Trying to stay positive but it’s hard

Home Forums Purchase Program Trying to stay positive but it’s hard

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  • #62864

    I’ve been reading the forum for a while and today I had to make a post. I’m about the drive myself crazy. My scheduled date is 12/10/19. The seller is frustrated and threatening walk because we are already past the previously agreed upon date. They think I’m closing on 12/9/19. I received the initial closing disclosure on 12/3/19. How long does it take to get the final and closing scheduled on average? My web file still says conditionally approved. I checked to see if I had any additional conditions today and they said no. How will I know if my file has been escalated? Do I have to make the request?

    #62869
    Nelsont
    Member

    Ok first, calm down. Your seller needs to realize that you do not get to this point in the process without eventually closing on your new house.

    What does the closing date on your initial CD say? There have been delays but your file is a legitmate case for escalation. You would need to make the request by contacting the mortgage processing center. You will not otherwise know if your case has been escalated – there is no status for it. With that said 12/10 is cutting it close but next week sometime is not out of the question.

    #62870
    cstar89
    Participant

    The mortgage department can tell you if its been escalated or not. Also, I would think your MC can. I however don’t know the urgency of escalations. My file was escalated Monday. I thought the outcome of an escalation was a resolution however we received a generic answer from the bank. I’m a step behind you in the process so I’m not certain how long it takes to get the final CTC and schedule the closing. Please keep me posted.

    #62876

    Thank you, my initial date was 12/09 on my initial but my initial contract was for a 30 day closing (11/21/19). Which has been the biggest mistake. The seller wants to me to pay a per diem and I can’t agree to that. Im scared that if this doesn’t work out I’m going to lose the BOA grant because of the ending date, plus I love this house. I’ve been working with NACA since Aug 2018, and I can see the finish line but there are so many hurdles. NACA is new to the area I’m buying and no one is familiar with the process. my case wasn’t escalated.

    #62878
    Nelsont
    Member

    Yeah realistically you need at least a 60 day contract. I hope it works out for you. You are soooo close!

    #62882
    cstar89
    Participant

    Wow. I don’t understand why BOA cant get it done in 30 days. NACA UW is so stringent that most of the work is done upfront, in theory it should be an easy process once its on the BOA UW desk. Realistically because of the market and demand sellers wont consider anything over 40 days. I’ve lost out on homes simply because the length of the contract is not competitive.

    When I went to my purchase workshop they were adamant the contract must be for 45 days but the in house agent advised they have been closing in 28 days. I’m shocked your MC didn’t say something about the 30 day timeline upfront….its water under the bridge at this point but I’m sure it would have saved you a few headaches. 60 days sounds outlandish to me.

    #62885
    pratik
    Member

    Stay positive, stay efficient. Scheduled closing late Sep/early Oct here. Series of mistakes and inefficiencies at multiple levels. Hopefully will close in coming days, after delay of 2+ months, fingers crossed. Actively and respectfully follow-up and keep following up with your MC, branch office manager, receptionist, regional manager, mortgage department and so on. This is the best mortgage program and if one can take benefit of it (and support the cause of NACA in return) it is no brainer to keep pushing! Best wishes. Pratik

    #62886
    Nelsont
    Member

    You are right. In theory it should be easy. However BOA takes 3 to 4 weeks from the time you sign your bank app if there are no holidays or backups. NACA takes 2 to 4 weeks to get you from ratified contract to bank app. Add the two together thats about 60 days.

    Also NACA UW does not take the place of BOA UW. They just get you to the point that BOA UW will have nothing to deny you on.

    Actually my MC didn’t need to say anything about the 28 days. The MCs in workshops I volunteer at say 60 days. Yes the 28 day time frame is still valid but that’s only for NACA’s portion. Then it goes to BOA. That time frame was advertised with citi split the mortgages with BOA. since then citi exited the industry and naca advertised more heavily than they ever have before. About 6 months ago BOA started experiencing 2-3x the naca members as they ever had before.

    #62888
    Nelsont
    Member

    For what it’s worth I personally know 2 people including my neighbor that bought a house through bank of america using traditional methods and it took 7 or 8 weeks even with a 30 day contract. And I know @viperml will have something to say about this but my agent had never worked with naca before me but wanted to advise me that his entire office staff had never had a BOA loan close on time under any circumstances. I like to say it’s because @ viperml left for another company LOL. But anyway…

    #62906

    Thank you guys, I’m almost certain that sellers in my area won’t consider a 60 day closing. I put the offer on this house the first day it was posted and it already had other offers. I just wish there was a way that they process could work smoother. I can say my NACA office has great and responsive. I’ve been working with them since Aug 2018 and they just want to get me closed also. If the seller wasn’t so frustrated, I’d feel better. Who can blame them.

    #62907
    Nelsont
    Member

    Out of curiosity, if you don’t mind telling us, what area are you in? There are a few active posters on here that have bought or are buying in very competitive, every house has 14 offers type of market and they are making it work. It all comes down to how effectively you and your agent can communicate the ins and outs of naca to the seller and how receptive the seller is.

    #62908

    Virginia Beach area, we don’t gave an office. We use the Richmond Office or Baltimore.

    #62909
    cstar89
    Participant

    I know the feeling. I’m not sure what office you are working for but the Cleveland, Ohio office has been nothing shy of great. They are super responsive to email (I don’t bother calling) and are definitely working to get me through the process. I wish BOA could figure this thing out. It sounds like all processes are behind and that cant be the way they intend to do business, its got to be damaging to the brand right?

    All this to say I hope you can close soon and in time for the holidays.

    #62911
    cstar89
    Participant

    I’m in Central Ohio working with the Cle office. Homes are going in contract same day because inventory is low. With that being said sellers don’t have to consider 45+ days to close as they usually receive an offer with better terms. Its not impossible because I found someone to work with me, however I will say we were working with a “newer” listing agent and because of the price I was able to offer a fair amount over list….thankfully it still came in under the appraised value!

    #62913

    Just for clarification, it can take weeks to close after receiving an initial closing disclosure? I’ve been in the status approved with conditions since 11/22/19 (I think).

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