Current Events > Closing company sends me an updated final disclosure of +$7,000!

(+) Yeah! (+)

We close on the house we're buying on May 10th (tomorrow). Closing company sent me a final disclosure on May 7th. Today, May 9th, at 6:13pm, they sent me a revision to the final disclosure where I have to pay an additional ~$7,000. In the e-mail with that attachment, they said they will accept a cashier's check or wire transfer to be delivered by May 10th.

This is obviously not possible. My agent is going to talk to them tomorrow morning to see what we can do.

But seriously, wtf? They're professionals. How do they fuck up this badly?

/rant
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That's a bummer. I don't see how that would happen. I assume you made an offer that was accepted? Now they're asking more money?
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powerman1426 posted...

That's a bummer. I don't see how that would happen. I assume you made an offer that was accepted? Now they're asking more money?

No, this is an error in the closing company's final disclosure. The price of the house, loan amount, percentages, etc. did not change; taxes changed. So they fucked up their initial estimates and the final disclosure they provided me a couple days ago.
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Someone really fucked up... just out of curiosity, what was the purchase price, OR what percentage of the sale price are your closing costs shaping up to be?

My initial impression is that the buyers agent, your agent, savagely screwed the pooch.
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Ouch, I hope they figure it out. This is not your fault
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Tbh whoever fucked this up should have to pay out of their pocket/their buisnesses pocket.
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Oeoeo23 posted...

Someone really fucked up... just out of curiosity, what was the purchase price, OR what percentage of the sale price are your closing costs shaping up to be?

My initial impression is that the buyers agent, your agent, savagely screwed the pooch.

Purchase price is $549k. Closing cost (excluding down payment) was around 5%. Now, it's like 7%. Bleh...

Why the buyer's agent? I thought this was all on the closing company...

pikachupwnage posted...

Tbh whoever fucked this up should have to pay out of their pocket/their buisnesses pocket.

Agreed. If we have to push out our closing date because of this bullshit (i.e. they refuse to take a personal check), I'm going to throw a fit. I'm going to demand we change closing companies.
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Are you a first time buyer or have you sold your current house already? You're not out a place to live or stuck in a hotel in limbo are you?
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upset over 7k on an almost 600k home?

there is a thing called closing cost. are you confusing that with this? because unless you specified the sellers pay closing you are on the hook for it.

also if you break contract you can be sued.
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GasMonkey posted...

upset over 7k on an almost 600k home?

there is a thing called closing cost. are you confusing that with this? because unless you specified the sellers pay closing you are on the hook for it.

also if you break contract you can be sued.

They're trying to charge TC an extra $7k at the last minute on top of the closing costs he already agreed to pay.
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Did the tax law change in the middle of it?
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powerman1426 posted...

Are you a first time buyer or have you sold your current house already? You're not out a place to live or stuck in a hotel in limbo are you?

I have not yet put our current house on the market, so we're still good on that end.

It's frustrating because if we don't close tomorrow, we have to undo all the utilities stuff, change moving dates, etc.

GasMonkey posted...

upset over 7k on an almost 600k home?

there is a thing called closing cost. are you confusing that with this? because unless you specified the sellers pay closing you are on the hook for it.

also if you break contract you can be sued.

The closing company forgot about some taxes I have to pay in the final disclosure form that was sent to me yesterday. This is the closing cost. But at the last minute, tonight, they corrected the tax error and it costs an extra $7,000.

The problem isn't really the amount, it's the way they went about doing this crap. They don't explain what exactly changed to amount to the $7,000 (I had to comb through line by line comparing yesterday's and today's "final" disclosures), no apologies, no credits... And hell, they still require me to come up with a wire transfer or cashiers check same day! That is completely bullshit.
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Unsugarized_Foo posted...

Did the tax law change in the middle of it?

No. It looks like they straight up forgot about school taxes when comparing yesterday's and today's "final" disclosures (and when looking back to the original estimate disclosures).
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How can they forget something like that? Isn't this kind of work their entire business? It would be like if a car manufacturer forgot to put engines in.
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Manocheese posted...

How can they forget something like that? Isn't this kind of work their entire business? It would be like if a car manufacturer forgot to put engines in.

Exactly. I know I have to pay school taxes, but I'm not going to remember to look for that on my estimate / final disclosure.... That's why we have closing companies to rely on this crap.

To reiterate, I'm not pissed about the fact that I have to pay an additional $7k, I'm pissed about the way the closing company handled it. My agent is going to try to convince them if a personal check is okay given their fuck up tomorrow morning.
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We closed. The closing company made an exception and allowed the use of a personal check.
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