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Chewing those fingernails to the nubs...

By
Real Estate Agent with Jameson Sotheby's International Realty

We were supposed to close on a listing of mine last Monday.  That's right... "were supposed to... last Monday".

So, y'all picked up on the "we didn't close" part, right?  yeah, so did my seller.

My seller was moving out of state, with all of his belongings and his elderly-mother (who am I kidding, she's probably MY age!).  It's the family home, so it's a little traumatic for mom, and made a little more so by the lack of closing.

So, when the lender asked for a new bit of information from the buyer (after having given him a conditional clear-to-close), it came as a bit of a surprise... and pushed us off our mark.  We were hopeful that we'd close the following day (Tuesday).... right?

Tuesday came, and went... and oddly enough the lender (let's call them LoansAren'tUs, shall we?) asked for a new bit of information.  They wanted to source a check that had gone into the buyer's account in February of 2015.  February.  That's seven months ago.   Why they couldn't manage to have asked this question during the 45-days between the contract date, and the closing date is beyond me.

Well, the buyer didn't clear up the sourcing issue with LoansAren'tUs for several days, and then it took us a bit to get a fresh clear-to-close, and get back on the title company's schedule.

We finally closed 11 days late.  I've never had a conventional sale close that far past the closing date.  I think my seller lost 15 pounds and all of his fingernails in the interim.

But the good news is that we're closed.  Yay!

Posted by

 ALAN MAY, Realtor®   
Specializing in Evanston Real Estate and North Shore Real Estate

Jameson Sotheby's International Realty, 2934 Central Street, Evanston, IL 60201
Office: 847.869.7300      Cell: 847.924.3313      Email: Almay@aol.com

Evanston Real Estate & North Shore Real Estate
Licensed in Illinois

   

Comments(9)

Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

These are the stomach-churning moments we all experience, right Alan? I'm glad it closed.

Sep 11, 2015 04:26 AM
Alan May

we all have them.

Sep 11, 2015 05:30 AM
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

I haven't had a loan buyer in so long, I dread getting the next one. And here it is difficult for them to compete under normal circumstances.

Sep 11, 2015 05:28 AM
Alan May

really?  so all of your buyers are 'cash' buyers, these days?

Sep 11, 2015 05:30 AM
David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

WHAT? What lender on earth goes back that far for bank stmts?

If its over 60 days we dont care. Sorry to hear you wound up with Loans ARENT Us lol

Sep 11, 2015 05:37 AM
Alan May

This was clearly a fly-by-verylateintheevening lender...

Sep 11, 2015 05:46 AM
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Alan - Congrats on finally getting the sale to close. It seems fairly common for lenders to ask for more information right at closing on my deals.

Sep 11, 2015 08:58 AM
Alan May

delays are becoming more and more common... but this was a long one.

Sep 11, 2015 09:08 AM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Good you closed...Another reason I encourage my buyers to seek local lenders.

 

Sep 11, 2015 09:12 AM
Alan May

I like local lenders, too.  But more importantly, I like lenders who have proven track records of making it to the closing table... on time.

Sep 11, 2015 09:21 AM
1~Judi Barrett
Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

So glad you got closed.. late is better than not closing, definitely. 

Sep 11, 2015 10:05 AM
Alan May

Late is definitely better than 'never'.

Sep 11, 2015 10:12 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

It's amazing how many issues caused by lender like that and yet people still want the comfort of dealing with someone over the computer

Sep 11, 2015 01:11 PM
Alan May

the buyer, in this case, had a comfort-level with the loan officer... but I don't think he does anymore.

Sep 11, 2015 01:15 PM
Rob D. Shepherd
RETIRED - Florence, OR
RETIRED

rah rah ree kick them in knee, rah rah rass, kick them in the other knee.

Sep 11, 2015 01:39 PM
Alan May

I remember that one... how about ....

Spider, spider on the wall,
ain't you got no sense at all?
Can't you see that wall's been plastered?
Get off that wall you dirty spider!

Sep 11, 2015 11:07 PM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Alan, get ready for more disruption in the lending process. Enjoy your day! 

Sep 11, 2015 08:58 PM
Alan May

I know... I'm not looking forward to the new HUD

Sep 11, 2015 11:07 PM