What Are Banks Thinking?

September 23, 2008 · 1 comment

I wrote a nice little congratulatory post to myself last Friday about finally closing on The Second Chance House…unfortunately, it appears that my post was a bit premature. While I showed up to the closing, signed a bunch of papers, ensured that my funds were deposited in escrow, and smiled pleasantly for over an hour, the bank couldn’t be bothered to sign a single piece of paper on their side (they weren’t present at the closing, but need to sign the HUD-1 statement).

It’s now been three days since the closing meeting, and the bank still hasn’t signed the HUD-1. This means that while all the papers on my side are signed and my money is in escrow (meaning I’m already paying interest on the loan), I still don’t own the house and can’t start renovations. You’d think that the banks would want to get these properties off their books as quickly as possible, but apparently that’s only if it means not having to go to all the trouble of signing a piece of paper.

Hopefully it will be signed by end of day today, because demo is starting tomorrow — one way or the other…


One response to “What Are Banks Thinking?”

  1. Bilgefisher says:

    I feel your pain. Ran into the same issue when I closed on my personal residence. I found its helpful to be mildly annoying. AKA call everyday and find out what the hold up is. I realize this is a time consuming PITA for you, but so is waiting 3 days to start work.

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