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Updated almost 9 years ago,
Closing this month. First rental property. Norristown, PA
After five long months of inspection after inspection, signature after signature... I'm scheduled to close on my first investment property. I have a few questions.
1) I wanted to close (sign the paperwork, specifically) on April 14th and take possession on May 1st. The bank is telling me I can't do that. Why?
2) I got the building inspected by a licensed inspector. Why, then, did the insurance company and the bank need their own inspections done? That's three inspections. Now throw in a mandatory termite inspection (because the one performed by the original inspector wasn't good enough), a contractor walk-through for a repair estimate AND the post-2008 collapse 3rd party appraisal requirement and we're looking at SIX separate events over three months. Why? What can I do to streamline this? Why did this take so long to finish and how can I prevent this from happening in the future? Having six different guys showing up to all conduct their business on the same date isn't exactly a winning strategy.
Beyond that, if any of you folks are in or around Norristown, feel free to reach out to me.