Finance & Appraisal Contigency

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  • #46581
    MzSheaD
    Member

    @TTrumble I am hoping that you can shed some light on what normally happens in a situation similar to mine.

    I havent been submitted for Credit Access because according to my MC he is “busy helping 20 other families that went under contract at the same time”. While I respect his workload, I must say I didnt ask for my file to be given to him. When I drove up to Chicago from Atlanta for the event and became qualified 1. He wasnt there and 2. I had a counselor that I was already happily working with. I only took the drive to Chicago to speed things up.

    My finance and appraisal contingency ends on Sunday December 2nd. He hasnt ordered the appraisal because again “hes working with 20 families that were approved at the event” If the home doesnt appraise and the seller and I cant reach an agreement then after the 2nd I am out thousands of dollars in earnest money all because my MC is too busy.

    I have reached out to member services, he didnt like that. I reached out to the office manager, he didnt like that either. So what am I supposed to do?

    #46582
    gordiva123
    Member

    What office is your NACA office. This sounds crazy. When did you sign the P&S and give it to your MC? Credit Access is supposed to happen days after that and the appraisal should be ordered during credit access or right before. The bank orders the appraisal & you are supposed to get a loan estimate days after the P&S is given to the MC.

    What do you mean “he didn’t’ like that?” That sounds insane. They should be begging and nagging YOU to come in for credit access with updated records and a copy of the earnest money check as soon as you are out of attorney review. I went into my second P&S (first one failed due to appraisal being lower than offer price) and my MC scheduled the credit access right away. I called the receptionist and made them leave a message for my very busy MC that I have a P&S and I need to come in. I came to the credit access to do it and did not have a copy of the earnest money check, and the office manager came in and said why are you here if you do not have a copy of the check? And I need to come back Monday and if I do not have the check, he will cancel the contract. He said that NACA does not play games. That made me think it is the office manager’s duties to interfere with files that are not going to get approved and to nag the members to get the paperwork in.

    You should definitely ask for the office manager to intervene, it is his or her job to do so. Also, the office manager’s boss (whoever that is) can give credit access approval in case of some emergency. I learned that from my MC. I am in the Newark office and my MC is definitely overworked and they are short staffed but I have never heard of an MC acting like this.

    #46583
    MzSheaD
    Member

    Hi @Gordiva123 @TTrumble im out of the Atlanta Decatur office. P&S was signed by me on 11/11, signed by the seller on 11/12 and submitted the same day to my NACA file and MC. I got the loan estimate on 11/22 afternoon via email. Im hand cleared, received a packet from the closing attorney asking for buyer information. It seems like every other department is doing their part but my MC is too busy to do his. Surprisingly HAND was the best experience so far and usually thats the one that gives the most stress from what I read.

    When I reached out to member services for an update he sent me an email saying he didnt appreciate me reaching out to member services or anyone other than him because member services cant read his notes. He has all of the updated records. He sent me a checklist November 6th of things that he needed for credit access and bank activity to date. I sent everything to him on 11/7 in the order that he requested it. He also already has a copy of the earnest check, the receipt from my agents brokerage and a copy of the cleared check statement from my bank.

    I have reached out to the office manager no reply, however I was inadvertently copied in on some emails between MC and some other NACA office people and they were saying they couldn’t understand why I was being “unreasonable” and “they had my MC’s back”.

    #46585
    gordiva123
    Member

    This sounds like a bad movie. I knew NACA was like slow and could be insufferable at times but wow. Your MC is on a power trip. Even if he was overworked and it took 2-3 weeks to get you into credit access, that response was unbelievable. If he had 20 ppl, he could see 3-4 clients a day and he would have eventually scheduled you. If you did not even get an appointment to come in, this is wack. I know in Newark they are very busy and the clients are crazy and the office manager can be to the point and curt when he talks to me but this is like insane. How can a small office that processes all of NYC & New York, NJ, Long Island be more effective than in Georgia, who must have smaller amount of clients?

    Now you paid the earnest money, you need this to work. I would show up at the office and take a day off work if you can with the documents you emailed him b/c at this point who knows where he put them and see if someone, anyone, will see you. You paid however much the earnest money was and it will set you back if you lose it. Meanwhile, please call the attorney and see if you can amend the contract in anyway and tell them the issue and cc them when you email your MC and the office manager. Once you get through credit access, you do not have to deal with this idiot anymore.

    #46587
    MzSheaD
    Member

    @gordiva123 Atlanta is supposed to be one of their largest locations. My only issue now is I cant even get an office manager or anyone to take a look because they’re on his side which is crazy to me because its not about sides. Its about everyone doing their part to get through this. I unfortuntalely cant take the day off. When im not at work the entire building shuts down because I am responsible for several departments. Amend the contract to reflect what, the finance and appraisal contingency period?

    #46588
    gordiva123
    Member

    Yes, ask the attorney if there can be an amendment so you do not lose your earnest money or lose anything else if you fear the Dec 2nd date not being met and it will cost you.

    #46589
    MzSheaD
    Member

    yea it wont get met. Hes not even responding to emails or phone calls. I’ll ask my agent.

    #46590
    JHarris981
    Member

    @gordiva123 the Atlanta office is very busy. I’m not sure if they are on the same scale as NYC and NJ but they have a very long wait list (in terms of getting an appointment). They are considered one of the busiest offices but I agree with what you said about the unprofessionalism.
    @MzSheaD this is very unacceptable. You can report him and that is what you’ll most likely be advised to do but of course this could offend him even more. There was a poster who ran into problems with her MC when she went over her MC’s head to get help. The MC threatened to slow down her file and essentially back-burn it if she ever did that again. It really scared the NACA member. The post is still on the NACA forums, you can probably google it. I’ll admit that I was scared myself when I read that because you never know how people may retaliate against a perceived offense but I have reached out to regional directors, directors of underwriting, etc., when I needed additional help or needed to get my file moving. I know transferring back to the other Atlanta office is not an option for you because they were very slow with your file. Can you ask to be transferred back to the other MC you liked? Hopefully he/she is MLO certified, otherwise they can’t complete the file. I could recommend reaching out to the regional director but I don’t know if that would help given your MC’s attitude. It may be easier to try to get the contract amended like @gordiva123 recommended. I don’t feel like you were given enough time in your contract for an appraisal to be completed. It would probably be enough time for a traditional bank but not with NACA. Looks like you were only given 14 days. That seems sufficient for inspections but my realtor added a lot more time in for the appraisal. The appraisal won’t be ordered by the bank until the bank application is submitted, which can’t be done until you’re submitted for credit access. I know your lease ends soon, so if possible please try to get an extension with this contract. I really hope you can get another MC. I hope this office as a whole hasn’t deemed you “unreasonable” based on your MC’s claims. As @gordiva123 mentioned, you probably do need to go in to get some movement made on your file. I’m sure they’re going to request more items from you for credit access, so bring your laptop so that you can give those to the MC right then and there.

    #46593
    MzSheaD
    Member

    Im waiting on my agent to reply on whether or not we can get an extension and some more time added to the contingency period. I know the sellers are moving in with family so its not like they are buying another house that they have to close on this one before they can move forward on that one. I have actually copied in the regional manager. He was really helpful but according to him im in the best hands of NACA. I havent seen proof of that yet. I would love to go back to the counselor that I liked. I didnt want to leave her in the first place but if I request a switch now what does that mean for more NACA red tape and processing and back and forth. If I could up and leave work I would in a heartbeat to drive down there and get this taken care of. When I told my boss that I would either need the day off for closing or leave early she asked me WHY. So you can pretty much imagine there wouldnt be much understanding if I needed to drive to Decatur with hopes to be seen.

    #46596
    JHarris981
    Member

    The other MC is in the same office, right? It really shouldn’t be that much red tape because your current MC doesn’t seem to have done very much. Could you tell whether the MC you liked was copied on the email thread about you being unreasonable? In any of your previous emails with that MC, did she have an NMLS after her name? If not, then she’s probably a housing counselor and can’t complete the file. If she did have NMLS listed, then she’s most likely MLO licensed. It might be worth emailing her to find out about that and about her current workload/ability to submit your file. Other than that you may just have to wait on this MC unfortunately. Sorry about this setback @MzSheaD, you will close though.

    #46597
    MzSheaD
    Member

    @JHarris981 she wasnt copied in and yes shes in the same office. He hasnt done anything, the other MC got my file all cleaned up when it was messed up from the Augusta office, another counselor got me qualified in Chicago. This guy hasnt done anything. I have always been nice, polite and respectful in my communication with the MC’s that I have had. Sure, I burn my frustration here on the forum but I dont let it seep into the emails because I get it enough from the counselor. I dont need to give it back. No NMLS after her name. Just housing counselor in her signature line. 🙁

    #46599
    JHarris981
    Member

    @MzSheaD now we know why she couldn’t complete the file. 🙁 I’m tempted to remove your counselor’s name from the list of stand-out counselors based on your experience. It’s very unreasonable that he doesn’t even want you to contact anyone besides him to get updates on your file. We’ll just hope that he can look at your file soon and submit.

    #46600
    MzSheaD
    Member

    @JHarris981 There have only been two times that this process has made me cry. 1 during the Atlanta ATD event when the counselor told me how jacked up my file was and how all the info the other counselor told me was pretty much wrong. And just now. I just reached out to member services got the same rude chat girl that always answers for an update thinking ok maybe he is just too busy to send me an email but hes doing some stuff in the background. She says hes not in the office. So I sent my MC, copied in his boss, regional director, my file email and member services basically begging him to do something to get this going. Sure, I have saved and been extra frugal the past few months but I also have 3 kids so just losing out on thousands of dollars. I cant do that. Every dollar was a sacrifice my kids had to make and the saddest part is I know he doesnt care.

    #46604
    JHarris981
    Member

    @MzSheaD I do not believe you will lose your earnest money. Your sellers want to sell this home, so I think they will work with you. I know this is upsetting but don’t let it get you down. You’ve come really far in this process. You will close. Unfortunately like with most businesses there are some MC’s who really do care and others for whom it’s just a job. There is one thing I’m sure your MC does care about and that’s his commission, which he doesn’t get until you close. So he knows it’s in his best interest to complete the file. It will get done. I wish the process was more expedient. I know it can be extremely challenging and downright grueling at times but the end is in sight. As another poster mentioned once you get to bank app and submit that, you will no longer have to deal with this MC. Keep praying and trusting. It will work out in your favor, despite these setbacks.

    #46619
    MzSheaD
    Member

    Two days with no response from my mc. I seriously think he is doing this intentionally because I called member services again and sent him an email with the office manager and regional director copied in. This is not the business to get sensitive or your feelings hurt when you’re not doing your job and your boss is told. The sellers wont sign an amendment to extend the finance contingency and he knows it and it expires sunday. So if it doesn’t appraise and we can’t agree on price then my earnest money is lost and it should truly be his fault. 21 days from p&s is plenty of time to have submitted for c&I and gotten bank app done. Ridiculous

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