Our Homebuying Nightmare

**Birdpoop** · 03-19-2009, 07:59 AM

Hi everyone. I live in Colorado, my husband and I have been trying to buy a house for over a year... We are first time homebuyers using a VA loan. (My husband is an army veteran.)

We've been under contract THREE TIMES. The first time was in August 2008 - the appraisal came back $11,500 LESS than the asking price and the sellers refused to lower their price. So that deal fell through. The second one my husband changed jobs right in the middle of the process, we were assured that this would not be an issue; two weeks before closing the underwriters told us that we could not close on the loan due to my husband being in 'contract status'. This was September 2008.

So, we decided to take a five month break, paid off some more debt, put some more money away in savings; and got through the holidays. My husband was finally hired on full time so we started our search again in February. We found a house on Valentines day and were under contract by the next morning (the sellers accepted our first offer without countering!)

Everything finally seemed to be falling into place. We got through the inspection - the roof was the only issue and since the sellers could not get it certified they put a new roof on. The appraisal came back 2K higher than what we're paying so that was good too! We scheduled our closing for March 20 -yes. Tomorrow.

On Monday our lender told us we might not close on Friday due to a 'high volume of refinances and stimulus package reworkings'... Uh... What? I think the TRUTH is that someone dropped the ball somewhere. Yesterday they were still scrambling to gather conditions - I jumped through some serious hoops to get them everything they needed. Our loan conditions deadline was the 17th - the lender asked for an extention to the 18th - as of 10PM on the 18th the loan conditions were still not met.

So here we are, ONE day before we are supposed to close and we have NO IDEA if it's going to happen. Our sellers cannot close on their home until we close on ours - so now their deal might be in jeopardy. They have all of their stuff sitting in a pod in their driveway - that's supposed to be picked up tomorrow afternoon: we have already transferred and scheduled everything including time off from work -- I'm so frustrated I want to SCREAM. IS THIS NORMAL?? Can we still close on time..?

We are using Countrywide. If I could go back and do this again I would've gone with USAA.....

**Auburnrose** · 03-19-2009, 06:10 PM

Ugh! I feel your pain. Countrywide was purchased by BOA and they're not doing well either...

Mark Rosenfeld
Auburn Rose

**Birdpoop** · 03-20-2009, 05:23 PM

We didn't close today. We don't know when we'll close... I wish it weren't too late to switch lenders but I am so unhappy and have no idea what to do or how to escalate my frustration.....

**Greg** · 03-21-2009, 06:26 AM

This is why I always try to get our buyers to use local lenders. The local lenders have to give good service or real estate agents will not send clients their way anymore.

Some internet lender on the other side of the country doesn't give a hoot about referrals because they have all those TV ads working for them.

Don't be surprised if you end up paying more than you would have locally. The few internet lenders I have worked with have overcharged and under produced.

**Birdpoop** · 03-21-2009, 07:23 AM

Our lender IS local. His office is 20 minutes from our house. Our loan officer lives three blocks from us. They sent our loan to UNDERWRITING in Plano, TX - which I do not understand!!

Is there any agency we can complain to? Or are we pretty much S.O.L??