12/2/2008
So, I was supposed to have a closing today. Everything was ready to go- the bank's title company sent the HUD and title commitment out yesterday, and we were all set to close today. 2pm I get to my title company. My buyer is there with his cashier's check in hand. Sweet.
And then I get the news that my title company just received an email from the bank's title company, and OOPS, they aren't really ready to close after all.
Apparently they forgot to get the bank to sign the addendum which changes the buyer's name on the contract from my personal name to one of my LLCs.
Oopsie!
The addendum is probably buried underneath a ham sandwich on someone's desk somewhere...
Who knows how long it will take them to get it signed and prepare a new title commitment and get the new HUD ready. This could take weeks. Months even. And the not funny part about it is I specifically remember thinking to myself when I drew up that addendum (3 weeks ago), that I better make sure to follow up/babysit with the closing agent to make sure it got signed. Of course, I forgot.
This is what happens when you don't babysit your deal every step of the way. You can never assume that people are actually going to DO THEIR JOB CORRECTLY, because it rarely ever happens.
And then there's the deal that just fell apart yesterday. The one that was supposed to close in 2 weeks, and now, 2 months later the lien search is still not in. I'm not even kidding. How can it possibly take 2 freaking months to get a lien search back?
Anybody?
The buyer for this deal already had a tenant lined up for this house, and they had to find a new place by yesterday because their lease was up on their other house. They ended up having to move elsewhere, and my buyer got sick of waiting and pulled the plug. I am out of contract with the bank on this deal, and also out of contract with my buyer, so we will both get our deposits back, but there goes 5 grand right out the window thanks again to the stupid ass banks and their stupid ass, incompetent title companies.
So, yeah, I'm kind of frustrated at the moment..
Well, at least I have Phoenix to look forward to this weekend. Woohoo!
Peace out, homeys.
Tuesday, December 2, 2008
Ahhh....The Joys of REO Investing!
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3 comments:
You mentioned they forgot to get the bank to sign the addendum which changes the buyers name(you i guess) on the contract to your LLC..Can you explain how this works and if that is something I should do...I am currently making offes in my company name..but wonder what I will need to do when I do actually have a deal.
Making offers in your company name is fine- it's up to you how you want to take title.
They screwed up on the contract on this one and put my personal name as opposed to my LLC. I just wanted to get the contracts signed before someone else came in with an offer, so I signed the contract with my name as buyer, and then sent in an addendum after everything was ratified to change the buyer name to my LLC. Of course, they never sent it in to the seller, which is why I'm in the predicament I'm in.
Steph
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