Lost payoff check, misdirected wire funds, some small charge missed…just thinking of ideas.
Actually, that’s how my original loan was supposed to be.
It was supposed to be some government bond where I would pay no closing costs, blah blah etc. And my rate was going to be like 5.6%ish. Supposedly the bond money had all been reserved (you think they’d check that ahead of time) so instead I had to go for a different bond where I had to pay stuff like loan origination and other costs, but instead my interest rate was 5.27%.
In the end, to me, it really worked out to six of one, half a dozen of the other…but that doesn’t change the fact that about 4:00pm yesterday I was in a fucking killing mood.
-Joe
Um, you did close, didn’t you? I hope all the fuckups didn’t, well, fuck it up.
Seems to be at home, people get their mortgage, find their house, and have a lawyer or real estate paralegal deal with everything else. No worries. My sister’s house purchase was done in less than a week, with very little back-and-forth, except with the insurance broker (me), but that’s because she’s stupid and wouldn’t listen to me.
Okay, fellow voyeuristic sadists…
Once shit got started, everything went fine.
I’m still convinced that my mortgage guy is an idiot, and when he showed up at 4:55 with the paperwork (closing was supposed to start at 3:30, then was moved to 4:00) he admitted to everyone that he hadn’t done a XXX loan before. This being, of course, the first time he’s admitted that. I thought he said FHA loan, but I don’t think that’s it.
So, while the closing “started” at 4:00, I didn’t find out my amount until about 5:15. We started signing about 5:30, and then I found out the correct amount around 5:50 because everyone had forgotten to prorate the taxes that the former owners had already paid.
I got done around 6:05. Amazingly enough, the amount of money I owed was about $1200. For the math-impaired (like my IACOAMO), that is actually over $1000.
But, it’s over and done with, and if I run into IACOAMO I can probably win the court over with my sob story and make it a justified ass whooping.
-Joe
congrats and welcome home!
Jeez, you poor Americans. I have bought houses in two different European countries. In each case, I knew the amount to pay and the loan amount and fees and taxes down to the penny, for weeks in advance. And what’s with that “check” business? I simply transfer the amount (ONE total sale amount, or in the other case, one sale amount plus one tax payment) to the right place with a bank transfer. The transfer happens THE VERY SECOND I do it. 10 years ago real-time money transfer was an extra service of the bank that cost $5 or so, nowadays, EVERY domestic bank transfer is always instantaneous. I don’t every remember the time when we had “checks” here.
Glad to hear it turned out well,** Merijeek**.
Doesn’t mean that a title company acting as the closing agent can’t screw things up.
I went to a close on a house we were buying. We entered the office, sat down with the closing agent and proceeded to sign everything we needed to, which took about an hour. Handed over our down payment (about $50K) and were just about finished when the closing agent (who had never left the room since we started) said “oh, there is one more thing you should know.”
Dag Otto: “What is that?”
CA: “the seller is deeding over to you his share of ownership in a little strip of land near the house.”
Dag Otto: “His share? What strip of land?”
CA: “It’s a 650 ft long by 4 ft wide strip of land that runs from an irrigation canal to your next door neighbor’s property. The seller and the neighbor both own 50%. The pipe that irrigates your land is under that strip.”
Dag Otto: “Hmm. I walked the property with the seller last week. He never mentioned that. So now I’ll co-own land with someone I never met before?”
CA: “Yes. I know the neighbor personally. He’s a good guy. No problems.”
Dag Otto: “You knew this when I walked into the room. You could have told me before I signed anything. Give me my down payment. I’m not closing today.”
It turned out that since I never knew about the property in question, I was never able to inspect the title and it wasn’t covered under the title insurance, just the main property. So I was able to cancel the contract. My real estate agent didn’t seem to care, since another agent with her company was representing the seller.
I found the seller, the neighbor, and the closing agent were all buddies. Probably friends with the owner of the real estate company too. Bastards.
Yah, no kidding. I gave a $500 deposit, waited until my house was built, gave a $20,000 downpayment, signed a couple of papers and moved in. There were no “closing costs” or “cashiers cheques” or “dumdumpoopiehead mortgage leanders.” I never even met the guy that brokered my mortgage - the papers were sent to my bank and I signed them.
This all sounds very complicated, but I’m glad things worked out for you, Merijeek.
I’m convinced that “loan officer” is the very lowest rung of the white collar professional ladder, reserved for the dim-witted, overwhelmed and/or drunk. We got pre-approved for the loan and looked for a house for 7 months. Everytime we talked to him, the terms of the loan changed. Everytime. I went in to the process knowing nothing about buying a home, but by the end of the 7 months, I was explaining the loan to him. Moron.
Closing was a 30-day nightmare. Every 2 days there was some document urgently needed immediately right now fax it to my office I need this paper! For the entire month. We finally went to sign and close and they told us I owed the phone company $1300 - somebody had used my social to get free phone service. Even though I had an almost perfect credit score, I still had to come out of pocket for the $1300 just to be able to close.
Got em back, though. They didn’t take PMI for the first year of our loan, and when they tried to collect, I refinanced and they didn’t get a thing. Incompetence can also work in your favor.