Forum Replies Created
For condos and townhomes, I had to do a condo questionnaire for BOA. There were questions about the association fees, the cash reserves to cover capital expenditures, copies of their financial statements, and at least 50% of the units have to be owner occupied.
My realtor always spoke to the listing agent about the questionnaire before we made an offer. I wasn’t able to offer on one place because 3 of 4 units were rented.
Your realtor and attorney (if you have one) should be able to advise.
I voided a contract after the inspection. There was evidence of a rat infestation in the basement of the condo building and I couldn’t move forward.
My earnest money was returned. My contract included a five day attorney review which allowed the contract to be voided and my funds returned.
I lost the inspection fee but it was well worth it. I went under contract with the place I purchased 2 days later.
In your situation, I think your boyfriend would be viewed as a roommate as opposed to a spouse. It’s certainly possible to use NACA while living with a roommate and you wouldn’t be responsible for their debt or required to add them to your loan.
I would suggest speaking with your MC about the situation. They’ll be able to best advise you on what’s needed based on your current situation.
Here’s a link to an older post with advice from a NACA employee: http://forums.naca.com/?topic=unique-living-situation
- This reply was modified 4 months, 1 week ago by sunflower8.
I was able to log into the BOA Loan Navigator 3 days before I received the final clear-to-close, which was 4 days before my actual close. The loan number was on a packet that I received from BOA in the mail.
The loan number was not recognized initially the day before, but I tried it again and it worked.
I was stuck on Approved – Outstanding Conditions and someone suggested that I could look for outstanding conditions on the Loan Navigator App.
There wasn’t any real insight gained from logging in, but it did give me a bit of relief because it said that my application had received final approval a few days before I got the alert in my webfile.
I also had a 30-day close on my contact. I closed on day 34, so it was close.
It sounds like you’re on track.
One thing to be aware of: you’ll need the Initial Closing Disclosure from the bank at least 3 business days before you close. Mine came a day later than needed and it pushed my close from Friday to Tuesday.
I had to be pretty persistent and reach out for help beyond my MC when there were snags without an immediate resolution.
I purchased a condo, and I know that market is a bit different, but this is what worked for me:
1) quick offer – I had an offer in within 24-hours of it being back on the market (after another buyer fell through).
2) my realtor called and educated the listing agent about NACA before the offer was placed. She answered lots of questions and prepped them for things we’d need to do to close on time.
3) we agreed to a 30-day close. The sellers had an offer in and needed to buy before they lost their rate. We actually closed on day 34, which was good.
4) I wrote a letter to the sellers. In the letter, I mostly spoke about the home and that I would do everything possible to close quickly. I also happened to notice that the seller and I worked in a similar field, so I added my occupation to my intro. I think it made an impact because she mentioned it when I met her briefly at the final walkthrough.
I had 3 failed offers before this one and there weren’t really any other options in my area.
I paid asking price and got about $4k in seller credits. My price was $6k under appraisal.
I just received my final closing disclosure and wanted to correct my statement above about paying my attorney fee.
My attorney’s fee ($500) IS listed on the final closing disclosure so her fee will be paid with my closing funds. I close tomorrow at 1pm so can definitely update if anything changes.
My closing was pushed from Friday to (hopefully) Tuesday.
As far as costs, my closing disclosure doesn’t list the attorney fees because I will be paying her separately. The attorney I selected charges a flat fee ($500) that was agreed upon before her name was listed on the real estate contract. I have not yet paid her and will pay after I close.
I’m waiting for my clear-to-close to close (hopefully) on Friday. I can definitely forward the email after I close. To be clear: it wasn’t a document, it was an email from the in-house realtor with the above text.
I’m also in Chicago and was also told that the buyer attorney fees were no longer paid by NACA/BOA. I could have picked any attorney, but was given 2 names as a starting point. This is the email I received from my NACA in-house realtor.
“Below is contact information for Attorney referrals, if you do not have an attorney. NACA no longer pay buyer Attorney fees (if you already are not aware) and now the Member pays for their Attorney fees. If you are using own Attorney please inform (as they would need to contact [name redacted], NACA Settlement Agent to familiarize and understand process).
Once you have contacted an Attorney please inform as this information is going to be inputted on contract.”