This is the fifth installment in Luneray‘s homebuying adventure. In the first part, she looked at houses. She made an offer in part two. Next, she meditated on coming face-to-face with a lifetime of debt. Last week worried that things were going a little too smoothly. This week we learn she was right. (Bold emphasis added by J.D.)
So the house buying process was progressing smoothly. The last thing we had to do was be present for the house inspection, and that was two weeks ago. All we’ve done since is wait. The realtor has called us a few times just to give us progress reports, and he said that this has been the most hassle-free sale he’s ever done. I’m glad he thinks that.
But it ain’t over until it’s over. Our closing date is Sept. 28, which means we are supposed to sign the paperwork on Sept. 27. [Note: This series is on a three-week delay from Real Life.] But, of course, on Friday [Sept. 22] the mortgage people suddenly found something that they don’t like. I guess pre-approval doesn’t always mean “approval”.
Apparently, there were some glitches in their computer system because the mortgage broker submitted most of our documentation as electronic attachments, and a lot of the attachments didn’t arrive. (Well, the broker said there were glitches; I suspect the computer system assumed the attachments were spam.) The broker had been on vacation for the past two weeks. Although he left clear instructions on his voice mail to contact his assistant (I know, I called), the mortgage underwriter apparently decided to wait until he returned to let him know of the missing documentation. So he called me on Friday afternoon, all panicky because the loan papers need to be approved by Tuesday at the latest and the loan company needs some more information beyond the typical documents.
And just what information does the mortgage company need? Verification that we’ve paid our rent for the past twelve months. (One would assume that we’ve been able to live here for twelve years because we are paying our rent.) Since we rent from a private person (instead of a company), they need a letter from him. They also want copies of our cancelled rent checks.
But I always pay my rent with a cashier’s check and not a personal check (because I got sick of landlords waiting three weeks to cash checks — if they are going to be so adamant about me paying them on time, I expect them to cash the damn things in a timely manner), which I always thought was a great system, except it’s now bitten me in the ass because I don’t have any cancelled checks! And no, I don’t have all the receipts either. I found some, and I hope those receipts plus copies of my bank statements from the other months (which shows the same withdrawal amounts at the same time each month) will suffice. If not, I’ll see if the credit union can find copies of the receipts for the missing months. sigh
Both the realtor and the mortgage broker told me that they have never heard of this before. Although I know the realtor and the broker will work very hard to ensure that this deal goes through (otherwise they don’t get paid anything), we need to make sure that the loan that the lender gives us is actually the same loan we thought we were getting. I don’t want a bait and switch right now.
I honestly don’t know what will happen if that Tuesday deadline isn’t made. I assume we will just select a different closing date. The seller has already signed the papers, and Oscar and I aren’t interested in backing out. We may not be able to move in on the date that we’d expected, but at least that will give us some more time to pack.
What does the future hold? Tune in next week to find out! Thanks to Luneray for sharing her home-buying adventure with GRS readers. Please keep comments constructive.