I recently had an experience unlike no other while representing buyers in the purchase of a townhome. This was their first time purchasing a home. We starting looking for a home about 4 months ago. A few months later we ending up finding a Short Sale that had already had an Approved Price. Which means that the bank had already approved that once they recieve an offer with that price the bank is willing to accept that offer without counter offering. This can change if there are multiple offers going into the bank at the same time, but if you are the only offer being submitted which we were then we should have a good shot at getting our offer accepted. Which it was. Usually when a bank has an approved price this also means that they are usually far enough along in the process that we should only be looking at maybe 60-90 days until we can close rather than the typical 180 days or more time frame the bank works on.
Ok, now that I have explained all of that I will move on. We got an approval and we were all super excited! Now all we thought we needed to wait on was the loan to be processed. We were fortunate enough to have our loan processed and we were ready to close within weeks.
We then began our downhill slide. We closed about 2 weeks ago. In most cases buyers will recieve their keys within 24-48 hours after we close. This wait time is for the investor to wire the money to the seller or bank and payoff any liens ect.. and also to Record the new buyers names onto Title so they will officially be the new Owners. Not in this case. We submitted all of our documents but the bank decided to come back and say they did not want us to close yet for whatever reasons. So we waited, about 5 days to be exact. Finally they were ready and we submitted everything again. We received no response back. We were still waiting. After days full of emails and phone calls we received no response back. Finally we received word and the bank wanted to make a few adjustments to the language on the approval form. We then waited several days for this to take place. This type of run around went on for what seemed like forever. It was a nightmare. My client had previously scheduled for their family to fly here from the East Coast to help with installing new flooring. We had estimated to be closed long before this. Now we were in a situation where the family was here and we were all stressed to get this process complete so they could receive keys. Because we closed earlier this month and did not actually have permission to fund the money to the bank my buyer had to resign all of the closing paperwork all over again. Here he is signing to close for the second time in hopes that this would all work out but still not sure. The bank dragged their foot in everyway possible.
Finally today we made it happen!!! My buyers almost gave up on several occassions which I do not blame him at all. I knew it would all work out in the end but it was sure frustrating for all parties involved to get there. This is by far the most diffucult time I have had trying to work with a bank on a Real Estate transaction. I am so glad everyone including Title, the Lender, and both the sellers agent and myself stuck with it and made it happen. It was not fun but I do have a cute young couple now officially in their first new home. I am glad to be a part in making that happen. I am so excited for them and their future together!!!
Good luck Ryan and Theresa!!!