Quicken loans completely screwed up closing
Complaint
Sellers Nightmare
Country: United States
We were selling our house to move to a new home we found and fell in love with. In falling in love with our new home there were two others couples we competed against but until alley the owners liked us and our family and accepted our offer. At that point we needed to get our house on the market ASAP and luckily got to offered within the a couple weeks.
The offer we ended up accepting was for a small amount more and person seemed nice and had her documents ready to go. That was the last time anything went right. She was using Quicken loans and we moved quickly to get the P&S signed so she could get her commitment back to us. That process proved to be a mess with quicken but was nothing.compared to the nightmare that was to come.
We were busy with packing and getting ready because we were doing a simultaneous closing for first closing of the sale of our home then closing in the home we were purchasing. We used a local bank and the process for our new mortgage went smooth with just a few issues where they requested some documents more than once but over all was straight forward. Which was a pleasant suprised because I am self employed and my wife had just started a new job and had only been there for less than a year.
The nightmare started to come when we didn't hear to much from the seller. We know from arranging our closing we had done a lot of coordinating to ensure things like the alarm certification was lined up with the local fire department, title five documents we clean and provided from the seller, even discussions about arranging for the oil company to certify the amount of oil left inthe tank was coordinated to allow the banks closing attorney to have all the correct figures so the could have the Hud done so we knew what certified funds we would need. Yet, we had none of the same from the buyer of our home. So our real estate agent kept reaching out. First we were told that quicken loans only uses title companies and the buyer handles the closing process. This set off the first alarm bells. In our state an Attorney is required when a mortgage is required. In fact for us this was our sixth mortgage and we understood the process and never had we done a mortgage without the banks attorney being involved. Usually, the bank will have a list of attorneys and for two other mortgage we did one with the old Countrywide and another with Bank of America a friend I grew up with was a local attorney that did closing for both entireties and we were able to request him.
Needless to say we were 6 business days from losing there was no attorney preparing the closing documents for Quickens. Title had not been requested, title insurance not arranged, required state inspections and certifications not in process. We were concerned and had calls directly between ourselves, the real estate agents, and the buyer. We could tell in talking to the buyer she was frustrated with Quicken loans. They were given her incorrect information and both our real estate agent and hers repeatedly said the same things in response to what quicken was tell the buyer. That quicken was wrong we are in a state that requires and attorney and the closing is now 5 business days away. Yet the buyer kept running into here loan officer being clueless and telling her no we use title companies and for her to get a title company. I was shocked they are given her over a half a million dollars and didn't seem to care about ensuring the process was correct and that all the correct closing process were followed.
It finally came to a point we called quicken ourselves about the issue. At first we found the lona agents we talked to clearly didn't not understand the process but finnaly got to a senior loan agent that at least understood what we were saying. The only reason that happens is we told them we were not going to deal with them or their customer and were prepared to cancel the P&S for non performance based on the requirement our attorney wrote in the P&S for a timely closing and delivery of the HUd statement three days prior to the agreed closing date.
At that point they realized we were right about the Ned for an attorney to prepare the closing yet still stated they don't use attorneys. We were still a bit Sophocles every bank we dealt with in the last would provide a list off their attorneys and allow you to select one or just let them use who they wanted. Understand law the attorney works for the bank. Which was another point we made to quicken. You real trust us or the buyer to provide an attorney that isn't representing you. Wouldn't you be concerned that the attorney is not obligated to look out for the banks best interest and the banks 500k but to the person that they are contract too.
Needless to say three days of hell made things not very pleasant for us. We had a great new house we were buying and had gotten to know the owners and really didn't want to tell, them last. Inste oops our buyer bank are. Irons and can't close so we can't discharge our existing mortgage and don't have time to setup a bridge loan to make our closing date. Even our banks closing attorney who was doing the closing for our new house couldn't believe how bad Quicken was. Final ally, we took things into our hands. We had a friend who had done the closing on the mortgages with countrywide and BOA and called him he said he could get things done as long as quicken can get the mortgage documents to him. We got him hooked up with the seller and she hired him. At that point he got involved directly with Quicken. I am sure he thought hey a potential new client that he could handle other closing over time for them. I know he has a nice business of about 10 people,down from more than 25 back in the early 2000s just doing closing.
He was able to push things thru but it was a struggle. He littlerally received some items 30 minutes before closing. Thank god his office is in the building across for the registry of deeds. He even arrange for a clawing room at the registers which usually fill up. We had one reserved for our closing at one that day. Since we were selling our house we only had a few things to sign so had plenty of time to chit chat while she signed her life away. He made it very clear that no business is worth it and that he'd never do a closing for Quicken again. He was shocked our disorganized and unprofessional they were.
I felt bad that he wasn't one of the attorneys that our bank used to have made it up to him. He laughed at us and said yeah he knows the attorney doing our closing at 1. He was sure he went golfing in the morning because he had everything done two days before.
So I will never be a consumer and so glad I wasn't a customer but was still out through hell by Quicken Loans. Next time we sell a home if we get two offer like we did this time and one has a loan from Quicken I don't care if it's for 50k more I'm turning it down and going with anyone else.
Quicken should,be sued for their false advertising about being Americas best. Seems like another countrywide sham. Except with countrywide they understood closing sunlike quicken. I can't imagine what it must be like for a first time buyer using them. And frankly, if we weren't as experienced as we were we never would have question our buyer and just assumed things were fine. Until we showed up at the closing or should I say till we called to get the location for the closing. At one point the quicken people said just do it at your home.
The offer we ended up accepting was for a small amount more and person seemed nice and had her documents ready to go. That was the last time anything went right. She was using Quicken loans and we moved quickly to get the P&S signed so she could get her commitment back to us. That process proved to be a mess with quicken but was nothing.compared to the nightmare that was to come.
We were busy with packing and getting ready because we were doing a simultaneous closing for first closing of the sale of our home then closing in the home we were purchasing. We used a local bank and the process for our new mortgage went smooth with just a few issues where they requested some documents more than once but over all was straight forward. Which was a pleasant suprised because I am self employed and my wife had just started a new job and had only been there for less than a year.
The nightmare started to come when we didn't hear to much from the seller. We know from arranging our closing we had done a lot of coordinating to ensure things like the alarm certification was lined up with the local fire department, title five documents we clean and provided from the seller, even discussions about arranging for the oil company to certify the amount of oil left inthe tank was coordinated to allow the banks closing attorney to have all the correct figures so the could have the Hud done so we knew what certified funds we would need. Yet, we had none of the same from the buyer of our home. So our real estate agent kept reaching out. First we were told that quicken loans only uses title companies and the buyer handles the closing process. This set off the first alarm bells. In our state an Attorney is required when a mortgage is required. In fact for us this was our sixth mortgage and we understood the process and never had we done a mortgage without the banks attorney being involved. Usually, the bank will have a list of attorneys and for two other mortgage we did one with the old Countrywide and another with Bank of America a friend I grew up with was a local attorney that did closing for both entireties and we were able to request him.
Needless to say we were 6 business days from losing there was no attorney preparing the closing documents for Quickens. Title had not been requested, title insurance not arranged, required state inspections and certifications not in process. We were concerned and had calls directly between ourselves, the real estate agents, and the buyer. We could tell in talking to the buyer she was frustrated with Quicken loans. They were given her incorrect information and both our real estate agent and hers repeatedly said the same things in response to what quicken was tell the buyer. That quicken was wrong we are in a state that requires and attorney and the closing is now 5 business days away. Yet the buyer kept running into here loan officer being clueless and telling her no we use title companies and for her to get a title company. I was shocked they are given her over a half a million dollars and didn't seem to care about ensuring the process was correct and that all the correct closing process were followed.
It finally came to a point we called quicken ourselves about the issue. At first we found the lona agents we talked to clearly didn't not understand the process but finnaly got to a senior loan agent that at least understood what we were saying. The only reason that happens is we told them we were not going to deal with them or their customer and were prepared to cancel the P&S for non performance based on the requirement our attorney wrote in the P&S for a timely closing and delivery of the HUd statement three days prior to the agreed closing date.
At that point they realized we were right about the Ned for an attorney to prepare the closing yet still stated they don't use attorneys. We were still a bit Sophocles every bank we dealt with in the last would provide a list off their attorneys and allow you to select one or just let them use who they wanted. Understand law the attorney works for the bank. Which was another point we made to quicken. You real trust us or the buyer to provide an attorney that isn't representing you. Wouldn't you be concerned that the attorney is not obligated to look out for the banks best interest and the banks 500k but to the person that they are contract too.
Needless to say three days of hell made things not very pleasant for us. We had a great new house we were buying and had gotten to know the owners and really didn't want to tell, them last. Inste oops our buyer bank are. Irons and can't close so we can't discharge our existing mortgage and don't have time to setup a bridge loan to make our closing date. Even our banks closing attorney who was doing the closing for our new house couldn't believe how bad Quicken was. Final ally, we took things into our hands. We had a friend who had done the closing on the mortgages with countrywide and BOA and called him he said he could get things done as long as quicken can get the mortgage documents to him. We got him hooked up with the seller and she hired him. At that point he got involved directly with Quicken. I am sure he thought hey a potential new client that he could handle other closing over time for them. I know he has a nice business of about 10 people,down from more than 25 back in the early 2000s just doing closing.
He was able to push things thru but it was a struggle. He littlerally received some items 30 minutes before closing. Thank god his office is in the building across for the registry of deeds. He even arrange for a clawing room at the registers which usually fill up. We had one reserved for our closing at one that day. Since we were selling our house we only had a few things to sign so had plenty of time to chit chat while she signed her life away. He made it very clear that no business is worth it and that he'd never do a closing for Quicken again. He was shocked our disorganized and unprofessional they were.
I felt bad that he wasn't one of the attorneys that our bank used to have made it up to him. He laughed at us and said yeah he knows the attorney doing our closing at 1. He was sure he went golfing in the morning because he had everything done two days before.
So I will never be a consumer and so glad I wasn't a customer but was still out through hell by Quicken Loans. Next time we sell a home if we get two offer like we did this time and one has a loan from Quicken I don't care if it's for 50k more I'm turning it down and going with anyone else.
Quicken should,be sued for their false advertising about being Americas best. Seems like another countrywide sham. Except with countrywide they understood closing sunlike quicken. I can't imagine what it must be like for a first time buyer using them. And frankly, if we weren't as experienced as we were we never would have question our buyer and just assumed things were fine. Until we showed up at the closing or should I say till we called to get the location for the closing. At one point the quicken people said just do it at your home.
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