When Can I Move Into My New Home?
Getting a mortgage approval is a challenge when purchasing a home. Many different obstacles need to be overcome during the mortgage application process. There is nothing routine with purchasing a home anymore and just when we all think that we are good to close, “something different” enters into the scenario.
Sellers complain while waiting for the buyers to get their final commitment. They are nervous that the buyers will be denied a mortgage and the deal will fall apart. Buyers are anxious to get their approvals so that they may purchase a new home and move it.
It seems with credit being tighter than it has been many quirky requests are now coming from banks that have not been seen in the past. Unprecedented requirements can slow down the process as they add another step to the finish line. This week I had two requests that were most unusual.
The first was a request from title for the town to re-inspect a home. The original Certificate of Occupancy did not reflect a fireplace that was part of the original equipment. It was found on the appraisal though, so now the title company wants it to be checked out. Now we have to wait for the town to get in and look at this. The unusual part is that this is new construction. There is already a C of O, but that is not good enough. Not really sure about this and getting answers has certainly been difficult.
The second episode was a bit different. The bank required a Septic Dye test. This is usually seen on older homes to check if a septic system is working well. This home is new construction so I am puzzled. The bank is insisting. No problem, except our temperatures have been below freezing for a while. There were quite a few inspectors that refused to do the test. It took them a while to find one. When I heard that so many refused to do the test, I questioned if there was a reason for that. I find that the test at this time of year is rather useless. It cannot work well with the ground so frozen. Still the bank wants the test and the buyers have to pay for it. What a waste of money. I also question the person testing the system. Shouldn’t he know this?
The process continues and I’m sure that there are many blips that happen for people in their pursuit of the American dream. It just takes a little longer these days as you never know what unusual request that a bank will have before issuing that commitment letter.
If you are planning to buy or sell a home in Newburgh NY make sure to have a Realtor help you get to the finish line. My job is to navigate the shortest distance in the process and help you along when the road gets bumpy.
Both of these homes are scheduled to close in the next two weeks, with happy buyers and sellers. Getting to the finish line.. priceless!
How Long Does It Take to Get a Mortgage?
Posted by: Janis Borgueta, a Real Estate Agent in the Hudson Valley. Her blog is about living, working and Real Estate in The Hudson Valley. If you would like more information about Real Estate in Newburgh NY and Living in the Hudson Valley, please subscribe to this blog. When you are looking to buy a new home, Search the MLS for New Homes in the Hudson Valley.