The horror story
Well, I knew the day would come when I got to tell the horror story. Yes, it happened yesterday. Movers filling the truck, lenders scratching their heads, clients crying all came into the focus of the day. When you get your appraisals done, look them over and be sure that all the information is correct, including the names and any contact information.
When you search for a lender, be sure to ask about their closing process and all the parts that will need to happen. If there are outside vendors the will be performing, like appraisals, title work, abstract, ask for copies to be sent to you and verify all the information is correct.
In our horror story from yesterday, the whole thing fell apart when the appraisal was discovered to only contain one of the buyers names. The underwriter asked for an addendum to include the second buyer. However, the lender that had originally ordered the appraisals was changed and the appraisal company had to go back and create an entirely new appraisal. In the state of Iowa, there is a three day waiting period before closing can happen. We got the appraiser into the home two days after the underwriter had discovered the mistake and our closing needed to push out three days after report was turned in. We had been told we could keep our closing day. BIG MISTAKE. Trucks should not have been called, people should not have been wasting time in a lenders office, and what was hurry up and wait could have been avoided.
As it turns out, there are great people in the world. The owners of the new home for my sellers, were extremely accommodating and offered space to unload said truck. Buyers spent the night in a hotel and we came to agreement for occupancy prior to close. If the lender had been truthful, we could have all planned to close on a later date for smoother moving.
It is true that moving is very stressful. Everything needs to be packed, moved, cleaning and sore bodies are likely. The good news is new homes can be had, help is available, and if you have interest in moving, call me and I will be wiser and still very glad to help you.