July 23, 2018 at 8:39 pm #43370
@ttrumble – closing craziness is a real thing. Ask me how I know, go on ask me…. I’m experiencing it in the worse way!! Was supposed to close today but since I notified settlement company of property tax error on the CD (closing disclosure) my emotions are on tilt waiting for an update. Maybe it’s just me but it seems as if once you’re in the closing stage, the harder it is to get answers from anyone. I understand everyone is busy and sometimes leaving a voicemail is necessary, but where is the return phone call?? I’m just looking for the possibility of a closing date sometime this week. UGH!!!
July 24, 2018 at 5:38 pm #43415JHarris981Member
- This reply was modified 3 years, 10 months ago by ggof3.
@ggof3 I thought that you’d pay the same property tax as the sellers at least until the end of the year property tax year. Usually the sellers credit you the amount of taxes due to date, so that your property tax for the first year is prorated, but I thought it was typically prorated based off of the property tax that the sellers pay. That’s been experience. Then once the new year comes around you’d have to apply for any homestead credits yourself to keep those.July 24, 2018 at 6:26 pm #43419
@JHarris981, I’m not certain how it works, but I’ll know for certain tomorrow because it’s finally closing day!!July 24, 2018 at 7:09 pm #43420JHarris981Member
@ggof3 Congrats on closing tomorrow! You said you noticed that the property tax was incorrect on the CD. Was it higher than what the sellers were paying? Is that why you notified the settlement agent?July 24, 2018 at 9:38 pm #43425
@JHarris981, thanks, I’m so excited about tomorrow. I knew that the sellers were receiving the homestead exemption; the CD property tax was calculated based on the sellers exemption amount. I notified the settlement agent because I knew my property tax would be higher. While notifying the settlement agent caused a delay in closing, I just didn’t want any surprises on closing day or several months down the road. I’ll have a better understanding tomorrow about the property taxes & the whole settlement process in general.July 24, 2018 at 11:23 pm #43428southfloridaMember
@ggof3 I don’t think the taxes in the closing disclosure were wrong, you are supposed to inherit the taxes that the sellers are paying now. Your new taxes will be calculated later by the countyJuly 25, 2018 at 6:36 pm #43450July 25, 2018 at 11:41 pm #43468
*********************CLOSED ON MY HOME TODAY*********************
Here it is – start to finish:
– OCT. 28th – attended workshop
– NOV. 30th – intake meeting
– DEC 28TH – QUIT SMOKING (the Budget made me do it lol)
– APRIL 26th – NACA Qualified (YAY ME!) – since this was a Thursday, I was able to attend the Purchase Workshop the same evening (I was the only person in attendance)
– APRIL 29th – met a realtor at an open house; told her about NACA program; she was interested enough to attend the realtor webinar and become my realtor.
-APRIL 30 – MAY 10TH – researched homes online; made a list of properties I was interested in; continued to go to open houses; Realtor completed webinar May 9th. Started looking at homes with realtor.
– MAY 20th – scheduled to view a few properties with realtor; asked if I could add a property that just became available today – after inquiring, realtor said sellers do not want any Sunday showings; 1st available showing Tuesday, May 22nd.
-MAY 22ND – met with realtor to view home from Sunday; first I want to say, how gracious the sellers were to allow me to view their home as the wife had fallen and was on bed rest. From the moment I walked in, I felt at home. I knew I wanted to make an offer on this home because it would not remain on the market long.
– Met with my realtor to complete offer paperwork; since we drove in separate cars, my realtor contacted the seller’s realtor to tell him about me making an offer and my financing program. Now here’s where everything could have fallen apart — the Seller’s Agent DID NOT want to recommend his clients to work with a NACA buyer due to 5 previous “bad” experiences. My realtor asked how long ago did these “bad” experiences occur, response was 2 years ago; she encouraged him to give NACA (me) an opportunity to show that NACA has evolved since then. He agreed.
– MAY 23RD – notified Seller’s wife rushed to the hospital; paperwork on hold.
– MAY 25TH – notified Seller’s accepted offer; paperwork coming soon
– MAY 28TH – signed paperwork
– MAY 29TH – due to the age/health of sellers, waiting for response on best time of day to schedule inspection
****LATEST UDATE BEGINS HERE*****
– MAY 30TH – inspection/pest inspection completed – report uploaded to NACA same day (a few minor repairs)
-JUNE 1ST – received NACA HAND required repairs- sellers offer to deposit funds in escrow for repairs after closing
-JUNE 5TH – completed paperwork for Credit Access at NACA office
-JUNE 6TH – received text alert from NACA “CONGRATULATIONS CREDIT ACCESS – REQUEST”
-JUNE 7TH – completed Bank Application at NACA office
-JUNE 7TH – received text alert from NACA “CONGRATULATIONS! CREDIT ACCESS – APPROVED” & “CONGRATULATIONS! Your new status: MORTGAGE PROCESS
-JUNE 8TH – Capital One credit report alert – CORELOGIC pulled credit report
-JUNE 13TH – Appraisal completed
-JUNE 14TH – Appraisal came in 26K less than asking price
-JUNE 14TH – Came to the Forum to ask for assistance — @dangela21 was extremely helpful – NACA has a formal appraisal dispute process – my realtor completed paperwork; I gave up 2% buydown funds, home warranty & escrow funds for repairs
-JUNE 18TH – Sellers agree to wait for 2nd appraisal information
-June 28TH – 2nd appraisal – no change /sellers ask for the weekend to decide
– JUNE 29TH – Original P&S closing date
-JULY 2ND – Sellers agree to lower appraisal price
-JULY 3RD (my birthday) – Mr. Hernandez from HAND gave me the best birthday present — I can waive repairs!!! Signed & emailed paperwork back to HAND
/spoke with Closing Counselor – given a tentative closing date of July 13th – asked if we could change it to July 16th (the whole Friday the 13th thing lol) ok’d by Closing Counselor
-JULY 5TH – purchased homeowner’s insurance /emailed documentation to my MC
-JULY 6TH – received/signed/emailed Change of Circumstance (COC)
-JULY 7TH – cleared by HAND
-JULY 9TH – NACA status changed to Processing
-JULY 13TH – Have not received any conditions; called Closing Counselor to get an update; not closing on the 16th – says I have a condition that I need to address; even while on the phone with counselor, I am unable to see any conditions. The condition revolves around my wanting to close in July although my current lease does not expire until August 31st -Lender wants to make sure I’m not breaking my lease. Submitted LOE that I’d like to close in July and utilize the month of August to have updates completed without having to move furniture around pulling up carpet & painting. ***SIDE NOTE*** No one can explain to me why I am unable to see Lender Conditions in my web-file — extremely frustrating.
-JULY 16TH – Contacted Closing Counselor for update on any new conditions; no new conditions, but while viewing my file, he saw an update for UW -CTC. 20 minutes later I login to my file and it now says CTC-Final…..
I’ll update again when I receive my closing date.
*****CLOSING DATE —MONDAY, JULY 23RD*****
– July 20th – Received CD (closing disclosure) – the numbers for property tax represent the sellers homestead exemption; notified settlement agent; closing for the 23rd cancelled until bank corrects tax info
– July 24th settlement agent called to ask if 10am tomorrow (July 25th) was good for me to come to NACA office to sign paperwork – I am absolutely ready to close on the 25th!!!
*****Ok be ready to be amazed, because I certainly was…. I DID NOT NEED TO BRING ANY FUNDS TO CLOSING******** it’s ok, read it again, I’ll wait….. I’m getting back about $64 from closing….
-July 25th – At closing, be prepared to sign, sign and sign some more. Settlement agent was very thorough at going over what each document meant and answered any and all questions I had. ***FYI me notifying settlement agent of property tax being calculated on seller’s homestead exemption would have been caught sooner or later and adjusted but me notifying them just made the adjustment sooner — settlement agent “no harm, no foul”
To everyone at various stages of the process…hang in there, your house is out there!! You may experience every range of emotions known to man, but just know, YOU CAN DO THIS!!!August 1, 2018 at 12:39 pm #43661nathalie09Member
Hey! I have a quick question. After bank application was put in, did you get loan estimates in the mail from the lender and did they have the right interest on them (with buy down)? or did you see the reflected interest rate buy down % on the Closing Disclosure?
I keep getting loan estimates but they don’t have the 0.062% I am supposed to get.
Thank you in advance.August 2, 2018 at 8:25 pm #43726
Hey @nathalie09, I’m not sure why it happens but, yes, I got loan estimates that did not quite reflect my true situation. I remember contacting my closing coordinator on any and every thing that did not look right because any little thing that you don’t catch early on can delay the process because I learned when you’re at this stage of the game dealing with the bank, they have a turn around time of 48-72 hours & trust me that is when the “closing crazies” begin because you are so close to getting your house. Just an FYI, whenever I emailed my closing coordinator, I also cc’d my Mortgage Counselor and make sure you also cc your nacalynx email address. Good luck!!!August 2, 2018 at 9:29 pm #43728nathalie09Member
Thanks! Did you get the right information on closing disclosure or one of the loan estimates before. I emailed my MC and she said not to worry because my bank application was sent with 0.062%. But I can’t help it. I have one more condition that is completely put of my hands to go, after that I should get CTC, hopefully.
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