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I’m sorry your experience has been so horrible. I have to say it’s definitely not a scam. I think I was naca qualified in June of this year and just moved into a VERY nice home theWeekend before last. Our counselor was responsive. It did get hectic at times but the reward is much worth it. I dealt with the Baltimore office and I’m grateful I got a good counselor. Just stay persistent in trying to reach out and use member services as a tool. I hope things come together for you!!
Thanks O! Please explain what you mean by “removing” the inspection and hand contingencies. With the appraisal the bank basically said “we aren’t loaning more than the house appraised for”. As soon as we heard that my agent messaged the sellers agent an addendum to drop the sales price to the appraised value. It was only a $250 price reduction so within 24 hours we had the addendum signed by all parties and resubmitted it to our web file under lender conditions. Naca’s immediately sent it to the bank and the next day our lender status went back to approved. The thing that confuses me about the appraisal is that we received it on the 22nd but it was dated the 3rd. Over two weeks before we finally saw it. It screwed me over because hand couldn’t waive certain stuff because they aren’t allowed to waive anything that’s in the appraisal report. So now I have thousands of dollars in this repair escrow and the total amount of damages that the appraiser mentioned was less than $300. We were rushing so we could close on time but I believe if I would’ve waited for the appraisal report I wouldn’t have to have this repair escrow but it is what it is. As far as sellers closing cost, if you are talking about transfer taxes and title then yes, the lender pays for that. Our sellers were actually happy to hear that because they were under the assumption that they would have to pay half. If you have any questions don’t be afraid to ask. If I can answer I will do anything to help/guide anyone here.
Mrstaylor, I like the idea of the escalation clauses but keep in mind that just because you out offer someone by 1k doesn’t necessarily make your offer more attractive. You also have to take contingencies into consideration. Good luck and I hope you find something soon!
I agree with NelsonT including what he said about Stewart title co. I think your on pace to close on Tuesday, worst case scenario Friday. Good luck, you’re almost home!!
Have you been assigned a closing coordinator that you know of. I’d suggest calling the mortgage department which should be listed on your file under your lender status. Honestly they seem so busy that you’ll likely get forwarded to member services. Tell member services that you want someone from the mortgage department to contact you ASAP because you are supposed to close. Don’t let them try to connect you with the mortgage department because you’ll come full circle to member services again. Then (and this is important) email the mortgage department explaining your situation. I believe this is what helped me out. I got a call from my closing coordinator the same day I sent the email which was early last week and I’m closing on Tuesday. Good luck!!
I got out offered on 2 homes. One of them I offered 5k above asking and got out offered by 1k. Lol. The house I’m under contract with now I offered 20k over asking. Partially because the asking price was low compared to similar homes and partially because I really wanted the house. The appraisal came back just $250 lower than my offer. Good luck!!
I can’t answer all of your questions but I will say that we had to get a termite and radon report also.
Thanks NelsonT and TTrumble for your responses
My wife and I have honestly had success listening to a hand seminar and at the end when they take questions, present your issue. after that they are likely to call you when the seminar is over and escalate your case. At least that’s what happened with us. Good luck
Got the condition yesterday evening, notified MC ASAP and he told me have my realtor get an amendment to the sellers ASAP. I think she called the sellers realtor last night to get that going. The thing that sucks is that the sellers are going through a divorce and one’s in Maryland the other is in Cali.
Thanks NeslsonT. Your responses are always appreciated!
So here’s how mine went. The current rent that I am paying in $1300 and the PITI that was my goal is $2000. A difference of $700. I was told that on top of that $700 that I would have to save an additional $200 totaling $900. I was told that the extra $200 was to show that after closing that I would still be able to save money to prevent hardships in the future (after closing). So we (my wife and I) would get paid and place x amount of money into our savings account. We actually wenta little being and just made it an even $1000 per month. I learned about the additional $200 back in January at my intake. It seems like your counselor failed to give you this info in the beginning unless there was a misunderstanding.
Update: My wife just received a call from a woman that said she was from either the mortgage department or closing department(my wife isn’t sure). She said if our status doesn’t change by the end of the day tomorrow to call her back
Ok I’ll reach out to my MC to get clarification. I don’t believe i was ever assigned a CC