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home closing and $ distribution ?
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 2009-06-26 3:55 PM |
Master  1914    Finally north of the Mason-Dixon Line |  Subject: home closing and $ distribution ?so we closed on house this morning - selling that is!!!! But the funds from buyer have yet to come thru... what does this mean? it's 4pm Friday - cause to be concerned? I plan on rolling out of town Sunday - will I have to stay? All forms are signed we're just waiting for funds to arrive at title comany.... |
| 2009-06-26 3:57 PM in reply to: #2246242 |
Resident Curmudgeon 25290  The Road Back Gold member | Subject: RE: home closing and $ distribution ? How are they supposed to be arriving? Wire? Check? At our closings we always have the buyer/lender bring a cashier's check to the closing... |
| 2009-06-26 4:02 PM in reply to: #2246242 |
Master 1914 Finally north of the Mason-Dixon Line | Subject: RE: home closing and $ distribution ? I believe they are waiting for a wire transfer but I'm not sure... my agent isn't answering her phone and the closing title person is in closing and wcan't take my call. she's to call me back...
given it's 4pm on Friday - that has me concerned - I just want to be done and able to leave! Edited by houston-tri-mama 2009-06-26 4:04 PM |
| 2009-06-26 4:03 PM in reply to: #2246242 |
| 602 | Subject: RE: home closing and $ distribution ? Well after all this, when its all said and done that beer this evening will taste a heck of a lot better. I can only imagine the stress level right now. |
| 2009-06-26 4:04 PM in reply to: #2246242 |
| Extreme Veteran 861 Northbridge, Massachusetts | Subject: RE: home closing and $ distribution ? I didn't think you could close without the loans funding. Interesting. |
| 2009-06-26 4:08 PM in reply to: #2246242 |
Champion 8766 Evergreen, Colorado | Subject: RE: home closing and $ distribution ? 1. Never close on a Friday. 2. Did just YOU close this morning? Is the buyer closing on another day? When I bought this house in FL the sellers closed on a Friday. I closed Monday morning. My $$$ needed to be there Monday when I was closing....not Friday when they were closing. You won't get your money until after they close. It may just mean they waited too long to wire the funds...there are all sorts of timelines on that sort of thing...i.e. do it after a certain time and it won't go through until the next day. |
| 2009-06-26 4:13 PM in reply to: #2246242 |
Master 1914 Finally north of the Mason-Dixon Line | Subject: RE: home closing and $ distribution ? both parties signed this morning - but NO keys or garage openers were given - well, ok since we aren't up there anymore MY agent has the keys to release when money arrives. I know the documents from lender arrived on Monday - I would have thought $ would have too..... the mortage broker attended for buyer - we meet him. all seemed fine just waiting for money but here it is 4:11, Friday and I want to know that I legally no longer own this house! Noone - agents, title people, buyers, mortage broker etc... seemed especially concerend with funds not arriving - husband told me to "hush" when I learned of this.... that's another story. i'd be drinking now if I wasn't such a light weight and hubby was in class leaving me 2 kids in hotel room to look after..... |
| 2009-06-26 4:19 PM in reply to: #2246287 |
Champion 8766 Evergreen, Colorado | Subject: RE: home closing and $ distribution ? houston-tri-mama - 2009-06-26 4:13 PM both parties signed this morning - but NO keys or garage openers were given - well, ok since we aren't up there anymore MY agent has the keys to release when money arrives. I know the documents from lender arrived on Monday - I would have thought $ would have too..... the mortage broker attended for buyer - we meet him. all seemed fine just waiting for money but here it is 4:11, Friday and I want to know that I legally no longer own this house! Noone - agents, title people, buyers, mortage broker etc... seemed especially concerend with funds not arriving - husband told me to "hush" when I learned of this.... that's another story. i'd be drinking now if I wasn't such a light weight and hubby was in class leaving me 2 kids in hotel room to look after..... Well, all I can say is that these folks do this for a living...sometimes you just have to trust. How exactly do you know the money hasn't arrive from the lender anyway? Do you mean you just haven't gotten YOUR money yet, or that NO ONE has gotten any of their money yet? If you were both at closing I don't understand why you would not have walked away from closing with a check. As far as I know as soon as you sign the closing stuff you no longer legally own the house....but I would wait until Monday or Tuesday to actually cancel your homeowner's insurance.  Again, this is why they tell you never to close on a Friday. Mondays are bad too, but not nearly as bad as Fridays. |
| 2009-06-26 4:27 PM in reply to: #2246295 |
Master 1914 Finally north of the Mason-Dixon Line | Subject: RE: home closing and $ distribution ? At closing the title lady said 'just waiting for funds to arrive". Again i assumed wired funds as mortage broker was sitting there and he seemed relaxed enough... I dont' want to drive across country with that large of check and bank is USAA (aka not here to deposit and check is too large to scan deposit) so we're having it wired to our account. I called title company and lady said 'funds aren't here yet, I'll call her back" to the receptionist as she walked into another closing... |
| 2009-06-26 5:14 PM in reply to: #2246242 |
| 602 | Subject: RE: home closing and $ distribution ? Any news yet? My mom worked/works for USAA - she is on disability now. So I guess technically she still might be working for them. |
| 2009-06-26 5:42 PM in reply to: #2246242 |
Master 1914 Finally north of the Mason-Dixon Line | Subject: RE: home closing and $ distribution ? WE'RE SOLDDDDDD!!!! Apparently the buyer office is closed Friday's so the FHA person couldn't verify employment. once this was learned the buyer called boss at home and had FHA call boss at home to verify employment - then funds were released! being a homeless never felt better! |
| 2009-06-26 5:45 PM in reply to: #2246242 |
Veteran 255 Carencro, Louisiana | Subject: RE: home closing and $ distribution ? |
| 2009-06-26 5:49 PM in reply to: #2246242 |
Pro 4339 Husker Nation | Subject: RE: home closing and $ distribution ? w00t! |
| 2009-06-26 5:50 PM in reply to: #2246242 |
| 602 | Subject: RE: home closing and $ distribution ? The song "party like a rock star" should be going through your head now congrats, glad it all worked out. |
| 2009-06-26 5:55 PM in reply to: #2246242 |
Champion 8766 Evergreen, Colorado | Subject: RE: home closing and $ distribution ? Congrats! Why do I find it odd that they did not verify their employment LOOOOOOOOOONG before closing? Hunh??? |
| 2009-06-26 5:56 PM in reply to: #2246242 |
| Folsom, CA (Sacramento Area) | Subject: RE: home closing and $ distribution ? The question is, what kind of Bike and gear are you going to get ? |
| 2009-06-26 6:03 PM in reply to: #2246449 |
| 602 | Subject: RE: home closing and $ distribution ? jldicarlo - 2009-06-26 5:55 PM Congrats! Why do I find it odd that they did not verify their employment LOOOOOOOOOONG before closing? Hunh??? Because its a new thing. Remember not that long ago they didnt bother with all those meager details. Hence some of the issues we are all facing now |
| 2009-06-26 6:23 PM in reply to: #2246449 |
Master 1914 Finally north of the Mason-Dixon Line | Subject: RE: home closing and $ distribution ? jldicarlo - 2009-06-26 5:55 PM Congrats! Why do I find it odd that they did not verify their employment LOOOOOOOOOONG before closing? Hunh???
I asked also - it's a new FHA rule... they verified at application employment status but at closing they verify again to make sure you weren't laid off the day before....
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| 2009-06-26 6:27 PM in reply to: #2246242 |
Elite 3972 Reno | Subject: RE: home closing and $ distribution ? I bought my first home after being homeless for three years (living overseas), and didn't have a job. |
| 2009-06-26 6:52 PM in reply to: #2246490 |
Champion 8766 Evergreen, Colorado | Subject: RE: home closing and $ distribution ? houston-tri-mama - 2009-06-26 6:23 PM jldicarlo - 2009-06-26 5:55 PM Congrats! Why do I find it odd that they did not verify their employment LOOOOOOOOOONG before closing? Hunh???
I asked also - it's a new FHA rule... they verified at application employment status but at closing they verify again to make sure you weren't laid off the day before....
Aha....I see..... |
| 2009-06-28 7:02 AM in reply to: #2246515 |
Veteran 204 | Subject: RE: home closing and $ distribution ? It seems to be pretty much regular practice now to re-review the whole application package in the last two or three days before settlement...it is very annoying! Especially since the underwriter ALWAYS seems to decide they need something else (new copies, another statement, some explaination about a paystub or deposit, etc)...and it ALWAYS happens w/in 24 hours of settlement. But, yeah, Friday is a bad day to settle. First b/c the lender is busy b/c everyone is settling on Friday so they can move over the weekend. And secondly, b/c if something goes wrong, you can't just "get if first thing in the morning". Thirdly, especially in the summer, people tend to leave work early. |
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