How I saved the closing day! The buyers could not bring a cashiers check from a local bank to the closing because they had just arrived from out of state the day before. They had closed on their home and were assured by their closer that the proceeds check they had in their hand would not be a problem. But it was a big problem.

I had sold the buyer a very affordable house that was my listing also. The sellers had left town weeks before and were anxiously waiting on the closing. You see my sellers had already lost one deal on their Clarksville TN home they were selling, because the first buyers' loan did not go through at the last minute. The sellers needed the money from the closing to buy the house that they were already living in. They had contracted with a builder to buy his model home and the builder had given them one extension to their sales contract but couldn't do it again. His bank was applying pressure on him.

Additionally, the builder had let them have early occupancy with the understanding that it had to close by the 30th. So the plan was to close on the sellers' home in Clarksville on the morning of the 30th, have the Clarksville title company wire the funds by noon to the Maryville TN title company so the sellers could close before end of business on the 30th. All deeds and documents had been sent out early to the seller and were being held by the title company in Clarksville awaiting the closing and funding.

This is how the 30th started. The buyers had arrived late the night before and stayed in a hotel. Their UHaul truck was full and also parked at the hotel. They had paid for a 3 day rental on the truck and had to have it returned by the end of business on the 1st. The buyer called me early in the morning and told me they were heading to the bank to put their proceeds in their new account. They had told me that it was a sister bank to the one that they had in the other state, should have o problem and they would see me at the closing at 10:00.

Lo and behold, when they tried to get a cashiers check to bring to the closing (they were paying cash for the purchase) they were told by the banker that there was a seven day hold on their check for it to clear. They were also told it probably wouldn't take but a couple of days but the bottom line was the bank could not give them certified funds because of the funds were on hold.

I got a frantic call from the buyers. They were still at the bank and put me on the line with the branch manager. She explained that she just couldn't do it even though she was sure the funds were good and had called the corresponding bank and verified the check was good. But the hold on the check still stood.

Now  I said earlier the house the buyers were buying was very affordable, in fact it was under $35,000. The buyer had already put $5,000 in escrow toward the closing. The buyers had brought some cash with them to be used for their travel, etc. amounting to $1,800. They were still short almost $28,000.

All I could think about was my sellers having a come apart with yet another fall through sale right before closing. I knew from previous conversations that there was no point in talking with their builder about extending the sellers' closing, that the builder's options were exhausted too. Then I thought of the buyers who had a $60,000 cashiers check that they couldn't get the funds from, a UHaul truck full of furniture and no house to move into. It was now 9:00 and the closing was an hour away.

This is how I saved the closing day. I did something I had never done before. I proposed to the buyers that if I could get my hands on the available cash for closing, would they sign a note guaranteeing the repayment of the loan within one week's time? They were astonished that I would offer to do that. You know when you work with people for several months you get a feel for their character and honesty and these people felt right. I had talked with their agent in the other state and they had done everything above board and honestly to get their home sold.

Fortunately, I had the funds liquid in an account and I just felt like it was the right thing to do for everybody. So with the buyers' agreeing, I called the title company and asked them to prepare a Deed of Trust and a Promissory Note for the needed amount. I then went to my bank and got a cashiers check made out to the title company for the funds needed to close.

The house closed on time and the sellers never knew of the last minute crisis. The buyers were unbelievably grateful and paid off the note in 5 days time as soon as their funds cleared. I made some new friends and have received several referrals from these buyers alone. I did ask that they not share the details of our deal because I didn't want others to think I was in the business of banking or did that kind of thing for everyone. In fact, I have not done it since. I now make doubly sure that funds are wired before the closing, no excuses.

I did it this one time for my buyers and sellers because there seemed to be no other options. I try to look out for all my clients in Clarksville TN whether they are buying or selling. It was a Happy Day for all and I never have regretted it. How I Saved The Closing Day will always be in my mind and these buyers' minds.