Procrastinators

11top

Cousin Eddie's cousin
Joined
Apr 26, 2012
Messages
10,788
Location
18 miles from Markie and Nana.
Well, to let everyone in what prompted this thread, I have been in the process of settling on a house. To say that the lender put me through the meat grinder, which I have more money at stake than they do. If I would have known that getting through approval was going to be this painful, I would have cashed in some of my retirement savings to cover the bank's portion of the sales price and paid cash. I purchased and sold three houses before purchasing this house and I cannot recall the process being this excruciating. I feel sorry for first-time home buyers who are financing most of the price of a home. I can only imagine what they are put through.

Specifically, what pissed me off was that the underwriter took forever to reach the "clear to close" stage. I am not a struggling younger person with a 600 credit score and loads of consumer debt (I was young once and remember how difficult getting a start can be). What should have been completed in a day or two took an entire week and left me with minutes in the business day to wire the funds I needed for closing (the law office handling the closing required the funds to be wired). I had to plead with the bank officer to stay late and perform the wire because I had drive to a different state the following morning to close. The entire process was a cluster. I retired to get away from procrastinators who dropped their share of a project in my lap at the last minute because they knew I would get it done. I sure as heck do not expect this level of stress when I am the customer.

Plus those bank guys dig tube amps.
 

gush

She said "huge bag of dibs".
Joined
Nov 4, 2012
Messages
5,813
Location
washington iowa
With s Master's in Education, and close to a 4.0 at Michigan, my wife would probably have done better than me on math tests! :eek:

Good thing I never found out.

I was very lucky that she liked me at all, let alone married me.
That's funny. On paper, my wife and I SHOULD be a complete train wreck but she is wildly attracted to me even though she could have easily married a few notches higher.

I'm glad she didn't!
 

Em7

deus ex machina
Joined
Apr 27, 2012
Messages
908
Location
LSD (Lower Slower Delaware)
Did you procrastinate on getting pre-approved ahead of time, so as to avoid the difficulties you experienced?
Actually, I went into the transaction pre-approved with a different national lender because sellers will not even consider a contract offer without pre-approval today. The agent convinced me to switch to a local lender. I switched and went through the preapproval stage months ago with the new lender. We also went through intermediate approval stages. They just dragged their feet on the final approval. I was providing them with documentation the entire time. Like I mentioned, I purchased and sold three houses before purchasing this one, so I knew the drill. I did not have deal with half of this nonsense in my prior approvals. I was quite weird.
 
Last edited:

LSchefman

Historical Entity
Joined
Apr 26, 2012
Messages
30,544
Location
Michigan
The subject line.
Agreed.
That's funny. On paper, my wife and I SHOULD be a complete train wreck but she is wildly attracted to me even though she could have easily married a few notches higher.

I'm glad she didn't!
I'm not sure I'd say my wife was wildly attracted to me. More like she put up with me! ;)
 

dogrocketp

I drank the PRS kool aid, and it was tasty!
Joined
Apr 28, 2013
Messages
4,332
Location
Washington, DC
I understand your frustration with the lender. I wonder what the kickback/ business arrangement was with the agent. The first house I bought, the lender dragged their feet horribly. They were waiting for the rate to go up. It did, so I merely switched lenders. There has to be a financial reason the lender did this. Oh, and I live in fear of forgetting because I’m a charter member of the ADD/ADHD club. I try to do everything asap. Out of sight, out of mind……
 

gush

She said "huge bag of dibs".
Joined
Nov 4, 2012
Messages
5,813
Location
washington iowa
I understand your frustration with the lender. I wonder what the kickback/ business arrangement was with the agent. The first house I bought, the lender dragged their feet horribly. They were waiting for the rate to go up. It did, so I merely switched lenders. There has to be a financial reason the lender did this. Oh, and I live in fear of forgetting because I’m a charter member of the ADD/ADHD club. I try to do everything asap. Out of sight, out of mind……
My wife is a real estate broker and she gets incredibly honked off when lenders drag their feet.

Some do and some don't and there is never a reason given as to why it takes so long.

My wife has been doing real estate for 28 years and she has been able to steer some of her clients towards lenders that do a good job.

She had one transaction last year that went past closing date simply because lender took forever to get loan approved.

Its ridiculous.
 

dogrocketp

I drank the PRS kool aid, and it was tasty!
Joined
Apr 28, 2013
Messages
4,332
Location
Washington, DC
Thanks, Gush. I have a large number of friends that are real estate agents and only serve their clients best interests. It dawned on me I may have come across as a curmudgeon.
 

kipkohl

New Member
Joined
Mar 12, 2019
Messages
139
I often feel inconvenienced by the perceived lack of action on other's parts, but then I realize it might be my own inflated expectations driven by first world privilege that is the problem. Not always, but often.
 

DreamTheaterRules

The guys in my car club call me The Cruiser
Joined
Nov 20, 2013
Messages
12,387
Location
Cincinnati area
Hearing these stories makes me think I should have people standing in line to do business with me! Last year, in the midst of the greatest volume in history, my average “clear to close” was 9 days prior to target closing date. I had one loan all year that didn’t close on time, and that was only because multiple repairs were required and the weather delayed them from being completed in time.
 

Em7

deus ex machina
Joined
Apr 27, 2012
Messages
908
Location
LSD (Lower Slower Delaware)
I understand your frustration with the lender. I wonder what the kickback/ business arrangement was with the agent. The first house I bought, the lender dragged their feet horribly. They were waiting for the rate to go up. It did, so I merely switched lenders. There has to be a financial reason the lender did this. Oh, and I live in fear of forgetting because I’m a charter member of the ADD/ADHD club. I try to do everything asap. Out of sight, out of mind……
That is what happened to me as well. They did not lock me until two weeks before closing. That delay cost me more than half of point. I was not happy and threatened to take my business elsewhere, so they gave me a lower interest rate without points, but it was still higher than it had to be and the rate they offered originally with zero points was higher than the nationwide average with zero points. It started to feel like I was being scammed.
 
Last edited:
Top