Procrastinators

aphantomvaper

Cogent Member
Joined
Sep 26, 2020
Messages
2,359
Location
Illinois
That is what happened to me as well. They did not lock me until two weeks before closing. They result cost more than half of point in interest rate. 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.
I used to work IT for Illinois largest mortgage broker (was offered to be a Loan Officer but could never ever take on the stress of what clients go through) and this happened frequently. No matter how prepared paperwork, approval, underwritten these things were invariably the lender would make a flag or raise some BS at the last second. I went through it too, and lawyer raised his voice on a conference call with the lender at the closing after all paperwork signed at 4:45pm before money was wired. Too stressful.

So while I'm unable to jump on procrastinators; 80% of the time your issue is the finance industry and how it works these days...sucky!

Glad you got your house, is it nice?
 

archtop

New Member
Joined
Dec 6, 2021
Messages
145
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 is an understatement (I have more money at stake than they do, which is insane). 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 excruciatingly painful. 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 started 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.

Home purchases are not for the faint of heart and for all the wrong reasons - nobody's job is to benefit the buyer/seller and everybody's job is to maximize fees, commissions and profits for themselves and their firms. With lenders and escrow your just 1 file in a stack on the desk of someone who is overworked and underpaid pushing a lot of files most with a variety of small issues that require responses from the various parties. In the end far too many people's files get stuck in the middle of the stack.

About 15 years ago I sold a home with a buyer who was having lender difficulties and delays which repeatedly delayed closing by weeks. One Friday I get an email that escrow transferred title, I called escrow to see where our money was and was told "buyer's lender still hasn't approved the loan but buyers really wanted to get in the house before the weekend so we filed with the county and transferred title. You'll get your money if buyers loan is approved". 1.5 - 2 weeks later buyer's loan was finally approved.

I empathize with your situation, I've known some great escrow agents but there are some total wingnuts in some of those offices that wreak havoc on unsuspecting people during a very stressful and vulnerable time.
 

DreamTheaterRules

The guys in my car club call me The Cruiser
Joined
Nov 20, 2013
Messages
12,387
Location
Cincinnati area
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.
That is not acceptable! I don't know when you closed, but the market advice for months now has been "lock them as soon as you get a purchase contract." ANYONE who was floating has lost. Rates getting worse almost daily!

Geez, no wonder you've been a little grumpy lately! :D:D
 

Em7

deus ex machina
Joined
Apr 27, 2012
Messages
908
Location
LSD (Lower Slower Delaware)
So while I'm unable to jump on procrastinators; 80% of the time your issue is the finance industry and how it works these days...sucky!
They got off the fence after I showed them that I did not need to borrow the money. If I realized what I was going to be put through, I would have just paid cash. I would have hated the tax implications, but some
not sure if this is a troll thread?... after all, an Em7 chord is pretty indecisive................:D

It is just the combination of Em and its relative major G. :)
 

CandidPicker

Tone Matters. Use It Wisely.
Joined
Jan 26, 2019
Messages
4,777
Location
NW Connecticut, USA
My family has its share of procrastinators....my elderly Mom, for one...Mom does not like doing difficult tasks first, and will effectively put off doing work if she can avoid it. Not that Mom is lazy, by any means...Mom just has priorities regards levels of importance...if the task is important, Mom will do that one first, but if the task is lower priority, it gets shelved until either Mom remembers to finish the task, or let someone else handle it.

As Mom ages, we're trying to encourage Mom to take a more pro-active stance regards her daily routine; meaning, focus on the more important things first, and find time for her additional projects when time allows.

I guess one major factor regards procrastination on my account is the amount of time I spend on online forums. I think that putting limits on screen time vastly improves ones sleep patterns and health. That being said, g' night and catch you in the AM.
 
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