Closing on our property...........what a nightmare!

[joel45acp]

So, wife and I found a slice of Texas just outside of rocksprings in late December and made an offer the first wk of Jan 2019. I started the loan process the next day with a local bank (river city federal credit union). I was approved within days. In the meantime, the owner accepted the offer I had made. We were all excited with the terms and I was excited to finally own my slice of Texas. As time went on the bank asked for the usual stuff, tax returns, W2's, paystubs, employment verification etc. We were scheduled to close on Feb 7 and boy things were moving quick. But, then things started to really slow up and bogg down. Two days before closing(Feb 5th) the banks asks for another survey saying that the one on file was too old. So, needless to say we didn't close on the 7th of Feb. It took several weeks to find a surveyor who could do the survey in a timely manner. We were now set to close on the 28th of Feb. But, again the bank threw us a curveball. They were now asking for divorce decrees, reverification of property address and bank statements they already had. I provided said documents only to be told days before the 28th(closing day) that the documents needed verification and the divorce decree didnt have my boy's ages nor SSN. WTH, I don't pay child support! Last documents they asked for were bank statements showing recent transactions indicating where my down payment was coming from. I provide them those documents only to be told a few days later that the bank documents needed to be stamped and signed by the bank. So, back to the bank I go and get statements stamped and signed. I email those documents to them only to be told that since I transferred my down payment funds from one account to another I was now needing an account transfer verification. WTH! I'm beyond frustrated with the whole process. I'm gonna call a few other banks to see what rates they'll give me cuz the one I got from RCFCU isn't worth the hassle anymore. Sorry for the long post gents.

[miket]

I feel for you. Its unreal what banks want for documention these days. I dont know when it changed, but hasnt always been like this. The last eqpt loan I got I applied at my bank and had to do so much I finally just quit jumping through the hoops and found a different lender. Disappointing because in 1999 I switched TO that bank from Wells Fargo for the same reason.

[kenforu]

Have you talked to Farm and Credit in Kerrville they were really good with our closing last year. It was extended a couple of times but it was due to the seller.

[kae006]

How’s your seller handling the delays? I’d be afraid that your bank is going to cost you the deal and you’ll be out some funds for everything you’ve done so far and the earnest money. Having bought and sold houses I can understand the frustration but asking for these items two days before closing is unacceptable.

[doublearrow]

I feel for you. Ive bought 2 houses in my life. Both were a nightmare while closing, to the point ive put off moving because I wont deal with crap like that again.

[TeamAmerica]

Dang I would be ****** to. Hope the seller is understanding. I couldn't sleep for days before we closed on our place being too paranoid that something would go wrong. The bank and title company were great and obviously that isn't always the case.

[Stuck]

It always amazes me. These people do this for a living and always seem to come up with unexpected things at the last minute like it’s their first day on the job.

[BTLowry]

Good thing about living in a small town and having known the people in my local banks

They need certain things but they don't let me get run around for ridiculous crap

I would definitely never use that credit union again but probably too late to change up at this point unless the seller is willing to delay more

[SaltyMutt]

Some of the stuff they ask for is so ridiculous, it almost seems as if it's being done on purpose to test ones patience or to see how much dedication you have towards getting the loan.

[lanceodom]

All the more reason to have a relationship with the bank. Always goes better when you have a friend at the bank. You need someone filtering all the crap on the inside. I’d go to the head of the credit union and tell them about the very poor service you are receiving. Remember they are not doing you a favor, they are selling you a service. Make them hold up to it.

[RifleBowPistol]

Yep, that sounds like the same hoops they had us jumping through. I am sure they do that just to justify all of the money they make off of the sales. We got ran through a obstacle course, that I don't ever want to deal with again. Everybody kept saying, they dealt with the same crap, just stay calm and be patient. After close to two months, we were ready to just walk away.

[Charlie]

I used Peoples State bank in Rocksprings when I bought my place in Edwards County and they were very easy to deal with.

[PROD49]

So, wife and I found a slice of Texas just outside of rocksprings in late December and made an offer the first wk of Jan 2019. I started the loan process the next day with a local bank (river city federal credit union). I was approved within days. In the meantime, the owner accepted the offer I had made. We were all excited with the terms and I was excited to finally own my slice of Texas. As time went on the bank asked for the usual stuff, tax returns, W2's, paystubs, employment verification etc. We were scheduled to close on Feb 7 and boy things were moving quick. But, then things started to really slow up and bogg down. Two days before closing(Feb 5th) the banks asks for another survey saying that the one on file was too old. So, needless to say we didn't close on the 7th of Feb. It took several weeks to find a surveyor who could do the survey in a timely manner. We were now set to close on the 28th of Feb. But, again the bank threw us a curveball. They were now asking for divorce decrees, reverification of property address and bank statements they already had. I provided said documents only to be told days before the 28th(closing day) that the documents needed verification and the divorce decree didnt have my boy's ages nor SSN. WTH, I don't pay child support! Last documents they asked for were bank statements showing recent transactions indicating where my down payment was coming from. I provide them those documents only to be told a few days later that the bank documents needed to be stamped and signed by the bank. So, back to the bank I go and get statements stamped and signed. I email those documents to them only to be told that since I transferred my down payment funds from one account to another I was now needing an account transfer verification. WTH! I'm beyond frustrated with the whole process. I'm gonna call a few other banks to see what rates they'll give me cuz the one I got from RCFCU isn't worth the hassle anymore. Sorry for the long post gents.

I feel for you. I went through similar hassle when I bought house in Austin. When I bought my place in Rocksprings I went through Capital Farm Credit and was amazed at how little paperwork there was and how knowledgeable they were about small town properties and the nuances that are associated with buying properties.

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[HoustonR6ryda]

Capital Farm Credit handled our deal smooth.

[Atfulldraw]

We hadn't ever had a traditional mortgage until I got one to buy a piece of property last year.

Finally, just as I was about to give up and pay cash, I talked to the loan officer and convinced her to just take my passwords and get whatever she needed right off the websites.

It worked, but it was touch and go for a while....

Capital Farm Credit, on the other hand, was a dream to work with.