Today I get to spend hours clearing out all the small staging stuff and miscellaneous from the house. For example, there are a bunch of leftover sweatshirts and a microwave (have no idea where it came from) stashed in the back closet from the workers. I keep texting the painter to come get his sweatshirt, it’s going in the trash today.
Then we have two giant boxes or heavy trash in garage and misc that has to be cleared out. I am going to try to avoid going to the dump as much as possible. May be cruising the neighborhood looking for dumpsters at construction sites or large trash bins at the grocery store or something. It’s called ‘Creative Trash Management’.
There is a couple of moving guys coming with a U Haul this weekend to move the large furniture. My agent will pay for that and coordinate as part of her staging task.
@coralbrook, are you certain that the title company was informed of which type of policy you wanted by the broker? You didn’t like him or trust him. He may have decided that you’d never know, so he thought it wasn’t an issue.
The title company chose, on their own, without any discussion with Listing Agent (who cannot be bothered with details so I can guarantee he didn’t talk to anyone) or the Escrow Company to issue a sub-standard title policy. All documentation given to me during the transaction clearly stated ‘ALTA Homeowner’ policy. However the title company is insisting that whenever an LLC or business entity purchases a property, they issue the ‘standard’ title policy instead of the ALTA Homeowner policy.
Of course, this saved the original Seller (Walter) some money but is causing me grief as I try to transfer this policy to my Buyers. Long story…
It might be fun to go after the previous Listing Broker, for laughs and giggles, if you have nothing else to do after this sale closes. >:P I’m sure you’ve got everything in writing.
I am just going to put this out there. DO NOT USE QUICKEN LOANS!!!
This morning I get a call from my Listing Agent. Yesterday my agent called Quicken Loan Officer to remind them that we need a final loan approval for the Buyers - loan approval contingency due Wednesday (today). She finally gets a return phone call at 4pm. It turns out that they didn’t realize that the loan was a Jumbo Loan and they can’t possibly close this loan in 21 days, it is going to take 40 days or more. This is after multiple confirmations via email that they can close in 21 days. They ‘just realized’ it was a jumbo loan and the whole thing has to be transferred to another department and start all over again.
OH BOY - both the Buyer and the agent went ballistic. Who is accountable for this? You didn’t realize from Day One that this was a Jumbo Loan? What part of the original loan application did you miss? Answer - we are all accountable, there is no one you can speak to. We’ll see if we can shorten up the additional 20 days.
This was not acceptable to the Buyer. He clearly stated to my agent “We want this house and we will do anything it takes to buy this house”. So we know that this is not the Buyer’s fault and we know that they truly want to close this transaction.
My agent quickly called a local San Diego Direct Lender. This Direct Lender stayed up until 11pm last night with the Buyer and they transferred everything over to the new lender. Everything looks good on paper, the only issue is whether the new underwriting department will accept the appraisal that is already completed. So, we have been on pins and needles and we just found out that the appraiser who completed the report is not on the list of ‘approved’ appraisers. Now we have to start all over again to get a new appraisal.
My understanding is that the Buyer has fired Quicken Loans but now he has lost the amount of money he paid for the original appraisal. He will need to pay for another appraisal. I believe that is the only money he has paid Quicken Loans to this point.
New lender found an appraiser that is already scheduled for 3pm today. I have to rush over there and meet him. Let’s hope we don’t have to start all over again with the ‘detached office/bath’ situation.
Pretty sure we are not closing early next week I just have to be tolerant because it truly is not the Buyer’s fault in this situation.
As all of you can attest, these dang banks always come up with something incredulous at the last minute. Usually it involves some reason that the poor Buyers have to come up with more fees or more down payment. I am normally just sitting there wanting to shout through the telephone “You’ve had these documents in front of you for 28 days and NOW you want someone to submit XYZ or you are just now telling us X”???
I’ve used Quicken Loans for a refi, and everything went great.
This stuff depends less on the company and more on the individual processing the loan. To not know a loan is a jumbo is either grossly incompetent, or it was deliberate, figuring once the process was started the mortgagee would deal with the delay. I doubt it’s a corporate policy to lie.
Sidebar,
We refi-ed my late dad’s house with the mortgage co he was currently using (citibank) and it was such a colossal series of major screw ups by them… one after another another, that they finally actually cuts some costs off the process (dont recall the details at the moment) for their admitted series of major screw ups. What a total nightmare.
Yes, I never get to be that flipper! I seem to work twice as hard, get too emotionally involved and don’t seem to sell for twice the price !
The new appraiser showed up promptly at 3:15 today. He was very interested in the permits and used the blueprints to help get his measurements. He asked about the other appraisal and he is going to use the information from the other appraisal to help get his report done quickly. He asked who the company was. My guess is that if he can determine that the previous appraisal was done by someone reputable he can use most of the information. He has promised to have new appraisal report into lender by Thursday night.
This means that we might be getting an entire loan package into underwriting by Friday. That would be a 3 day loan package into underwriting.
Buyers are so worried I am going to sell to someone else that they just submitted an Extension Request that will extend escrow to Monday April 13. It’s not the end of the world to me because that is about 30 days from contract, which would have been a normal escrow period. I’m just happy that they are committed to making this happen as fast as possible.
I feel sorry for them because they had airline tickets to fly out on Monday to start their vacation in paradise. Have no idea what they are doing with their air flight plans.
Cb, I really feel your buyers’ (and yours) pain! Dealing with incompetent lender is just… ugh.
Mr B once got our $500 loan application fee (which covered appraisal) back from BofA after BofA severely lowballed our property value in order to make us buy mortgage insurance when we were trying to do a refi. We knew the appraisal was waaay off when we saw what kind of ancient ruins the guy used as comps! We hired an independent appraiser and took the paperwork to BofA to show that the comps their appraiser used were totally unacceptable. Mr. cancelled our BofA cc and threatened to close the savings account to show BofA that we were not going to do any business with them any longer. Guess what came next? A call, an apology, and a check.
Bank of America is the most conservative with home loans and refis. During the heyday they purchased Countrywide Loans and then suffered a massive amount of foreclosures that came with the Countrywide Loans during the crash. They are very risk averse and require the most ridiculous amount of paperwork. I have been banking with BofA for 30 years and tried to refinance my personal residence a couple of years ago to take advantage of the low interest rates. Because I am self employed they demanded the most ridiculous amounts of paperwork for months and then ‘denied’ my refinance. I was furious. Went straight over to another lender and had a refinance in 20 days.
Oh, and the BofA appraisal was ridiculously low, but I didn’t really care because we have been in our home for 20 yrs and have a large amount of equity built up. They denied a refinance on a first at only 20% loan to value. For heavens sake, if we defaulted they could foreclose and reap a huge profit.
Ours was back in the good pre-crash days. When I saw the comps, I did not know if I had to laugh or to cry. Comparing a 3200 sq foot, newish Craftsman home with a 30 yr old, 1200 sq ft A-frame on a similar sized lot, when there were plenty of comps sold in the area? That had to be either incompetence or fraud!
We used the appraisal we paid for with another lender that happened to work with that appraiser co. No mortgage insurance was needed.
I just have to be tolerant because it truly is not the Buyer’s fault in this situation.
