VERY disappointing NACA experience

Home Forums Purchase Program VERY disappointing NACA experience

Viewing 15 posts - 16 through 30 (of 34 total)
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  • #66502
    mrstaylor
    Member

    @2BLESSED Thank you for always having a positive word. Have been following your updates and was very happy when you got your clear to close.

    #66504
    rashad3000
    Participant

    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.“

    #66520
    rashad3000
    Participant

    Another update:

    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.

    #66533
    Kristopher Fraley
    Participant

    Bro… Imagine going through this 5 times in 3 months… = burnout

    Love the program. However at this rate it is unsustainable. NACA needs another lender to hop on board.

    #66545
    2BLESSED
    Member

    @rasha3000 I am sooo glad your clients and you decided to ride the wave. It will all be worth it in a couple of days. Praying the RETIREES can rest in their own home. God bless the seller for not charging add’tl fees. I feel with everything going on in the world and people losing their jobs, (unfortunately), the seller will wait past the two weeks. Remember what I said, “don’t leave until the benediction is given!” Praying for you’ll.

    #66547

    Hello @rashad3000! This just came to our attention, but if you need any additional support or file updates in the homestretch, please reach out to us with your NACA ID at ‘communications@naca.com’. Remain hopeful. We hope to work with you should there be any concerns.

    #66567
    rashad3000
    Participant

    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.

    #66569
    kb7571
    Participant

    I wish i had you as my realtor. My in-house realtor couldnt fasten your boot straps. I am literally begging for more information from everyone and nobody can give it. Everyones response is “i’ll check and send an escalation email” smh…this process shouldnt be so painful

    #66573
    2BLESSED
    Member

    @rashad3000 I know the feeling all to well. Something similiar happened to me but it took a couple of days. Hold on you and your clients are almost there. We had eight (8) amendments; the last one the Underwriter didn’t like the “wording” and had to be re-done requiring sellers signature.

    #66574
    ehill0520
    Participant

    Similar experience. I’m a Realtor/Member and buying a house for myself.

    They waited until day of closing (3/25) to tell me they needed something reinspected after I got an all clear via waiver. I have no conditions on my file anymore, got the HAND clear. Can’t get a hold of anyone for an update. I agree, not having direct communication with Bank of America is ridiculous. I don’t even have an MC anymore as my original MC quit, then the local office manager quit, now I’m assigned to the Regional Director and I haven’t heard one word from him. The head of underwriting hasn’t returned any emails or phone calls. Member services is a joke they know nothing past what emails you’ve sent and can provide no answers. Mortgage department doesn’t answer their phone and then it just goes back to Member Services.

    Seller is pissed, I’m pissed, listing agent is freaking out. This shouldn’t be a 48 hour process to verify an inspector’s report. Title company knows nothing. I’m very disappointed. I spent near $100 for a reinspection during this outbreak, on the verge of losing my EMD, Sellers are probably going to ask for compensation to stay in contract. @rina-padua if you can help let me know.

    • This reply was modified 7 months ago by ehill0520.
    #66583
    rashad3000
    Participant

    Kris, my NACA brother! We’ve been through this together for many years!

    #66586
    rashad3000
    Participant

    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.

    #66589
    rashad3000
    Participant

    Update:

    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.

    #66590
    ehill0520
    Participant

    Yeah Erick Exum emailed me directly and said that Bank of America was having “indexing issues” and I can expect a 48 hour delay.

    Brilliant.

    #66591
    rashad3000
    Participant

    Indexing Issues? Lol. Let me google that. Unbelievable.

Viewing 15 posts - 16 through 30 (of 34 total)
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