This one was supposed to be easy. One of my contacts brought us a property that we’d be able to close quickly (or so we thought). It was an approved short sale with Bank of America and the buyer had walked, so we just needed to slip our name into the “Buyer” line on the contract. Not so fast.
Just before closing, were discovered and we found ourselves at the negotiation table. Inspections were ordered, reports were reviewed, the price was lowered and we were back on track. Then we found out the mortgage was not recorded by a previous owner and oh by the way, that particular mortgage company went under in the crisis. Hours and hours later, it was resolved. We were ready to go.
At one point we were told, “Go ahead and wire funds. We’re hours from closing.” Great news! Fortunately I had my rehab crew on site to begin. By the end of the day we’d own the property, so I gave the guys the green light. Then suddenly it was as if the file never existed in BOA’s database. Our contact at the bank said they had never seen this happen before. I pulled the guys off the job immediately. (Note to self: NEVER start a rehab before physically signing closing docs).
We were back at square one. We crossed our fingers that this time the file would go through without a hitch. The file was “fast-tracked,” which means it progressed slightly faster than a turtle out for a Sunday stroll. All the while, the negotiator was going through a major medical crisis and my contact at the title company was out sick. You can’t write this stuff.
Finally, and I mean that in every sense of the word, we closed. It was a painful process fraught with multiple disclosures, addenda, contracts, approvals and all manner of other obstacles. But, we made it! My rehab crew was ready to pick back up where they left off. Let the demolition begin . . . I mean continue!
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