Update by user Nov 30, 2016
Not sure what happened to my post from Nov 28.
Anyway, as we expected our closing wasn’t scheduled and the extension deadline came.
But this time instead of waiting to get another extension request, we had our layer tell the buyer’s lawyer that we were giving them until Dec 1 to get clear to close and until Dec 6 to close. With this they terminated the contract.
What is really amazing is that their lawyer said (in the email), “…please be advised that the Buyer(s) is/are unable to provide written evidence of a mortgage commitment for the following reason(s): - Debt to income ratio not within required limits.”
Holy $%&@, that means the buyer wasn’t anywhere near ready to be able to close on our house. So we were held in limbo while they saved enough money to eventually buy our house.
So we had kill the deal on the house we were buying, so $1000 in expenses there down the drain. Oh, I didn’t mention this previously, they had asked for a two day extension right before the original closing date back at the end of October, right as our house was getting loaded into the moving van…and we headed down to Texas, from Illinois.
So we, and all of our stuff, are down in Texas, living in a hotel, trying to figure out what we are going o do now.
We have filed a complaint with the (federal) Consumer Financial Protection Bureau (consumerfinance.gov), so will see if that does any good. Probably not.
Update by user Nov 28, 2016
So it is now Monday, Nov 28 and guess what? As expected, no one has heard anything from NACA.
We are now a the point where we will lose the house we have under contract.
I did file a complaint with the (Federal) Consumer Financial Protection Bureau.
Let's see if that helps at all. http://www.consumerfinance.gov/
Update by user Nov 17, 2016
The day after my original post, the closing on our house got delayed another two weeks to the Monday after Thanksgiving. So we will know well in advance if this is just another bold faced lie.
BTW our original closing date was Oct 28, 2016.
Original review posted by user Nov 14, 2016
Wish I had found this sooner. Our buyer is going through NACA (in Chicago) and included a nice letter from NACA saying that they (the buyer) was as good as pre-approved. It has been a nightmare.
No communication. Dates mean nothing. We will probably lose the house we have under contract along with all of the money we spent on inspections, etc.
If your buyer is using NACA, know that you cannot rely on any of the dates in your contract or, in the rare times that NACA actually communicates, any of the dates they give you.
My recommendation, run away.
Reason of review: Poor customer service.
Preferred solution: Get our buyer's mortgage processed..
I didn't like: Lack of communication with staff and members.