Anyone else having delays with home closing?
We received and finalized an offer in mid March with an original closing date of April 30. Our buyer is using a loan office who is a broker, meaning he works through many lenders while other loan originators work for their own companies. This has caused numerous delays in the process since it appears underwriters are extremely backed up and are therefore working on loans originating through their own companies before they get to ones originating through brokers. Apparently when the market went bad, a lot of people were laid off, and now that itÂs picking up a bit more, they donÂt want to hire anyone yet, so everything is just really backed up. We were told that what was taking 20-30 days to review was now taking 45-60.
So here it is, a month and a half past our original closing date and we still havenÂt gotten our clear to close yet! The underwriter (UW) finally got to the buyerÂs loan application last week. They wanted a little more information (some additional comps and something else on the buyerÂs end) so we got that turned in and were told the UW had 48 hours to review it and get back with us. At the end of the 48 hours, the UW came back wanting more information (days on the market for all the comps weÂd sent--what difference could that possibly make?--and something else clarified on the buyerÂs end). Seriously, why canÂt the UW ask for all this information at the same time, instead of piecemeal?
Anyway, the latest request for more information was on Thursday, so I guess 48 hours would be sometime today. WeÂll either get another request for more information or weÂll get the clear to close. ItÂs just so frustrating to already be delayed by a month and a half and now to have to wait on one person who doesnÂt seem to care about anyone elseÂs timeline but their own!