It Took Far Too Long But The Smiles Showed Relief
These first time home buyers were hoping to celebrate a simple wedding on the deck of their home with family and friends over the Labor Day weekend. We had their home under contract in Mid July so it seemed possible especially as their lender had indicated they were pre-approved.
That was the first lie.
Over the next few weeks, it was a trial by torture as the processor and underwriter would continue to ask for additional paperwork, then a few days later request the same paperwork claiming it had gotten lost.
Over the next 90 days, it was request, extension request, re-submit documents, wait some more, all the while the seller was getting as frustrated and threatening to pull the deal and cause them to forfeit their deposit.
The processor would not accept me as a representative for the buyers, which made me wonder if by some nightmare we had actually ended up in a short sale and not a purchase for a first time buyer.
Even on the eve of the closing, which was on the afternoon before Thanksgiving, the processor again rejected the attorney's requests for the closing documents as she had forgotten to send out the FHA Amendatory forms and they were required in their hands before their compliance people would release the package, and the forms had been signed by the buyers back in July when they started the mortgage process.
Finally after 3 months of delays and poor excuses we sat down at the closing table and the transaction was completed.
The buyers were finally able to call the home theirs, and beyond that they learned a very valuable lesson about the mortgage process. When your agent offers several loan options from established lenders, working with a new company because a friend of a friend works there may not be the best way to start the process.
Hopefully the trails this couple went through to get into the house will be the only negative they encounter for a long time.
Another First Time Buyer Closes on Their Home in Waterbury CT 06710
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