Indiana Closing Nightmare or Why does it take so long to close
In my experience, it never takes 30 days to close on a purchase. Always 45 to 60 days. I’m trying to buy 2 houses in Indiana. Both were supposed to close on the 4th November. This got pushed back to the 11th. Around the 7th I remembered I was going out of town so we pushed it back to the 17th. At this point the seller said after the 15th, there’s a $50/day late fee. Thats fine, my loan officer promised me we’d close on the 17th. Then we’re supposed to close on the 21st. Then the 22nd. The seller said we better close on the 23rd or the deals off.
Well I really wanted this deal since it was $90k for a 4/2.5/2 1650 sq ft 5 year old house with a replacement cost of $135k, but I was willing to walk away if need be. I just didnt tell the loan officer that.
Anyway, finally at 4pm today I got the loan docs. Just enough time to go to the bank, get a cashiers check, head off to my favorite escrow company, have them print out the email I got with the loan docs, blindly sign them and notarize them and drop them off in the fedex box for overnight delivery with 5 minutes to spare!
If you loan officer claims they can close in 30 days, don’t believe them. Especially if you’ve never done business with them and they’ve been in the business for a short period of time.
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November 23rd, 2005 at 5:49 am
Hey Empty!
I am a real estate agent in MN and i frequently close deals in less than 3 weeks with the mortgage consultant that i refer clients to. What taking your mortgage consultants so long?
November 23rd, 2005 at 9:59 am
well according to the loan officer, he had to fire his first loan processor. he got another one and she quit soon after joining. So he had the main office of his company fly someone out to his office.
Regarding my loan officer for my utah deals, she was hospitalized with surgery. She just got out of the hospital last wednesday after 2 weeks.
December 6th, 2005 at 9:28 am
Do you plan on doing many investments in Indiana? I am live in Indiana, and I am looking into investing in Real Estate. Maybe I could do some bird-dogging for you. Let me know, my email is on my blog.