Wednesday, November 9, 2011
Footers and closing (on old house) recap
We closed on our old house yesterday 11/8 - and they also poured the footers on the new house. It's good to finally see some progress! We'd released the contingency on the new house over 6 weeks ago - to try to minimize the time we have to live in a temporary location (plus, we qualified for both mortgages anyways). So at least they broke ground by the time we closed. It's so fun to watch these changes.
Closing was...eventful. It was crazy - my realtor said this was one of the worst he's seen - all thanks to the weasel of a loan officer that the buyers used.
Closing was set for 11/8 @ 4pm - 45 days after offer
11/4 - loan officer says closing might need to be delayed for 'lender review'
11/7 (night) - lender says it will be fine to close as scheduled
11/8 - 10:30am - lender tells realtors they might need 10 more days to review, closing may be postponed
11/8 - 2:30pm - closing is supposedly back on, but loan approval isn't final yet. My realtor made the call that we (realtor/husband/me) would not go to the title company until final approval was received, and communicated this to the buyers
11/8 - 4pm - realtor calls me and says to head to title company - approval not technically received but supposedly forthcoming
11/8 - 4:20 - we show up, buyers are a little testy that we are 'late'. Settlement statement 'draft' given to realtors - several mistakes found.
11/8 - 5:10 - we sit in the closing room with buyers/realtors and WAIT. Finally, at 5:10, loan officer comes in and title company has papers ready to sign
11/8 - 5:30 - we finish signing - title company realizes buyer has made their check out to the wrong company. Apparently, loan officer told them wrong name. They have to run to bank to get check fixed before 6. At this point, we all left with the intention of wrapping up the next day by 8:30am
11/9 - 11am - finally, all checks and funds were wired, and I got my check.
I'd like to say we learned a lesson from that experience - but I'm drawing a blank... Maybe NEVER use that weasel loan officer? Wasn't my doing to begin with. I really feel sorry for the buyers.
But that's done, and now this blog can focus on the more exciting part - building our new home!