There has not been a lot going on around here the last week or so except for a lot of "hurry up and wait." Remember when I said we were supposed to close on our house on December 30th?
We didn't.
The short story is that someone at Wells Fargo dropped the ball and we still have not closed. We aren't really sure where the fault lies. We don't know if the Loan Officer, Processor or Underwriter didn't follow through. As a former Processor myself, I know that this is the absolute worst thing that could happen short of the loan totally falling apart and not closing at all. This is the kind of thing that my Loan Officer and I worked diligently to make sure would never happen.
We are doing the best we can to give them enough time to rectify the situation before we begin asking for compensation.
The bigger problem is that the bank that owns the home has already granted us one extension. They would probably be unwilling to give us another if the loan doesn't close by the end of this week.
On the more shallow side of it all, my family and I have been greatly inconvenienced. We have many of our things in a storage unit and are living with the bare necessities for now. Jimmy's schedule only allows him about a day and a half off of work for the entire week. This means that he has a day and a half to sign closing papers, move things from our house AND our storage unit to the new house and try to come back to our rental to clean/paint/repair on the promise that we will be out of here by Sunday. I can't be of much help to him because I will be busy keeping babies happy and out of his way.
Luckily we have the offered help of my parents as well as Jimmy's. We are ready to take everyone up on their offers as soon as we know what we are dealing with.
Obviously, we are very disappointed by all of this. Our purchase contract clearly stated that we were to close within 30 days. We felt sure that dealing with a bank as large and reknown as Wells Fargo would result in closing on time.
I hope to be receiving only good news in the next few days.
Thanks for listening to me whine :)
My parents had the EXACT SAME THING happen to them with THE EXACT SAME BANK. Bigger is not always better! I work at a smaller bank (that they regretfully did not go through) and have found that this doesn't happen nearly as often (if ever) because we don't have thousands of loans happening each day.
ReplyDeleteI feel for you - it's too late to change who you are going through and not over yet, and hopefully this will just become a hiccup while you are enjoying your new house in the not too distant future!