So close but yet so far

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Viewing 8 posts - 1 through 8 (of 8 total)
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  • #65972
    kb7571
    Participant

    Almost there!

    My wife and I found a new construction already built but was never occupied by anyone.(person who initially purchased and built property didnt finish the process).

    It is everything we wanted in a booming part of Texas. I felt like we were rolling but once the P&S agreement was executed it seems like it has stalled. I had to be approved by the seller itself as well (their rules) and was approved. They put the title in their company’s name because we didnt have the prequal letter yet. My MC was on vacation. When she came back we sent it in and signed the addendum. My MC had me send in all updated docs and checking acct activity to the date. The seller sent an addendum to transfer title from them to naca. We literally have everything ready but the title dpt is dragging its feet to grt the taxes and fees. It is now past 10 days since the P&S was executed. How long do I have? The closing is supposed to be 3/13. I know I dont have to worry about HAND or repairs bc Ive done 2 walkthroughs already. Once title gets taxes and fees My MC says we will submit to U/W and bank application. I am trying to be patient but is there more i should do? After the 13th its $100 a day until we close and if not closed by end of the month the seller charges $2500.

    #65973
    Alikay
    Member

    If you haven’t gotten credit access approved or done your bank application yet, I don’t see how you will close in 9 days.

    #65974
    Nelsont
    Member

    Credit access is like qualification all over again. The process usually takes 2 or 3 weeks. It can be shorter if there are no questions. Once you submit to underwriting you will get conditions. Similar if not the same conditions you had at qualification. Once the conditions are approved you will be credit access approved and asked to come into the local office to sign your bank app. From that point on it is out of nacas hands and up to bank of America entirely. Bank of America had a 18 day internal timeline from bank app to Close. It’s more like 3 to 6 weeks. Realistically I would say you are looking at a mid April closing.

    #66051
    kb7571
    Participant

    ***update***

    I am a bit confused. My MC will submit my bank app Monday. I’ve previously already signed my LOE and received the paper copy in the mail. Reading posts in the forum it seems that some people don’t sign the LOE until after the bank app is approved. My closing is 3/13 she stated that won’t happen because they won’t have the CD by then but she says it should be 2wks or shorter since i don’t have to worry about inspections or anything.

    Hopefully this bank app goes through quickly and i get these closing documents asap.

    #66055
    Alikay
    Member

    LOE? Did you mean Loan Estimate?
    I hope you get through it quickly. I’ve been HAND clear before my credit access approval. Signed Bank App on 2/18, got my initial CD on 3/5 after hours, with estimated closing on 3/13.
    Wishing you all the best

    #66057
    kb7571
    Participant

    @Alikay yes i signed the loan estimate already. I just wish my realtor and MC didn’t preach the 30 day mark and was more realiatic that it would take 45-60 days. I’m really worried that I will have to pay $100 a day after 3/13 and $2500 if it goes past 3/31.

    #66234
    Alikay
    Member

    @kb7571 were you able to get update from your MC? I’m hoping you won’t have to pay that daily rate.

    #66236
    kb7571
    Participant

    ***update***

    My MC let me know the delay was from the builder providing the taxes to her so she could get it to credit access. Because its an existing new construction they didnt have the proper taxes and attempted to overcharge us. The MC is fimiliar with the area so she fought on our behalf to have taxes corrected. That process took 2wks. The builder only allowed a week extension.

    We signed the bank app monday and have no conditions to meet outside of the 1st set the send. Appraisal was completed yesterday and should be in file monday. Hopefully everything comes back next week and we get a close date the end of next week or the week after. $100 a day is a big bill.

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