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Updated over 10 years ago,

User Stats

32
Posts
12
Votes
Dru Steeby
  • Real Estate Investor
  • Ann Arbor, MI
12
Votes |
32
Posts

My closing got delayed....again.

Dru Steeby
  • Real Estate Investor
  • Ann Arbor, MI
Posted

I'm currently under contract for a duplex that I plan on occupying half of when I finally close. We were set to close on May 27th but issue #1 came up. We resolved that issue (we thought) and were all set to close again when issue #2 arised. A bit of backstory:

1.) Current owners bought the property from HUD under their LLC
2.) Current owners quit claim deeded the property from the LLC to their person
3.) Current owners are selling the house to me. Because of the proximity of the transfer of the property from LLC to person, it qualifies as a flipping house and the bank requires two appraisals. Listing side failed to notify bank of this and this was issue #1, getting a second appraisal on the property.
4.) It takes a little more than a week to get the second appraisal done (free of charge to me, thank god) and we're all set for closing
5.) Title company says that they are not able to continue with closing on the house because the quit claim deed was not filed properly. The solution to this is to refile the quit claim deed with all members of the LLC signing. Biggest problem is that one lives in Greece now.

So here I am sitting under contract on a property waiting to get the FedEXed papers back from greece so I can finally close on my first property. 

Just wanted to rant a little bit. On the upside, I have one less month that I have to pay both a mortgage payment and rent payment for my apartment.

Anyone else have some crazy and/or weird closing situations like this?