November 21, 2018 at 12:27 pm #46494
I am doing a new construction home and I received an email today from the title company stating my Pre-Settlement Walk Through is November 27th but my closing is not until Thursday DECEMBER 20th!
When I called the title company, she said this was a date given by NACA due to their rules. I am so confused because I thought Once NACA receives the notice that the property is complete with utilities on, they schedule the closing in ELEVEN days and order the 1004D appraisal to be done within the next few days.
Eleven Calendar days from November 27th is December 8th
Eleven Business days from November 27th is December 12th
So why is my closing so far away? My lease is up on December 17th ad my apartment has already been rented out to new tenants (which my MC and closing coordinator are aware of). So I will be displaced (homeless) as of 12.17.18.
@TTRUMBLE, is there any insight you can give me on this situation? OR anyone who has experienced this? THANKS!November 21, 2018 at 1:16 pm #46500
@Pearl609 doesn’t the builder schedule the walk through directly with you? Why was the title company involved in that? I am also doing New Construction and the 1004D appraisal was scheduled for Monday but I am not sure if the builder connected the utilities, is this a requirement? That date for your closing seems very far away, my builder told me that the walk-through will happen the first week of December and the closing has to happen no more than 3 days after that or they’ll start charging me fees for not closing on timeNovember 21, 2018 at 2:07 pm #46503
@southFlorida, Yes the builder and title company work together so the builder provided the walk through date to the title company and they sent me the email with all the dates.
I sent a reply email to everyone letting them know my situation and asking why the date was so far away and the builder responded saying:
“The date was not set by NACA. It was based on –
NACA telling us they need at least 12 days after the certificate of occupancy is provided
Purchaser indicating she has flexibility on Thursdays
As long as everyone is willing to “play it by ear”, the builder can close whenever the loan is ready to close.”
So now I am waiting to hear from NACANovember 21, 2018 at 2:53 pm #46510
I did not know about the 12 days after the certificate of occupancy is provided, is it 12 calendar or business days? I just sent an e-mail to the builder asking when they would provide itNovember 21, 2018 at 5:39 pm #46519
I am not sure if its Calendar or business, but I did address that question in my email, so hopefully I get a response by Friday. I will let you know as soon as I hear back! And let me know what your builder saysNovember 22, 2018 at 12:32 am #46523
Oh ok thank you. My builder told me that they will send the certificate of occupancy by the end of next week but they want to close around the first week of December so I don’t think 12 days will pass after I get the Certificate and the day the builder would like to close and they said they will start charging me fees If I dont close on timeNovember 22, 2018 at 7:52 pm #46527
Okay that’s good news for you! I hope my email request is accepted and they can schedule my closing for the 1st week of December also!
Did you do an inspection? I want to do one for a piece of mind, but since NACA does not require one, will that hold up the process also? Would I need to provide the inspection results to NACA?November 23, 2018 at 12:05 am #46528
I will also do an inspection for peace of mind. Builder told me I have to do it the day of the walk through. You don’t have to provide the inspection report to NACA so it should not delay the process. My fear about the 12 day rule is that 12 days won’t pass between the end of last week and the 1st week of December which is when the builder would like to close and they want to charge me fees if I dont close on timeNovember 23, 2018 at 2:37 am #46529dreamhome2018Member
@southflorida can you contact your MC to inquire about the 12-day waiting period. At least that way you’ll know if it’s required and can be prepared. Will the builder refund any late fees when you close? I know some contracts allow for fees to be credited back to the buyer at closing.November 23, 2018 at 6:16 am #46532
I agree with @dreamhome2018, find out about the refunds and ask your MC about your situation specifically. I know it should all be the same across the board, but we all know how things go with NACA at times.
And thanks for the info @southflorida, I am going to see if I can get an inspector scheduled today!November 26, 2018 at 4:45 pm #46574
Hey @TTrumble Is there in fact a rule where I can’t close before 12 days after the lender received the Certificate of Occupancy? The lender told me that they can’t wait that long and that they will have to charge me fees for not closing on timeNovember 27, 2018 at 7:34 pm #46601dreamhome2018Member
@southflorida did you ever find out any info about this from your MC or CC? Tim Trumble might still be on vacation or getting ready for the last ATD event that starts in a few days. I know you’re suppose to close soon and need to know that info ASAP. Just figured that your MC, CC, or office manager could provide some insight.November 27, 2018 at 10:53 pm #46603
@dreamhome2018 My CC coordinator told me today that she is not aware of anything like that, I hope she is correctNovember 28, 2018 at 10:34 am #46609
So My CC emailed me and stated NACA did not set my closing date for 12/20, he said my tentative date is 11/30 and IF everything clears in time then they would be able to close. The lender (Citibank) has my file for the final review clearing the conditions and they are waiting on the final inspection.
The builder responded saying: They expect to provide the Certificate of Occupancy by Thursday, 11/29 and the final inspection can be done as of the 27th (yesterday).
As far as the 12 days, the title company rep I spoke to is sticking to receiving that information from NACA and I did see ELEVEN days in language on something my builder sent to me. But maybe it’s not something set in stone.
At this point, I know I am not closing on Friday, 11/30, but I am hopeful that I will close before my lease is up on 12/17…. PRAY FOR ME!!!!
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