Home buying thread

So my appraisal was ordered on April 29th, and apparently the appraiser turned it down. So now I'm sitting here waiting, I guess, for another appraiser to get around to actually taking it. 2 weeks down the fucking drain. I'm hoping that this is just a miscommunication with my lender and I, and that someone will be working it shortly.

This whole home buying process is needlessly complicated.

Elurin_sl said:

So my appraisal was ordered on April 29th, and apparently the appraiser turned it down. So now I'm sitting here waiting, I guess, for another appraiser to get around to actually taking it. 2 weeks down the fucking drain. I'm hoping that this is just a miscommunication with my lender and I, and that someone will be working it shortly.

This whole home buying process is needlessly complicated.

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Yeah this sucks. This is the kind of bullshit I've been going through for MONTHS. My honest advice is to call your person you are working with every day. Be polite, and just saying you are checking in to see if there is anything you can do etc. Trust me, your lender is always putting out someone elses fire. I'm sure they got the refusal notice the next day and yet it sat in email on the "to do list" for the past 2 weeks.

I started my process on Feb 28th. After a new lender, extensions etc. I signed for my house yesterday. I should get the keys in the next couple of days. All I can say is stay on top of people cause they won't. Be polite, and remind them you'll be calling tomorrow morning, and every morning looking for updates. When they say. Oh that'll be done on Thursday. Say I'll call on Wednesday to see if it came in early. Because if you don't push them like this, they won't make your closing dates. They just assume you'll be filing for an extension and it'll get done eventually.

Meanwhile you're paying for extra rent, loan lock extension, maybe extra appraisals etc.

I should mention also, once you actually get the appraisal. It can start a whole new string of problems. If the person who does it is bad they can undervalue your property. or use comps that won't pass standards etc. So Like in my case First lender said first appraisal not good enough. Second appraisal came in 45k low. Third came in 1k higher than buying and correct comps etc. But it still got kicked to manual underwriting where it was reviewed for another 4 days or something before it got through to lending again.

Start building a timeline till your closing date. Ask how long steps take. For instance ordering mortgage insurance is 48 hour turn around, not including weekends and holidays. You'd say to yourself, lets just order it today. Oh no, we can't do that until the 15 steps before it are completed etc. You'd be suprised how two easy things can take 2 weeks. Seemly an appraisal is a 3 day turnaround. Except in all 3 of my appraisals it was 7+ days each. First one being 20 days, 7 days on the second, 7 Days on the third.

Yeah, who knows at this point. With the new post-crash rules, it's not like my lender can call up the appraiser who it may get reassigned to and bitch. It's basically like everyone's wandering around blind.

I'm hoping my prodding today will hopefully get it moving again. My lender still thinks we can close by May 27th.

Elurin_sl said:

So my appraisal was ordered on April 29th, and apparently the appraiser turned it down. So now I'm sitting here waiting, I guess, for another appraiser to get around to actually taking it. 2 weeks down the fucking drain. I'm hoping that this is just a miscommunication with my lender and I, and that someone will be working it shortly.

This whole home buying process is needlessly complicated.

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Yea I was just talking to a coworker about this the other day. It seems the process just complicated and designed to keep the laymen confused....there needs to be a better way but good luck changing the institutions these days!!

This is completely unrelated to home buying, but I work as a contract specialist for the DoD, which means we write the contracts. The amount of bureaucracy and red tape would absolutely blow you away. Every day I go to my job I think that someone at some point decided that the process needed to be ridiculously complicated so that contract's people could ensure themselves jobs for the foreseeable future.

I imagine real estate is similar. The process is complicated to ensure that real estate agents, lenders, unwriters, inspectors, appraisers, etc, all have jobs.

Elurin_sl said:

The amount of bureaucracy and red tape

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isnt that by definition bureaucracy, a nice circular where the process is the most important part followed by not breaking the process yet you break the process by exception to only be told to follow the process.

Deathwing_sl said:

Do you 2008 to happen again? Because that's how you get 2008.


I'm kidding. Irresponsible buyers were only a small small part of the problem.

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Yea I can't really say I blame people who made bad choices about what they could or could not afford. Most people are not financially savvy enough to understand everything that goes into owning a home and when you have a so called "expert" feeding you lies and making it seem like you can have that house of your dreams bad things happen to otherwise reasonable people.

Honestly though, would you loan someone several hundred thousand dollars without doing a SHITLOAD of research & paperwork first? Sure, it could move along a little faster, but it's definitely not something that could(or should) be done quickly & without due diligence.

joeboo_sl said:

Honestly though, would you loan someone several hundred thousand dollars without doing a SHITLOAD of research & paperwork first? Sure, it could move along a little faster, but it's definitely not something that could(or should) be done quickly & without due diligence.

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And yet, the banks aren't the ones enforcing those rules or setting those requirements.

Because the loans are through the govt.

No, they are just insured through govt agencies. The govt had to step in because the banks and brokers were being outrageous.

I don't mind the process or paperwork (then again I went conventional so no idea if FHA is way worse) but what gets me is the complete lack of communication about the whole process. There's 3-4 companies involved with 4-8 sets of independent contractors who all do whatever the fuck they want whenever the fuck they feel like it. Very little accountability. There's stiff penalties as a borrower for not doing something on time. There's basically zero penalties for all these companies that you are legally required to go through all these hoops with for being slow pieces of shit and causing lending to delay/fail.

It's very aggravating when "I'll just take my business elsewhere" past 'the point of not desirable to return' is basically either not a threat, impossible or impractical. If I were not an impatient asshole to flippant contractors the loan wouldn't have funded in time to close. I had to stay on top of everyone myself to get it done and I know I am the exception in that regard rather than the rule. Your average dullard is going to take every charge, late fee, disadvantage and penalty straight up the ass even if it isn't their fault.

Ugh, that post summarizes pretty much the entire process for me. It's not the process so much that bothers me (I see it every day with my job), it's the complete lack of transparency with it. I'm waiting around for people who don't really give a shit about me or my house to sign their little box that says "proceed."

Corndog was absolutely right with his post above. The only way to expect progress is to bug the shit out of as many people as possible. Since his post, I think I've basically moved my entire process along where I'll hopefully be closing soon. The seller finally responded to our repair requests (they'll all be completed), my underwriting is done, and now I'm just waiting on the appraisal again. Oh, and possibly a termite "clearance" which somehow differs from the inspection. It sounds like the termite inspector writes what needs to be fixed and is the only company that can complete it, and then signs off that it was done...so your lender can proceed. Except my termite inspection had no negative findings, so I'm not sure what my lender wants.

I also found out that my seller just got diagnosed with cancer. Like, after accepting our offer. They're going in for surgery tomorrow. I'm hoping their cancer doesn't railroad this whole process. It sounds selfish as fuck, but it's the truth.

Elurin_sl said:

Ugh, that post summarizes pretty much the entire process for me. It's not the process so much that bothers me (I see it every day with my job), it's the complete lack of transparency with it. I'm waiting around for people who don't really give a shit about me or my house to sign their little box that says "proceed."

Corndog was absolutely right with his post above. The only way to expect progress is to bug the shit out of as many people as possible. Since his post, I think I've basically moved my entire process along where I'll hopefully be closing soon. The seller finally responded to our repair requests (they'll all be completed), my underwriting is done, and now I'm just waiting on the appraisal again. Oh, and possibly a termite "clearance" which somehow differs from the inspection. It sounds like the termite inspector writes what needs to be fixed and is the only company that can complete it, and then signs off that it was done...so your lender can proceed. Except my termite inspection had no negative findings, so I'm not sure what my lender wants.

I also found out that my seller just got diagnosed with cancer. Like, after accepting our offer. They're going in for surgery tomorrow. I'm hoping their cancer doesn't railroad this whole process. It sounds selfish as fuck, but it's the truth.

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I thought it was only VA loans that need a termite clearance, which is more then just termite damage also has other shit like wood wrought and mold/fungus

Oh, that could be. Mine is a VA loan. Either way, the house had no issues.