I just recently had a closing..A dry closing. First I was told it was a dry closing because the lender needed 3 days to transfer the funds. (Never heard that before) Okay that was fine, then, the following day I find out that the buyer has the right with the home equity loan she took out to cover the cash she was putting down (remember I didn't have any documentation about a home equity line of credit or any knowledge about it), the buyer has 3 days to rescind the loan, which in turn she wouldn't have the cash to put down and would walk away from the closing we just had. After 3 days of total frustration and the concern and tears from my seller, we finally have been able to close.
What did I learn from this experience is to ask a few more questions to make sure that my clients are protected. I'm not going to rely on the buyers agent to give me all of the information. This truely has been the most stressful closing I have ever had.
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