Flip This Wholesaler

6/11/2008

The closing that was supposed to take place yesterday didn't happen, because the bank apparently doesn't own the property anymore- so the file is now with a new lender (or loan servicer, or whatever), and as you would expect, nobody knows what's going on. They decided to let us know all of this yesterday at around 2:30, and we were supposed to close late in the afternoon. This is after the bank switched title companies while the property was under contract, but the first company wouldn't release the 5k deposit to the new title company, so the new title company wouldn't release any closing docs until they got the 5k deposit. So my friend who has it under contract had to wire another 5k to the new title company just to get it closed on time. And then after all that, it looks like we have to start from scratch. What a fiasco. So, we have no idea how long it will take for them to get everything in order to close this (days? weeks?), and my buyer doesn't want to wait, so I'm not sure what's going to happen. I should be getting a call any minute (hopefully) letting me know if they can get it closed any time soon. If they can't- I already have another property lined up for my buyer, that I will be able to make more money on, so I kind of hope we can't close on the first one. I'm counting on these inefficient, bumbling, hack-jobs to live up to their reputation- it will work in my favor for once.

The other deal that I have under contract is still on track for Friday, although I haven't spoken with the lady at the bank's title co since Monday, so I will have to call today to make sure she didn't forget about me/lose the file/lose the escrow check/etc. If you don't babysit, you can pretty much forget about anything getting done. It's kind of hilarious, really. I mean, you'd think that since most of these banks are SCREWED, that they might try to streamline the whole process of getting these properties off of their books, but instead they like to do things the slow, inefficient way. Makes perfect sense.

I'll keep you posted as to how this turns out- I'm sure there will be more comic relief to follow...

P.S.

JP Moses over at REI Tips is looking for real estate blogs to showcase on his website. If you're looking to get more traffic to your blog, I'd recommend heading over there and checking into it.