Delayed Closing!! Help!

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  • #72755
    lveal24
    Member

    I am stressing out because we were supposed to close on our new construction home 11/24/20 and I have yet to receive the clear to close from NACA. I got a closing disclosure 9/4/20 and it seems my file sat dormant for 2 1/2 months and at the very last minute the lender has all these conditions! I am Subject to late fees starting tomorrow and have to pray my landlord can extend out our lease another month! In the midst of a pandemic I don’t understand why NACA or BofA has to wait until days before closing to ask for conditions when we had ample time while the house was being built. I’ve been in contact with my mortgage counselor who says it’s been escalated but is there anything else I can do? This is massively stressful and I feel this could’ve all been avoided!

    #72757
    Nelsont
    Member

    This is not unique to naca or bank of America. My first house I bought through FHA and wells Fargo (gasp!) Wouldn’t commit to a closing date. It was supposed to be Monday but the Friday before they literally said we are probably looking at Tuesday or Wednesday depending on when we can get the paperwork done. Then on Sunday of all days I was handed a condition through my agent that they won’t go to closing without replacing the exterior door knob on the back door and fixing the front door sticking from the humidity. So that was done Sunday afternoon and Monday morning. Monday afternoon I was told we are probably looking at a Wednesday closing. Tuesday morning it was reassured I am on track for a Wednesday closing. 4pm Tuesday I was told we are closing now. Drop what you’re doing so we can cash the check before the banks close. What a rush!!!

    As long as it’s been escalated just sit and wait. You might want to have your agent talk to the builder. Per diem fees are often erased. Per diem fees are designed to push the bank along and are assessed to the bank as a penalty for taking their time so naturally the bank will not want to have to pay. This is not the case however with naca members as they are assessed the fees themselves and the majority of the time the sales crew is completely unaware the bank isn’t paying which is why they play hardball with keeping them in the contract. The corporate headquarters will be more likely to negotiate with you on that.

    • This reply was modified 1 month, 3 weeks ago by Nelsont.
    #72759
    Nelsont
    Member

    1 more thing. New construction provides a different experience. You are underwritten for the loan initially hence the CD in September. But they can’t have the final appraisal until 90% completion of the house so if there is a gap of more than a few weeks you will get underwritten again to make sure nothing changed. This is why you are receiving last minute conditions. I would take this as a good sign because your file is being processed.

    #72760
    lveal24
    Member

    @Nelsont I hope you are right. NACA is a great program but the communication and customer service are the lowest I’ve ever experienced! I’ve been reading on the forums and it seems I need a Final closing disclosure then a Clear to close before we can close? And my MC said you can’t close until 7 days after that? It’s so confusing! Didn’t think a new construction property would be this difficult

    #72762
    lveal24
    Member

    Update!

    Still no clear to close! I only have until the 30th for my current residence. My MC keeps telling me it’s been escalated but I am running out of time! @Ttrumble is there anything I can do to escalate this further? I need to close on this property by the 30th!

    #72802
    lveal24
    Member

    Update!

    My status now says “Approved-Clear-to-Close Final“ which I got on 11/27. My MC said to schedule closing with escrow but escrow said they are waiting on the bank to send loan docs. Is this the final step? Do I have to wait another 3 days? I’m already 1 week past my original closing date now I had to extend out my lease. Does anyone know? @Nelsont @Ttrumble

    #72808
    Nelsont
    Member

    Congratulations!

    Yes that is the absolute last step. Bank of america draws up the contract documents (about 200 pages worth!!!) and faxes (?) it over to either your title company or your attorney which ever one you are using. If you received the CTC final on Monday expect the paperwork to be sent today. Keep on top of it and you will have the keys in your hand in no time!

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