Currently I am working on a difficult closing.\u00a0 The closing date was set, but the buyer could not close.\u00a0 This was due in large part due to the fact that the sale of his property did not happen.\u00a0 And since the sale of this property did not happen, he was unable to close on the purchase.\u00a0 Sometimes this happens with closing – its like watching dominoes tumble one after the other.<\/p>\n
The seller of course was not sympathetic to the buyers situation, and demanded we turn the deposit over to him.\u00a0 Whenever a closing gets to this point, things begin to get interesting.\u00a0 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.\u00a0 In exchange, the closing date was bumped out two weeks, allowing the buyer the opportunity to close on the property.<\/p>\n
All nice a simple, right?\u00a0 Wrong.\u00a0 We initiated a wire last Thursday and by the end of the day it was ready to go out first thing Friday.\u00a0 But, it didn’t get sent because I had incomplete wire instructions.\u00a0 By the end of the day on Friday it was back on track and sent out.\u00a0 On Monday late afternoon the wire got kicked back, and we were onto round three to get a wire properly sent out.\u00a0 Tuesday morning we were again on track and all the information was provided to\u00a0my contact in the wire department – but\u00a0unbeknownst to\u00a0me she was out sick for the day and apparently no one was covering her position.\u00a0 In order to get the situation resolved I finally had to resort to a personal call to the bank\u00a0manager.\u00a0 Sometimes I wonder why the simplest part of my job can be so complicated.<\/p>\n
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Currently I am working on a difficult closing.\u00a0 The closing date was set, but the buyer could not close.\u00a0 This was due in large part due to the fact that the sale of his property did not happen.\u00a0 And since … Continue reading