2 COEs required
I’ve decided that we need two closing of escrow dates. One for the lender and one for title and the buyer.
Friday December 18, 2009 I was supposed to have two properties close. One was a bank owned property, the other a short sale. The bank owned property had 5 weeks in which to get the loan processed and closed. The short sale a mere 3.5 weeks which included the Thanksgiving holiday, so we knew this one would be tight. However, the lender assured me they could get it done!
On each things went smoothly to begin with. We got our inspections completed and the appraisals done. No issues. Then we sat back and waited for conditions and terms from the underwriter (you know they always have to send you something) We dealt with those and then sat back to wait a little longer.
Then all of a sudden it was the week before our closing date. Neither lender was prepared to send docs to title early. What’s the problem….none was the reply.
The Monday before the intended Friday close, neither lender had sent docs out. What’s the problem…..none the reply. So why no docs? Just slow….we are in line!
Tuesday….no docs. What’s the problem…..WELLLLLLL, the underwriter has been trying for 2 weeks to get a copy of the buyer’s bank statement and hasn’t been able to get it. OH? Did they ask the buyer for a copy? WELLLLLLL, no. They were going directly to the bank for it. HMMMM, ever think of asking the buyer to submit it? OH. WELLLLLL that might work! DUH! Okay, here is the document….let’s get it moving!
Second property…..What’s the problem….WELLLLLLLLL, the underwriter has decided to REJECT the FHA appraisal. We have to order a new appraisal. WHAT???? You have got to be kidding me. This is 3 days before we are supposed to close. Don’t worry, we’ll get it done! YEAH RIGHT!
By the grace of God, docs went out on both properties and buyer’s signed on Friday December 18 BUT neither lender funded until the following week. I had disappointed clients who were each trying to get into their new home before the Christmas holiday.
Property #1, the bank owned property, didn’t close until Tuesday December 22. I met my clients at the house in the afternoon to present them the keys and they told me the movers where coming on Christmas Eve!
Property #2 was funded on Monday and the buyers moved in on Wednesday December 23.
I’m thankful each closed, but it was heart wrenching to the end and it didn’t need to be! If we had 2 closing dates, one for the lender and one for the buyer/title there would be fewer moments of disappointment and dispair. Buyers would not have expected to get the keys before Christmas and then when I was able to get the key to them early, they would have been excited!
