Home Buying in 24019>Question Details

Marciacarole, Home Buyer in 24019

How soon before closing date do you typically receive your "clear to close"? We are scheduled to close in a week and nothing yet....

Asked by Marciacarole, 24019 Tue Nov 23, 2010

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By the date on here you have long closed but it is very typical for clear to close to come in the day of closing or very last minute...perfectly normal and how the banks work. Good Luck!
1 vote Thank Flag Link Tue Nov 13, 2012
I have been trying to close since October 23, 2013. I finally received confirmation from the bank and lawyer that I will be closing on December 27, 2013. Before then closing was set for December 20, 2013. the underwriters approved the file, but on December 15, 2013 I opened up a Macy's card and it delayed the process the underwriters had to pull my credit all over again and clear audit.. This was the most stressful process that I have ever been through, but I must say it was well worth it because I get to sit back and look what a good education will bring you and hard work really do pays off. I also get to own my first brick home built from the ground up at age 34. I am excited and would do it all over again if had to. Good Luck people. and may God Bless..

Thanks for reading,
Ms. Clark
0 votes Thank Flag Link Mon Dec 23, 2013
I can agree with Vicky. You sometimes get the final loan approval at the closing table.
That said, there should be an honest and sometimes daily stream of info between the closing attorney, the agent, and the lender. At least that is how we do business.
The worst seem to be loan "brokers" who will have a third party to please and that can slow things down.
Even the best lenders may be hampered by a complex loan, with payoffs or special FHA requirements.
But - nothing should be a surprise. If you need to, ask the closing attorney for help. Their allegiance is to the contract and not any one party.
Web Reference: http://TalleyHurstHomes.com
0 votes Thank Flag Link Tue Nov 23, 2010
IMHO a lender given a reasonable time frame to close (depends on type of loan here, but generally 4+ weeks), will have full approval a week in advance. Far too many lenders wait until the last second - sometimes loan approval comes minutes before, or hours after, scheduled closing.
0 votes Thank Flag Link Tue Nov 23, 2010
Usually there is communication going on at this time between the lender and the closing attorney. Have you spoken to your closing attorney? Sometimes depending on how the loan is structured you will not have a clear to close until right before closing. Your attorney should have this information as well as your lender.
0 votes Thank Flag Link Tue Nov 23, 2010
Marciacarole the underwriting process has become incredibly unforgiving to the company making the mortgage, thus each loan file must not have any issues that were not addressed and answered. It may take right up to the day before the closing to clear a file

My suggestion is similiar to Melissa's. Speak with you loan officer and ask where things stand with your file. Ask them if they still need anything from you. Ask how much time does the closing department need to prepare a file for closing (so you will know when underwriting has to have your file cleared), this is usually 24-48 hours. consult with your title agent or attorney to make sure they too are prepared to close.

The process can be very trying and communication and coordination is necessary to TRY to close on time. Good luck with your transaction!
0 votes Thank Flag Link Tue Nov 23, 2010
Unfortunately, it is not uncommon for buyers to receive the clear to close within a day or two of closing. This can be more than a bit nerve wracking. Communicate with your lender and ask what stage the file is in underwriting and what you can do to speed up the process. Ask for additional help from your real estate agent if you aren't getting good response from the loan officer. Good luck!

Melissa Loughridge Savenko
RE/MAX Commonwealth
509-511 N. Meadow Street
Richmond, Virginia 23220
W: 804-353-4455
F: 804-612-2737
C: 804-986-3993
E-mail: melissasavenko@gmail.com
0 votes Thank Flag Link Tue Nov 23, 2010
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