December 12, 2019 at 10:58 am #63140December 12, 2019 at 11:03 am #63141tricey718Member
No updates. I asked my agent to request an extension, but he seemed optimistic i would here something yesterday.
I couldn’t even get through to mortgage Processing, it kept bouncing back to member services. I’m going to call again today.December 12, 2019 at 11:09 am #63142
I asked my realtor to request the extension and he told me the same as yours, he is very optimistic too. I call the Mortgage department every day, with no updates. At least I know they are working on it and it makes me feel much much better. We are going to be fine. I know it.December 12, 2019 at 11:12 am #63143
If you are 6 days away and do not have a CTC yet, I would ask for an extension, yes.December 12, 2019 at 12:44 pm #63148
@peapod0609 The realtor told me we cannot request an extension now since we don’t know the date, but what if I won’t get the CTC with the approximate closing date by 12/18/2019. What should I do?December 12, 2019 at 1:01 pm #63149NelsontMember
This is understandably one of the more frustrating parts of the process and once I had to go through myself. What you will have to do is set a date an arbitrary date yourself. The seller needs to understand you have greater than a 95% chance of closing in the near future. I would set the closing date out a week or 2. You can always revise the date or extend it again if necessary. A week before I closed I had to extend the date by 2 days. I did’t even get my CD until my original contract to close date so then I had to extend again with hard numbers once they were provided.
While, yes your agent is correct, not wanting to draft up the paperwork is laziness and not wanting to pick a date is indicative of un-motivation. Your agent works for you. They advise but, you set the terms.December 12, 2019 at 1:07 pm #63150
He is usually pretty good at what he’s doing. I’ll wait till Monday, to see maybe I’ll get something on the weekend. If not, I will insist to extend it. I don’t see any other options anyway.
@Nelsont thank you very muchDecember 12, 2019 at 1:36 pm #63153
I mean, when I requested an extension I didn’t have a date either. My attorney actually did it automatically once we hit the one week mark before our contract was up, and by the next day both parties had agreed to it. Ended up actually getting our initial CD either that day or the next day I believe, and we closed only like 3 days after our original contract expired.
I am not sure why they would need a firm date for requesting an extension. If they want to wait until it is closer, that is fine I guess, but I agree with @Nelsont and it seems like it is just maybe just laziness or something.
Waiting a few days is fine, you might get a CTC in the next few days. If you don’t get it by EOD Monday or Tuesday or so, I would just ask again. Tell them to extend the contract a week or two and see what happens.December 12, 2019 at 1:38 pm #63154tricey718Member
@liubov1989 My agent just got an extension until 12/20.
I know its hard to estimate how long you need without a word from the Bank. I’m still hoping to hear something today or tomorrow.December 12, 2019 at 1:44 pm #63157
Thank you guys, I just sent an email to my realtor telling him to be ready to request the extension on Monday morning. The Mortgage department representative advised me to request another week and we should be good and I might get CTC today or tomorrow. I really hope we will get it before Monday.December 12, 2019 at 3:37 pm #63169cstar89Participant
@nelsont I don’t see it as laziness or a lack of motivation, many of us have agents that take pride in what they do and value the relationships they create with other agents. It looks bad when you pick a date out of the sky and then have to ask for another one…especially when sellers are potentially carrying two mortgages.
Just another way to look at itDecember 12, 2019 at 3:55 pm #63170NelsontMember
@cstar89 you’re right. That is definitely a way to look at it. I’m just looking at it from the standpoint of my experiences with my most recent and best agent, who, before any decision was made, made sure the seller/seller’s agent was completely understanding of the situation and the process and then had everything ready with all my options laid out within the day.December 12, 2019 at 4:47 pm #63175
@cstar89 I can kind of see that I guess, but if you’re that close to the contract deadline and you don’t have a CTC, then I don’t think you have much choice. You aren’t really often given firm dates with this process, so while I understand the concept of not wanting to keep asking for extensions, at the same time I am not sure what else to do with NACA since Bank of America is not good at following timelines.December 13, 2019 at 9:35 am #63186cstar89Participant
@peapod0609 I definitely agree, there aren’t any other options however I’m saying I understand why agents wouldn’t want to do it…especially with these arbitrary dates. One home I put an offer on earlier this year didn’t accept bc I had a 45 day close…we tried to work with the seller but they needed the funds for the sale of their new home and that was also a resell…the sale of one home can have a ripple effect to impact countless families. I’d hate to be the reason 3 other families can’t close and I think agents think about that as well. Not to mention if they have a bad experience the next time that selling agent sees their name he could encourage that seller to look at another offer, there’s so much to it.
I requested my extension and I’m just praying that it’s enough.December 16, 2019 at 9:37 am #63225
How y’all doing, any updates?
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