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Closing

We had a closing today. We signed all the papers. This was for a foreclosured home. After signing papers, we were told that we would be getting our keys a day later because the money was not wired to them and the seller bank needed to sign just 1 page of paper . Does this happen often or is it our luck?
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June 24 2009 - Germantown
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Answers (7)

The title company is waiting for "funding" or your lender to get the money to the bank which owns the house you signed for. The longest I've seen is one whole business day after both parties signed.
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June 25 2009
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Just an update.
We got our keys today after many phone calls.

Thanks for all your responses.
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June 25 2009
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We are so miserable right now. We are living in an apartment that we have to vacate next Tuesday. We signed all closing papers and we do not have keys. This is so frustrating.
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June 24 2009
These are trying times for mortgage professionals, and we want to close n time, but it has not been happening everytime lately.  If you are closing on a bank owned property one day late consider your self lucky.  I have heard from peers that the banks sometimes delay the change of title days or weeks because they are slow to review and execute the seller docs.  Also, it is not uncommon for lenders to be a little slow to get funds to the title company due to warehouse and liquidity issues.  congratulatons on your new home by the way!
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June 24 2009
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Our realtor did not warn us beforehand. What is the reason behind this?
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June 24 2009
Often? Does a bear sh!t in the woods? I have been totally jerked around like a brainless puppet dealing with Wells Fargo on a REO that was supposed to close last Tuesday. They were fining me $100/day for a late closing due to their fault but I made that go away.

Count your blessings. If that is your only problem you are very lucky indeed!
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June 24 2009
Unfortunately this happens quit a bit with foreclosured property.  As an agent I am forwarning my clients of this all the time.
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June 24 2009
 
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