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Bank cancels closing the day before

S

swbsam

Platinum Member
I have a closing scheduled for Thursday on our first house and our broker emails me at 7 pm, when I can't contact my lawyer or anyone..

He tells me that the lender has to cancel closing on Thursday because they're out of money, and that we would have to reschedule next week....

"Out of money??" Is it me or is this a totally b.s. reason? Does this happen? Is it possible that they'll have no money to lend this week and will be fine next? I'm thinking I'm going to be dicked around again and again, and would appreciate some advice.

Thanks!
 
Don't buy a house. Not worth it. Property tax, maintenance, some dick neighbor next door not mowing his lawn and driving your value down, robbers, etc.

Instead, be rich enough and work hard enough to afford expensive nice ass apartment living. Mobility and plushness all in one.
 
Sounds to me like they are taking an extra day off for the July 4th weekend.
Either that or they need an extra day for the getaway.
 
Originally posted by: scorpious
Don't buy a house. Not worth it. Property tax, maintenance, some dick neighbor next door not mowing his lawn and driving your value down, robbers, etc.

Instead, be rich enough and work hard enough to afford expensive nice ass apartment living. Mobility and plushness all in one.
Click to expand...

Wow, I'm amazed that you could so accurately answer the OPs question. /thread now?
 
Originally posted by: scorpious
Don't buy a house. Not worth it. Property tax, maintenance, some dick neighbor next door not mowing his lawn and driving your value down, robbers, etc.

Instead, be rich enough and work hard enough to afford expensive nice ass apartment living. Mobility and plushness all in one.
Click to expand...

As silly as that sounds, this is the path I think I will choose. +I could always move if neighbors are dicks.
 
Originally posted by: OCguy
Yes, it is happening big time right now. Their warehouse line could be backed up.
Click to expand...

But they do like to scare first time buyers with tactics like this, don't they? It wouldn't be the first time a broker uses last minute strong arm tactics.
 
Originally posted by: swbsam
I have a closing scheduled for Thursday on our first house and our broker emails me at 7 pm, when I can't contact my lawyer or anyone..

He tells me that the lender has to cancel closing on Thursday because they're out of money, and that we would have to reschedule next week....

"Out of money??" Is it me or is this a totally b.s. reason? Does this happen? Is it possible that they'll have no money to lend this week and will be fine next? I'm thinking I'm going to be dicked around again and again, and would appreciate some advice.

Thanks!
Click to expand...

How does a bank run out of money? I don't think that is possible. IIRC, it can always borrow from other banks if it is short of cash to meet the day's deposits.
 
Originally posted by: OCguy
Yes, it is happening big time right now. Their warehouse line could be backed up.
Click to expand...

So what would you say is my best course of action? Wait it out (which we can until the end of the month, we've already given notice to our landlord and are expected to leave),

or
just assume it's not going to happen?
 
Originally posted by: spidey07
Originally posted by: OCguy
Yes, it is happening big time right now. Their warehouse line could be backed up.
Click to expand...

But they do like to scare first time buyers with tactics like this, don't they? It wouldn't be the first time a broker uses last minute strong arm tactics.
Click to expand...

for what, exactly? I'm not sure how the game works - what am I expected to do? Wait or push?
 
Originally posted by: scorpious
Don't buy a house. Not worth it. Property tax, maintenance, some dick neighbor next door not mowing his lawn and driving your value down, robbers, etc.

Instead, be rich enough and work hard enough to afford expensive nice ass apartment living. Mobility and plushness all in one.
Click to expand...

+1.

Take the money and time you will save by living in an apartment and invest it. Come out miles ahead. Home ownership is extremely overrated.
 
Originally posted by: brandonbull
Originally posted by: scorpious
Don't buy a house. Not worth it. Property tax, maintenance, some dick neighbor next door not mowing his lawn and driving your value down, robbers, etc.

Instead, be rich enough and work hard enough to afford expensive nice ass apartment living. Mobility and plushness all in one.
Click to expand...

+1.

Take the money and time you will save by living in an apartment and invest it. Come out miles ahead. Home ownership is extremely overrated.
Click to expand...

Well, from my calculations way back, taking into account all the tax benefits and factoring in inflation and a 4.5% S&P rate of return, you do come out ahead if you rent, but only if the house doesn't appreciate.
 
Originally posted by: swbsam
Originally posted by: spidey07
Originally posted by: OCguy
Yes, it is happening big time right now. Their warehouse line could be backed up.
Click to expand...

But they do like to scare first time buyers with tactics like this, don't they? It wouldn't be the first time a broker uses last minute strong arm tactics.
Click to expand...

for what, exactly? I'm not sure how the game works - what am I expected to do? Wait or push?
Click to expand...

call your lawyer
 
Originally posted by: Hacp
Originally posted by: swbsam
I have a closing scheduled for Thursday on our first house and our broker emails me at 7 pm, when I can't contact my lawyer or anyone..

He tells me that the lender has to cancel closing on Thursday because they're out of money, and that we would have to reschedule next week....

"Out of money??" Is it me or is this a totally b.s. reason? Does this happen? Is it possible that they'll have no money to lend this week and will be fine next? I'm thinking I'm going to be dicked around again and again, and would appreciate some advice.

Thanks!
Click to expand...

How does a bank run out of money? I don't think that is possible.
Click to expand...

you might, just maybe, want to start watching the news. maybe.
 
Originally posted by: Hacp
Originally posted by: swbsam
I have a closing scheduled for Thursday on our first house and our broker emails me at 7 pm, when I can't contact my lawyer or anyone..

He tells me that the lender has to cancel closing on Thursday because they're out of money, and that we would have to reschedule next week....

"Out of money??" Is it me or is this a totally b.s. reason? Does this happen? Is it possible that they'll have no money to lend this week and will be fine next? I'm thinking I'm going to be dicked around again and again, and would appreciate some advice.

Thanks!
Click to expand...

How does a bank run out of money? I don't think that is possible. IIRC, it can always borrow from other banks if it is short of cash to meet the day's deposits.
Click to expand...

QFT, it's expensive to do and why many brokers don't want to have it done. It's usually not the customer that has to pay extra.

OP, you are having all problems with every financial situation you are in it seems. Between the GF/etc. I don't get it.
 
Originally posted by: brandonbull
Originally posted by: scorpious
Don't buy a house. Not worth it. Property tax, maintenance, some dick neighbor next door not mowing his lawn and driving your value down, robbers, etc.

Instead, be rich enough and work hard enough to afford expensive nice ass apartment living. Mobility and plushness all in one.
Click to expand...

+1.

Take the money and time you will save by living in an apartment and invest it. Come out miles ahead. Home ownership is extremely overrated.
Click to expand...

There's no way possible to assess whether he'd come out ahead or behind without knowing a whole shitload of details. It varies by market, it depends on how long he plans on living there, etc. There's a calculator online (somewhere) that figures this out for you, based on a few assumptions which you input into the program.

But, of course, you can follow your plan - spend your life living in apartments, losing a shitload of freedoms in the process. (Then again, with the HOA's any more, what's the difference?)
 
Originally posted by: swbsam
I have a closing scheduled for Thursday on our first house and our broker emails me at 7 pm, when I can't contact my lawyer or anyone..

He tells me that the lender has to cancel closing on Thursday because they're out of money, and that we would have to reschedule next week....

"Out of money??" Is it me or is this a totally b.s. reason? Does this happen? Is it possible that they'll have no money to lend this week and will be fine next? I'm thinking I'm going to be dicked around again and again, and would appreciate some advice.

Thanks!
Click to expand...

Let me guess. Your broker is in Nigeria?

 
Originally posted by: brandonbull

Take the money and time you will save by living in an apartment and invest it. Come out miles ahead. Home ownership is extremely overrated.
Click to expand...


This is nowhere near being true.


Originally posted by: swbsam

So what would you say is my best course of action? Wait it out (which we can until the end of the month, we've already given notice to our landlord and are expected to leave),
or
just assume it's not going to happen?
Click to expand...


Have you already signed the final loan package?


If yes, and the lender does not have the money on their line to fund your loan, then they very well may have it next week. Some lenders cant fund a new loan until they sell an old loan off to the new servicer. Yes, they cut it that close.


If you havent even siged the final loan package, then it may be a good idea to resubmit your file to a new lender now just in case (Your broker should have access to 20+ lenders if they are worth their salt).


 
Originally posted by: brandonbull
Originally posted by: scorpious
Don't buy a house. Not worth it. Property tax, maintenance, some dick neighbor next door not mowing his lawn and driving your value down, robbers, etc.

Instead, be rich enough and work hard enough to afford expensive nice ass apartment living. Mobility and plushness all in one.
Click to expand...

+1.

Take the money and time you will save by living in an apartment and invest it. Come out miles ahead. Home ownership is extremely overrated.
Click to expand...

Invest in what? This is the most idiotic thing I've ever heard. What will you do if the economy doesn't recover and rebound to the levels we've seen in the past? You're basically gambling with that money. Bonds maybe, but you'll be hard pressed to find some with a rate of return that will beat a savings account by much.
On the flip side, if you buy a house, pay off the mortgage and contribute to a 401k plus other investments like an IRA, you will have a house that you own to live in when you retire and enough to retire comfortably. For what you'd pay per month for the fancy ass expensive apartment, you could be using to pay the mortgage on your own home. When you pay rent, that money is gone. You get no value back on it. How could renting a fancy apartment and investing in a failing US economy ever be a valid financial strategy???
 
Originally posted by: scorpious
Don't buy a house. Not worth it. Property tax, maintenance, some dick neighbor next door not mowing his lawn and driving your value down, robbers, etc.

Instead, be rich enough and work hard enough to afford expensive nice ass apartment living. Mobility and plushness all in one.
Click to expand...

Property tax is built into your rent. Maintenance - yeah, that sucks, but it's also built into your rent. Dick neighbor? I've had them in apartments, love my neighbors at my house. Robbers? Never, and I rarely lock my doors. I hated living in an apartment, but I love where I live now. YMMV. You're willing to pay for one lifestyle, I'm willing to pay for another.
 
I will never live in an apartment again. You either live on the second floor and have to walk on eggshells hoping not to be too much noise to the neighbors below you or you live on the first floor and have to listen to the constant pounding from upstairs because the neighbors don't share your level of consideration.
 
screw apartments, I can't enjoy my home theater system which I spent a good deal of money putting together. I love our house, even if it has lost value we still enjoy the tax benefits on the interest.
 
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