Home Buying Frustrations

Joined
May 9, 2010
Messages
3,172
Location
Texas
This is likely a fruitless endeavor but I'm wondering if someone in the business can explain why home purchases always seem to be headache inducing...

This is my 2nd house purchase. The first one was a short sale that took 6-months from offer to close. We expected this given that it was a short sale. Frustrating, but understandable.

Our 2nd house purchase (Currently pending) is presently scheduled for a close at the end of Dec. This is a new build and was slotted as a "fast close" as they're trying to close out Q4. Here is where my frustration comes from. Since earnest money was given on 10/31, I have been given FOUR different cash at close totals. The first was a verbal ballpark so some up/down is expected, prior to earnest money being handed over. The 2nd was during pre-qual. The third on 11/14. The fourth occurred today. All in all we're looking at roughly $1,000 increase in the original figure to today's "final" figure. I genuinely don't understand how they don't know what the cash at close should be. This is simple math, is it not?

House Price is X dollars
Down Payment is X percentage
Loan amount is X dollars
Fees are X dollars
Lender/Builder Incentives are X dollars
Closing Cost = Whatever formula is used utilizing these five variables

Am I trying to simplify something that can't be simplified?
 
Joined
Feb 8, 2011
Messages
978
Location
Canadia
Real estate tax bills come out since you originally got quoted? What explanation does the title company provide in the breakdown of closing costs?
Property tax is a good point. That one caught me a bit off guard during our last move. We were in a position to absorb it, but if we were less flexible it could have been a last-minute problem.
 

RamFan

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Joined
May 9, 2010
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Texas
Real estate tax bills come out since you originally got quoted? What explanation does the title company provide in the breakdown of closing costs?
That's certainly a possibility. Breakdown doesn't highlight much to make a line by line comparison. I have asked for an explanation in this increase but haven't received the information yet.
 
Joined
Sep 17, 2002
Messages
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Lakeville, MN
Your first estimates likely had exactly that in them - some estimates of a few line items. Our last refi had two that were estimates when we started and they were then firmed up closer to the closing date (or in that case when the exact closing date was set).
 
Joined
Nov 11, 2018
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Great Lakes
I feel that… IIRC we got the same 4-5 cash to close quotes, the final being ~$6,500. Get to the table and they only want $5,000!
 

RamFan

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Joined
May 9, 2010
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Location
Texas
Come to find out, this last adjustment was because they failed to put the mobile notary fee on an earlier disclosure…

So frustrating, I can only laugh at this point 😂
 
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