Need to vent - nightmare property closing

[Gussie]

Well, I'm in a heap of trouble. Closing on our lakehouse was supposed to be July 5. That deadline was missed due to our lender dragging their feet. We chose Chase because they gave us a better rate and the majority of our funds are with them. We thought it was the simpler choice. Everything cleared quickly on our part (income, etc.) The appraisal came in last Tuesday ($90,000 higher than the sales price -woohoo!). However, there was a question of a water test/well inspection that wasn't answered by the appraiser. Chase didn't contact the appraiser until today after missing the closing on Friday. Now the appraisal goes back for review. I really don't trust at all that we will close this Friday. Here's the huge problem - deliveries are scheduled all next week for furniture and appliances. This is a very remote area and scheduling these deliveries has taken me a ton of effort to coordinate. Plus I only have next week, after which I need to be back in Houston for my daughter's cheerleading stuff. My realtor says that if all goes wrong she will ask for an early occupancy but sellers generally don't like that. The sellers know about the loan holdup because chase has contacted them about the well test. Kicker - state of Arkansas only requires a well inspection during initial installation, 2002 in this case. Luckily the seller keeps impressive records and had the well inspection results from 2002. I am irate that Chase didn't ask for this last week but they truly have us in a corner. Going with another lender at this point would take even more time. I was on the phone for 5 hours today with Chase trying to get it all straightened out. I have spent more time on this transaction that I have for every other loan I have gotten combined! OMG this is really killing me. Just venting here- I do know this is a 1st world problem. Going gray as I type this.

 

[whitewave]

So sorry to hear. Such a pain. I hope it goes well from now on

 

[cmd2014]

Ugh! I’m so sorry this is happening. Hoping it gets sorted out for you in time!

 

[CHRISTY-DANIELLE]

Ahhh, but soon this will be but a memory as you sit on the deck and relax in the fresh Ozark air....
Every closing we've had there's been *something*.... it'll get worked out. Just breathe.

 

[Daisys and Diamonds]

does the property have a secure garage or something that the seller could possibly have empty for you ?
we had to get a storage unit for 3 weeks when we brought our house

 

[Queenie60]

This too shall pass. I'm sorry about your troubles.

 

[mrs-b]

Oh lordy - what a pain! I am so sorry! Hoping this smooths out and resolves VERY soon!

 

[MissGotRocks]

I knew you must be working on this project as we have missed you! Here's hoping that Chase gets this straightened out straight away and that the closing goes through on Friday. A well inspection shouldn't take that long for cripes sake! It would seem to me that if need be the sellers can flex a little on the early occupancy. It's not as though the loan is in question - they have to know it is a matter of when and not if. Things have a way of working themselves out so if you've done everything on your end (and I'm sure you have!) try to relax and wait for it all to unfold. You can catch up on all you've missed on PS!

It will all be worth it in the end - hugs to you in the meanwhile!

 

[GliderPoss]

Not sure how conveyancing works in the US but I would push for early occupancy and offer the Vendor a generous weekly "rent" to make it happen! Emphasize you have deliveries booked and cannot alter them. The delay in completion should only be a week at most. Assuming you have a solicitor/lawyer involved - I would be queries why your solicitor/lawyer didn't pick up the unanswered question initially on the requisitions on title...

 

[missy]

Ugh, sorry this is happening @Gussie. It is the rare closing where everything goes smoothly proceeding up to it. Hopefully it will all come together and work out though I know how harrowing it all feels right now. Sending you good luck dust for a successful and as quick as possible closing.

 

[rocks]

What a hassle. See if the sellers will escrow the cost of remediation should the test fail.....unless failure is a deal breaker. That's common in ny.

 

[bludiva]

what a pain....i had a huge delay closing on my current home thanks to the builder, they were the worst.

if early occupancy isn't possible i'd try 1) asking if the owners would clear a space for you like the to have those things delivered - they want you to close as quickly as possible and if that doesn't work 2) will they let you put a POD on the property and you could have the furniture delivered and stored there

i'm sure it'll get sorted - congrats on the new home!

 

[msop04]

Ugh!! What a pain in the a$$!! After my FIL's passing last June, my MIL had to sell their lake house (newly purchased only a year prior)... it just sold (thankfully), so I understand what crazy things can happen in the closing. I hope things go smoothly and you're able to close on time!!

 

[kgizo]

Sounds like a big frustration and headache, and I’m sorry the process isn’t going smoothly. Thankfully you will have beautiful and restful views once you are in your lake house. There are usually storage facilities around lakes so perhaps you can have your items delivered and stored. Also, check where you ordered them from. I have not purchased from Nebraska Furniture Mart, but two friends highly recommend them because they held their appliance deliveries for months at no charge due to builder delays.

 

[cmd2014]

I'm in a similar situation with an office move. There have been a number of snags that have affected our ability to move into the new space, there is currently no set timeline when these issues will be resolved, my existing lease is ending in 3 weeks, and I have a bad feeling that I will be in a storage unit for an undetermined amount of time before we are able to be up and running again.

 

[arkieb1]

That sucks, I hope you get it all sorted out quickly!!!!

 

[tyty333]

I feel for you @Gussie . I think everyone goes into closing biting their nails. It works out for most but obviously, some go your way. I'm so sorry. Hope your
bank gets it's $hit together and you can close before everything arrives!

 

[Bonfire]

We had this exact same situation with well & septic inspection only we were the sellers. It’s bs! Plus we, as the seller had to pay for the second inspection which of course passed. I think the assessor was pulling a fast one. It’s still possible you can close Friday. It’s good you are keeping the pressure on Chase. I’m sure the sellers will be accommodating for you, they want this to close as badly as you do. Rare are the closings that go off without a hitch It will all work out! Good luck and all the best!

 

[redwood66]

Good vibes for you @Gussie to have this all worked out.

 

[MamaBee]

I was wondering where you were...I’m sorry you hit this snag in what should be a happy time. If you need to store furniture..it will need to be climate controlled. I’m sure there are plenty storage companies there you can use. I hope it straightens out and it’s a go for Friday. Good luck!