Skip to main content

Supposed to close on July 2, but closing disclosure was sent incomplete with drastic changes

Hi everyone! I’m just looking to see if this experience is normal or not. The brief back story is that my husband and I are purchasing our first home from a friend of a family member. There are no REs involved in the transaction. Both parties have RE attorneys. We have been having some issues with our loan officer at the bank, who has sourced our mortgage out to Caliber Home Loans. Our issues are mainly that the loan officer is not very timely with his responses to our emails or submitting/sending documents. We contacted his supervisor and it seems to have improved until this point.

We are scheduled to close this Tuesday at 4 pm. Today, our attorney called us and asked if we had any other contact information for someone either at the bank or Caliber. They received our closing disclosure, and several items were not filled out or filled out incorrectly. One of the most glaring items, at least to me, was that our cash to close changed by almost $2000 from the estimated cash to close they sent us just yesterday. The $2000 was taken from our seller’s assist but there isn’t an explanation as to why the seller’s assist has decreased by so much.

Our attorney tried to contact them multiple times today but didn’t get a response from anyone at Caliber, and the bank keeps saying they have nothing to do with it.

Is this a normal thing? Our attorney unfortunately had left for the weekend by the time I had the chance to listen to the voicemail. Is this something that will push back our closing? We are feeling very frustrated, as our contract has already been extended twice because of deadlines not being met by the bank.

I know that this should have been a red flag in the beginning but this bank was recommended to us by several friends and family members and was recently voted Best Mortgage Lender in our area. We are inexperienced and didn’t realize that our experience wasn’t normal until it seemed to be too late. We could have withdrawn our application, but we were afraid to delay our home purchase any longer. Any advice or anecdotes would be appreciated!

submitted by /u/butterydelight
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/c6r3zj/supposed_to_close_on_july_2_but_closing/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Co-signing as non-primary resident - effect on size of required downpayment & first time home buyer status?

Contemplating co-signing on a house with my mom and splitting the mortgage payment. I currently have a significantly higher income and much better credit than her. I'm looking at potential home costs and related downpayments but have difficulty using some of the online estimators. From my perspective, this would be somewhat of an investment purchase (I intend to stay in my current location in a different state and contribute to the mortgage), however, for my mom, this would be a primary residence. For purposes of the downpayment size and the type of mortgage arrangement, would it be an investment property or a primary residence? Many thanks for any help. submitted by /u/piercalicious [link] [comments] source https://www.reddit.com/r/RealEstate/comments/km4hvl/cosigning_as_nonprimary_resident_effect_on_size/
Post a Comment
Read more