Currently I am working on a difficult closing. The closing date was set, but the buyer could not close. This was due in large part due to the fact that the sale of his property did not happen. And since the sale of this property did not happen, he was unable to close on the purchase. Sometimes this happens with closing – its like watching dominoes tumble one after the other.
The seller of course was not sympathetic to the buyers situation, and demanded we turn the deposit over to him. Whenever a closing gets to this point, things begin to get interesting. Luckily all parties were represented by reputable counsel and a deal was struck – our office would transfer the deposit monies to the sellers attorney, and the sellers attorney would disburse to the seller. In exchange, the closing date was bumped out two weeks, allowing the buyer the opportunity to close on the property.
All nice a simple, right? Wrong. We initiated a wire last Thursday and by the end of the day it was ready to go out first thing Friday. But, it didn’t get sent because I had incomplete wire instructions. By the end of the day on Friday it was back on track and sent out. On Monday late afternoon the wire got kicked back, and we were onto round three to get a wire properly sent out. Tuesday morning we were again on track and all the information was provided to my contact in the wire department – but unbeknownst to me she was out sick for the day and apparently no one was covering her position. In order to get the situation resolved I finally had to resort to a personal call to the bank manager. Sometimes I wonder why the simplest part of my job can be so complicated.