Home Buying in 66204>Question Details

Loli, Home Buyer in 66204

How often do underwriters not get done by closing and what can I do about it?

Asked by Loli, 66204 Sat May 23, 2009

We are first time homebuyers and were supposed to close a couple of days ago. However, underwriting did not have all of our paperwork done, even though we sent the last of what was expected of us 12 days prior. Now they are saying we won't be able to close for another week. How often does this happen? And is there anything we can do? And how could this happen?

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Mary Fate’s answer
Your lender and agent should be talking to you every step of the process. If you did not get the information to them in a timely manner, then you are part of the problem. If you have done everything that they have requested, then your lender and agent should be talking on keeping everything on target. The underwriters are busy, but should stay on the expected closing date. Usually, the lender knows what the underwriter needs before closing. Communicate consantly with all parties involved. Your agent will stay on top of this if you are asking questions and keeping the lines open every day, make sure to keep in touch with your agent and lender.
0 votes Thank Flag Link Tue Jun 30, 2009
Hi Loli,
Unfortunately this is happening more and more these days. Chances are that your lender/bank is just really behind on their underwriting. That's no excuse, I know, but you're going to have to be patient and hang in there. Hopefully you didn't get stuck with nowhere to live over the long weekend. It can be very frustrating and cost you some grey hair! Consult your agent about the progress of the loan file. They should be on the phone to the loan officer today. Yes, today! I don't really care if it's a holiday weekend. Put some fire under their butts so that you have an answer waiting for you once business resumes on Tuesday morning. Best of luck!
0 votes Thank Flag Link Sun May 24, 2009
Loli, It does happen......usually it depends on the lender you are using. In most cases there is nothing you can do about it. You should consult your agent, they have the details and should give you the best info.
0 votes Thank Flag Link Sun May 24, 2009
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