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Old 11-19-2012, 06:55 AM   #1 (permalink)
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Buying a house is stressful!

I'm a first time almost home owner. I got pre-approved for a loan so I put in an offer on a house I really wanted and the buyer has accepted my offer. My realtor agent has been extremely easy to work with and pretty punctual when it comes to meetings and things however, the mortgage company i'm supposed to be going through is annoying the hell out of me. I can't ever get a hold of the guy working on my case. Always goes straight to voicemail, Then he was out of town for 4 days, and now I get an email saying that he needs to reschedule the meeting we had planned for today because his system is down.

I'm one of those people that if there is something that needs to be done, it needs to get done asap! or else these loose ends will bug the hell out of me. Is buying a house always this hard?

Thanks for letting me Rant!

Last edited by Steve_81; 11-19-2012 at 07:10 AM.
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Old 11-19-2012, 07:24 AM   #2 (permalink)
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Quote:
Originally Posted by Steve_81 View Post
I'm a first time almost home owner. I got pre-approved for a loan so I put in an offer on a house I really wanted and the buyer has accepted my offer. My realtor agent has been extremely easy to work with and pretty punctual when it comes to meetings and things however, the mortgage company i'm supposed to be going through is annoying the hell out of me. I can't ever get a hold of the guy working on my case. Always goes straight to voicemail, Then he was out of town for 4 days, and now I get an email saying that he needs to reschedule the meeting we had planned for today because his system is down.

I'm one of those people that if there is something that needs to be done, it needs to get done asap! or else these loose ends will bug the hell out of me. Is buying a house always this hard?

Thanks for letting me Rant!
Mortgage companies suck. The last house I bought I purchased on a personal loan and converted to a mortgage after I had it. Saved a lot of hassle. I doubt I could do that with today's banks.

Yes it is always that complicated. The mortgage industry is a pain to work with. More so because of how they have to do things and the things that take time then the individuals.
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Old 11-19-2012, 07:43 AM   #3 (permalink)
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same here! I'm working on two months since i put my offer in. Similar experience. I am never buying another house!!!!
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Old 11-19-2012, 08:26 AM   #4 (permalink)
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I purchased one earlier this year. It was my second. New banking regulations have made buying a house a pita. I was told I qualified for the amount of money I wanted, but was told I was purchasing "too much land" with my house.

Don't be afraid to find another bank. They can push a loan through in less than a week if they want to.
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Old 11-19-2012, 08:31 AM   #5 (permalink)
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I feel for ya. It has not gotten easier, and Dodd-Frank have only slowed the process down. When I bought my most recent home we actually had to justify a $56 deposit in my account and write that up.

And just to let you know...letting a house go takes just as much paperwork if you want to do things gently. I am having to go through that now and have to provide just as much information as I did going into a home.
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Old 11-19-2012, 11:00 AM   #6 (permalink)
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We're building. The bank's assessor didn't approve our loan because he thought the deal was over valued. He low-balled the value of the property by $35k but approved the building costs of the house . . .but in his paperwork stated it was a 3-bedroom home instead of a 4 bedroom home.

Something makes me think he didn't even get up from his desk to do the job.

mortgage broker paid for a second assessment and everything has been running smoothly. Scheduled to move in in the middle of Jan.
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Old 11-19-2012, 11:36 AM   #7 (permalink)
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From someone who works in the industry, I'm about to break your heart.

Even with a pre-approval, a lot yourself at least 90 days from the day the seller accepts your offer and the time your loan closes. Also, don't count on your closing date. Expect your bank to miss it, at least once.

With increased regulations, the hoops that have to be jumped through crazy.

Best of luck and hang in there.
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Old 11-19-2012, 11:43 AM   #8 (permalink)
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My wife and I bought our first home together almost two years ago. I have a condo that bought when I was single. The company that our builder used was terrible. After we had made the deal, agreed to the down payment, and signed the paperwork and paid, they call me up 6 hours before closing and say that I need $5000 more at closing. I went ballistic on them. My mother had loaned us some money to help out with the down payment. They tried to get copies of her records to prove that she had the money to give. This is after they had already cashed the check. After going round and round with the idiot on the phone I called my sale guy and told him what was going on and to fix it now. he eventually got it straightened out, they even gave him flack. Finally got our house though, and we love it. Anyone want to buy a one bedroom condo? Makes a great bachelor pad. has new carpet and hardwood floors. 882 sq ft. You can have it for what I owe, which is around $55k.
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Old 11-19-2012, 11:46 AM   #9 (permalink)
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It's the same deal over here in the netherlands, i bought a apartment in 2010. I made a offer on the place in september, and accepted by the seller. But had to pospone the final transaction once because my morgage wasn't arranged yet.. Signed the papers in december so that took about 3 months from bid to keys.

Well look on the bright side, atleast you have plenty of time to pack for the move.
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Old 11-19-2012, 12:19 PM   #10 (permalink)
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I hate to say it but I'm glad to see that i'm not the only one with this frustration. lol
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