My wife and I are buying our first home...or at least trying to. We were supposed to close last thursday. Now, we are hoping to close tomorrow. It all started last thursday, when I called the morgage company to make sure they had everything they need. At that point their rep informed me that they didn't know that we were supposed to close untill the day before. They claimed the date wasn't on the sales agreement. SO they led on for a couple of days claiming to be almost done several times. We were given false hope of closing on friday. After it was determind that it wasn't going to happen, my wifes mother calls ti inform us she had just talked to them about a refrerance. This should have been done a week ago I would think. Monday, we were sure that it was going to happen. When we met at closing, we were informed we would need $2000 to close. We were told by the morgage co. about $800 (seller paid for some). After reviewing the paper work we saw they were charging us for another months of interest since it was after the 1st of the month. We imiediatly called morgage co. they said to refuse monies and they would correct it today. Today, we didn't here anything untill around 3:30 when we were informed that the banks hadn't processed the return yet and it will be tomorrow.

My wife and I are at wits end. This is supposed to be a happy time, but we are totally frustrated. What should we do? Mostly, I just needed to vent some brain smoke. Thanks for listening.

 

I feel for you my friend, We had some of the same problems with the last two house's we bought. All you can do is to stick it and and rejoice in the fact that when it is over you will be Home Owner Good Luck and congrats on the new pad

 

I feel your pain - I am trying to close on a refinance next Monday. After straightening out several "ain't mine" screwups on the credit report - a couple of which were show stoppers (can you say PANIC) - it seems to be going along smoothly. But with a name like John Smith what else should I expect?

This house was the first one for me and, as a single male, with very little credit history, but decent income and almost no debt, it was a nightmare. But you learn, and this time around I am getting a much better deal. Like I was told when I got my original loan, "You cannot qualify for a mortgage until you have had a mortgage." Those were the words from several different loan people I talked to. They hit the nail on the head, in my experience.

Good luck. Don't stress too much. Be glad you aren't like me - I bought the house, got married, and bought my truck (in that order) inside of three weeks.

You want to know the definition of a worried man? One whose mortgage, car payment, wife and mistress are all a month late.

 

Welcome to the wonderful world of home financing. My son financed his home and found out the same thing. He was only 19 at the time and his credit and work history were excellent, they didn't even have a concern about that when he bought his new place, but it was still a hassle. I was very suprised that the bank did not want me to cosign. I gave him the down payment and he had to sign a note saying it was a gift and that he would not have to pay it back to me. Then it was this and then it was that every time you turned around. Delays here, delays there and all kinds of fees every other day. We were getting ready to tell them to cram it and I was going to finance the place myself. That got their attention when we started talking about that in their office and they had everything straight the next day and closed the following day.

Hang in their the both of you, home buying is usually a hassle but ownership will make you feel good. He is really happy he got everything on his own. He is getting married this weekend and everything seems fine so far.

Oh yeah, forgot to tell you about escrow. Your payment will more than likely go up every year do to a shortage of escrow so look out for that.

Good luck
Joel

 

You must not be woking with Wells Fargo

 

Don't worry, you are experiencing the "norm" in home/property buying. They rarely close on time, even if you happen to be lucky enough to pay with cash. We have bought and sold several properties over the years, and I was an agent in Colorado for a short time after I retired from my real job, we have NEVER had one close on time. We once had one that closed 6 weeks late! It will get done and be a distant memory before you know it. Congratulations on achieveing the American dream!

 

I have bought and refinanced several times over the last years, and even have worked as a mortgage broker for a while. You can expect those things to happen, but stick with it.

One thing to keep in mind...if you don't get the best interest rate right off, pay for a year and then consider refinancing if the rates are still down. That way you have a base to start from, and if you have done any improvements or anything you can get some cash out if you want. Home equity can build quick, but becareful about getting over extended!

Congrats!! There is nothing that is much better than being able to drive a nail where ever you want to and not have to answer to anyone about it. Except the wife, that is!

 

Yeah, 'cause if you were, you'd even worse treatment. I'm on my 3rd (and last) mortgage with them. You're nothing but a number to them. Customer service is acceptable but nothing more and rates aren't really competitive. Not sure why I stuck with my broker (sales person) this time, but I won't again.

If I were you, I'd start talking to some other companies. See what they have available and let the ones messing around with you know that you'll go elsewhere and they'll lose the deal. That should get their attention. The only problem is the extra time you'd need, but might be worth it.

If they can't get their act together to take in money, I'd be really nervous about them paying the taxes and insurance on time!

 

All of the horror stories is just another day in the mortgage business. My wife worked as a broker for a while and decided it just wasn't worth it. Too much hassle. Buying a house can be a rewarding experience....but you have to get through the process first. Just hang in there.

 

not to stick up for your mortgage company, but the process to purchase a home is an intense one. Hence you pay them to take care of it for you. There are several steps that can very easily be hung up for one form here or a signature there. Generally they attempt to run it smoothly, but obviously there are flaws. My wife is a realtor,a good one at that (gotta love bomb money), and has a ton of experience with mortgage company's. She always refers to the same 2-3 mortgage companies and that's truly because they she's know they can get it done right.

When her clients insist that they use who they want too, it never fails, there's problems, hang ups, and even times when they said they couldn't get it done....where my wife's references have tons of experience and know the trade.

I think the gimmick is everyone looks for a deal and that is where i think you will find the most problems. Just like most everything else, you get what you pay for. Some people have a big problem dealing with real estate agents and brokers... I've been there done that and now am married to one, all I can say to them is go try it on your own, you won't be able to come close to what they can do for you.

The best thing I suggest for you, is stay on them, be that squeeky wheel, let them know your displeasure and perhaps they may accomodate you for it. Don't be rude, just let them know this is a big purchase, a life altering one at that and your a little in the dark and ask for some assistance. Being rude will certainly get you nowhere fast.

Good luck and congrats!

 

Welcome to the world of realestate. The person at the mortgage company you're talking to probably isn't the UNDERWRITER in the back room. The UW is the one who always creates problems, because they're the one watching out for the bank. And, the UW is doing 30-40 other mortgages at the same time...

And, you've never mentioned you REALESTATE AGENT? Where has she/he been through this? Tell him/her to get it fixed or you're gonna fire them and get someone who can get the job done. I fired two Agents on my last house purchase because they kept loosing paperwork, giving me bs about items I asked for, etc. If you use the words " You're not protecting my FUDICIARY INTERESTS in this matter" they get worried real quick. IMHO RA's have the biggest scam goin...they drive you around, fill out a couple of forms and then collect 6-7 percent.

Good luck and try not to get down...it's a learning experience, and yes a major pain sometimes...

So go out and drive your truck for a while before the storm over Texas comes your way later today or tomorrow and take your wife out to dinner...

 

I wouldn't call it a scam. They're not doing anything wrong and they're not misleading you [**I realize that SOME of them will mislead you, but in general they're not**]. The way I see it is that if people are willing to pay 6% to let someone else push the paperwork then that's their perogative (kind of stupid if you ask me....but it's their money). Real estate agents aren't doing anything wrong though. They just make easy money (but only when the market is right).

 

" Real estate agents aren't doing anything wrong though. They just make easy money"

Hoss, I agree and disagree.

I agree to keep the money for myself.....

Disagree in that I have found many misleading the customer, or failing to inform the customer of something.
Example: " That's not termites going up into the house, i'ts a stick" Boy did that one turn red when I reached down and tore the mud away from foundation and it had live termites in it.

And from another one, " Yes, this is the 11 acreas right here". When in fact it was 3 acreas and the other 7 acreas were down on the other side of the hill...

My point is, the customer/consumer has to do their homework. When I walk into a house, and I've been criticized for this, I ask myself, what am I finding wrong and how much is it going to cost to fix it.

If I walk into a used house and needs painting and new carpet, 10K is immediately subtracted from the asking price...

And Oh, heaven forbid I see cracks in the wall, like most of the homes in Corpus Christi have from the foundation moving and people not watering the foundation.. An agent told me " That's normal around here, the foundations are constantly moving because this area is build on gray clay". And, that's true except when I pulled the carpet up and there was a 6 inch crack going across the foundation....

Okay, enough said.....take me to that special place....315's coming...315's coming...315's coming...hog hunting in Freer this weekend

 

You also need to remember that some agents work for you and some work for the seller. It sound like ROSSN2 had a few run ins with one that works for the seller.

We are buying our farm through a sellers-agent and due to that fact are paying extra close attention to the way things are said and done. Your hands are kinda tied once things get in the bankers and title companies hands though. They seem to operate on their own time.

It can be a nerve wrecking experience but it is sooooo worth it in the end. Good luck my friend. Let us know how things turn out.

PISTOL

 

We had a good experience overall buying our home. The only delays were construction delays and waiting for the VA appraiser/ Royal PITA.

The agent we dealth with from ReMax was awesome-- kept us informed and really went to bat for us.

We went with a local mortgage lender on the advice of a friend who has been in real estate for 30 years. All went well and we are happy with the overall process.

Too bad it's a cookie-cutter house in a development. They musta cut every corner possible.

Justin