Rental Misadventures Part Three: Closing!!!
Okay. Part Three is upon us. Here are Parts One and Parts Two for those who missed it. So, we missed the original closing day, but now it is Closing Day Part Two. Things should be simple now, right? Well…
We awake to closing day. Everything has been sent to Title so it is definitely happening this time. The walkthrough is already done so we head to the Title company for closing. When we get there and check in, we have three different escrow agents come and say hi. These are my awesome and wonderful coworkers who were managing everything from this end of things. Went through a lot of crap, but we are here. Congrats all around.
We sign the documents and then begin the wait for the funding of the loan. And we wait. And we wait. And wait some more. After about 30 minutes of waiting, one of my awesome escrow agents came in. Apparently, and you’re going to LOVE this, we were waiting on my lender. Shocking I know. Why this time? The underwriter needed to approve the CO (Certificate of Occupancy) in order to approve funding. To quote my awesome escrow officer, “Why this wasn’t done in their 24-hour auditing nonsense, I cannot say.” At this point, we are annoyed and hungry. I let them know we were going to grab food and then come back and hope everything is good by the time we get back.
We get lunch. I have a much needed margarita. Then call to see if we are all good. We are. Finally. So we head back to get the closing package, keys, etc… We get a check back at closing due to the apology credit that the lender gave us. We have FINALLY closed on this house.
After thanking everyone involved in this shit show of a closing, we head to the townhome. Looks great. Not at all like like there are going to be any issues in the future (more foreshadowing). Take pictures to get it listed and then head out. This is where our misadventures should end. After all, we finally closed on the rental. Well….life is not so simple. We’ve got at least one more part to go on our journey.
Feature Photo by Biel Morro on Unsplash
So…. this almost EXACT scenario has happened on all 5 of our houses. These transactions happen ever freaking day. How….HOW…is this the norm? Why do these people have jobs? There are hundreds (thousands? millions?) of qualified people out there looking for jobs….how do these ones still have theirs? I’m just reliving all of our frustrations through you….i’m so sorry you’re going through this (and apparently everyone is!) ….WHY is this a thing? You are even IN this industry…how is this a thing?!!!!!!
Hell if I know. When I bought my first home, everything went pretty smoothly. From what I have been able to gather this was happening in part because I had a portfolio loan. However, you would think a loan that is the lender’s own creation would be quicker to qualify since there aren’t any federal hoops to jump through. Guess not. 🙃