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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.

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Anonymous
#1376276

Just wondering what ended up happening to this family?

It sounds like a traumatic situation and I wonder why your Realtor did not protect you from this outcome. That is their #1 responsibility.

While I understand your anger at NACA for not closing your buyer's mortgage, they were simply doing their job, preventing the buyer from getting a mortgage they couldn't afford that would undoubtedly go into default. It's the Realtor's job to protect you from winding up where you did, and NACA has absolutely no liability or responsibility to you as the seller to their borrower. You are not their client. As such, the CFPB is irrelevant in this situation, NACA has done no wrong to you.

I would consider speaking to a lawyer who was not involved in the transaction, to find out if your Realtor or the lawyers involved have any liability for what your family has been put through. I also suggest filing complaints on the state level, particularly with your state dept of consumer protection and the Real Estate Commissioner in Illinois. No agent worthy of a license would allow you to move your family into a hotel out of state without a "clear to close" from the buyer's bank and a firm closing date scheduled.

However, if you thought you'd save the sales commission by not using a Realtor & selling your home yourself, then I'm sorry to say that you alone are responsible for what happened to you.

They say a man who represents himself in court has a fool for a client. I say the same holds true in Real Estate sales. Your story should serve as a cautionary tale to people who think they can navigate themselves through such a complex transaction without the help of a licensed and seasoned expert.

I am a mortgage professional with almost 20 years of experience, and I am considering going to work for NACA. I was looking into their reputation when I found your story and felt terrible for you.

Anonymous
to Jenn Nodine #1380204

Our first realtor was not very good for a number of reasons, beyond this situation, and we ended up firing her and going with another realtor.

You are being far to kind to NACA. They provided a letter with the buyer's offer indicating that the buyer was as good as approved. That was a lie.

What they do is get the seller on hook and then string you along, "just two more weeks" knowing that the buyer is nowhere near ready.

We did speak to a lawyer and the language in NACA's letter was just vague enough to protect them.

If you investigate NACA you will see a they have a long history of poor communication and what I believe is a clear pattern of unethical practices, just short of illegal.

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