of needing the report pulled by naca at least twice. They do this to make sure there are not hidden things that didn’t pop up initially.

    Bank of America will pull it as well probably just a week or two after naca pulls it for the last time. They normally would charge you but it’s included in the closing costs that naca members do not pay.

    As far as showing up it should fairly quickly but there is sometimes a 30 to 90 day delay so don’t be surprised if in October or November you are alerted to a new inquiry and when you check the details you find out that new inquiry is actually from August. Again this is why the tri merge is only good for 90 days and why it’s necessary to have more than 1 pull.

    #71331
    Rml712
    Participant

    @Nelsont I was told they are only valid for 60 days during qualification and 30 days after that

    #71332
    Nelsont
    Member

    Oh well then even more a necessity to pull multiple times

    #71344
    mrstaylor
    Member

    oh boy.. I’m also in Arizona and I believe I have the same female MC you mentioned. All I’ve seen lately in the Phx Market are extreme bidding wars. did you have to deal with any of that as well?

    #71347
    Rml712
    Participant

    You likely do, I think there is only one female. My best advice is to stay on top of her during the closing process. If something doesn’t seem right, question it!!! I wish we would have questioned things more.

    We dealt with constantly getting out bid when we were trying to buy with an FHA loan. We did not have a hard time once we started looking with NACA, but we only put in full asking, no concession offers. The sellers out here are very unwilling to agree to concessions in offers and do not like to do any repairs. You are better off waiting to ask for concession at the repair point.

    #71356
    mrstaylor
    Member

    thank you for the advice! Congratulations and enjoy your new home!

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