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Monday, March 11, 2013

Buying a first home with the Pachecos

If you’ve been following our blog series on Sarah and Fernando Pacheco these past few months, you know they were supposed to have closed on their first home on March 8. Yes … supposed to. At this writing, their closing date has been pushed back, and it could happen today or tomorrow.

Two weeks ago, Fernando went to his lender's office to sign the closing papers and was told that the recording date would be March 6, meaning that's when he would get his keys. A day later, he made his down payment to escrow and waited.

In the week that followed, it seemed like it was a big challenge to get the needed closing papers from the selling lender.

“Every couple days I would get a call about waiting on documents from them, pushing the recording date back. I was certain that the recording date wouldn't be pushed back past our actual closing date of March 8 … but I was proven wrong,” he said last Wednesday. “I’m still waiting on more documents from the selling lender, and now an extension must be filed for a new closing date. When first going into escrow, the closing date was March 4." (He was then told it would be March 11 or 12.)

“I think it's safe to say my spirit is officially broken at this point,” Fernando says. “Now that I've officially invested in this project, these setbacks are a lot more painful.”

From there, the Pachecos had to wait for more extension documents to sign, but wouldn’t have to pay penalties for extending. There’s a silver lining, however: Escrow will be giving the Pachecos a little money back at the end, which sometimeshappens—for various reasons.

“Keep in mind that you should always set expectations really low when you deal with banks,” says realtor Isabella Forster of Keller Williams. “Realtors should set and manage the buyers’ expectations in lender sales, short sales, and foreclosures, as they can often take longer than normal.”

Hopefully this is the last snag in the Pacheco’s adventure. If you have any tips for them, leave them here!

Posted on Monday, March 11, 2013 in Permalink

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About This Page

Honolulu Real Estate focuses on the Hawaii housing market, condos and homes for sale, Hawaii rentals and general news about real estate in Hawaii. It also includes stories on apartment living, home decor and profiles.
 


Melissa Chang graduated from the University of Hawaii with a degree in journalism and has been blogging since 2007, mostly on food and travel. She works primarily in social media, so you can find her online @Melissa808 on Twitter and Instagram.


 


Jaymes Song is a real estate agent at Prudential Advantage Realty in Kahala. Jaymes is in the top 7 percent of Prudential agents nationwide. Previously, Jaymes was at The Orange County Register, Honolulu Star-Bulletin and rose through the ranks to overseeing news and operations for AP in Hawaii and the Pacific Rim. Jaymes lives in the Portlock area and loves his real full-time job of being dad to two curious kids.


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