Can I Please Close Already!!

General Real Estate Investing
1

I just need to rant for a minute. Please bear with me.

Why do the banks, or really the ASSet Co. make it so damn difficult to close on a property? It costs them more every day.
I went to close Monday on this property which was supposed to close last week, but couldn’t because the title co, which the seller insists on choosing even though in CA its the law the the buyer can choose, but if you want your offer excepted you better except that clause. Anyway they tried to tack on $800 in per diems for me closing late! My realtor sent them piles of emails showing frustration from my lender on not getting a response from title for docs, and emails from title saying sorry, you’ll get items from us when we get around to it. Plus we did have an addendum extending the close, but apparently it was never sign by them. :banghead
So they come back and say Ok, we’ll lower to $200. Gee thanks. But my realtor, bless her heart, said fine, we’ll walk. There’s a nicer property down the street we like anyway (not true). Then the selling agent stepped up and agreed to eat the $200. :beer
So they insisted on an addendum with this deal on it, and insisted that I sign it first. Fine, I signed it yesterday and requested a copy of it sign by them. Still waiting on that. We wont release the loan funds until this happens. What sucks is my first mortage payment is May 1st, which was fine because I should be 2 weeks into rehab by now, but I’m not. I went thru this with the last REO I bought also. I had the loan docs redrawn to extend my first payment. May have to do that again.

Aye Carumba!!

Thanks for listening. I feel better. Calm blue water, calm blue water, calm blue water

2

You’re not the only one feeling this type of frustration I have an reo deal that was supposed to close nearly 3 weeks ago, the asset company chose the escrow company. Escrow delayed sending my title report to my bank for 5 days. Now the extension of closing date is about to expire and the asset manager wants to cancel the escrow and keep my EMD and the per diem I paid. I feel like I’m getting screwed on this deal.

3

Dealing with the banks is very, very, frustrating- I feel your pain.

I have one that got accepted 2 weeks ago, and I still haven’t received their addendum.

It’s probably not going to close til June, which pretty much sucks, but there’s nada that I can do about it.

Very frustrating.

Steph :banghead

4

I wish ahead and answer, but I certainly feel your pain. I have wondered why banks and lenders do or don’t do the things that they do or don’t do many, many times.

Eventually, I just decided to avoid having to deal with them as much as possible though many people have done quite well by either finding a more efficient way to do it or by just dealing with it