Quote:
Originally posted by notfarnow
Tshabet, hat kind of problems did you have on closing?
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Well, first off, we bought a condo in a mixed residential/business building. In addition, the entire building has 4 condos total (one for each floor) so both of these factors complicated financing. So securing financing was an adventure on its own.
Then we entered the VINMAN cycle...
We were supposed to close at 11AM on a friday. At 9AM the lawyers call us to say they still haven't received the closing package...a call to our mortgage company and a lot of yelling reveals that the property was NEVER APPRAISED. WTF?!? So then when the appraisal was finally performed, the mortgage guy calls and says that they cannot finance the property because the appraisal has revealed that the building is mixed residential and business. We point out that we had specifically disclosed this to him, and that we had emails etc. from him discussing this topic. Long story short, we are looking for a new mortgage company...4 days after we were suppposed to close.
At this point, the P&S says that the seller can simply walk away with my 911SC in earnest money.
Three mortgage companies and 1 month later we finally close. Total nightmare.
Worth it in hindsight, but sure sucked at the time.
