I love cash Buyers! Woohoo!
Thursday, February 07
I love cash Buyers! And not just the investors. We recently had a transaction close for a retail sale where the Buyer paid cash. Now of course this is ideal and we all love this. However how we got to this point was downright frustrating.
The Buyer for our home as I understand it initially was considering cash. Apparently in speaking with their lender (BoA), they were convinced into doing a traditional loan. They were strong Buyers. I was given assurances early that it would close smoothly and on time. I reluctantly went along with it.
All was going well until two days before closing when I get a call from the Buyers side of the transaction stating they would need to delay the closing. After inquiring why, I was told there were some ‘items’ that needed to be cleared for the Buyer to close. Well clear them I thought! After a quick call to all parties involved, we were back on track. Whew, dodged a hiccup I thought.
Next day, another call. We have to delay. Why? It appears someone in the mortgage division thought the contract expired in another eleven days so it had not gone to underwriting yet. At this point I am thinking, wouldn’t we have known this oh, 24 hours ago on the last call? In inquiring further, it seemed no one could tell me why the lender thought they had eleven more days. It was not on any contract agreement anywhere. It just appeared apparently. The good news was the Buyers were apparently just as irritated with their lender as I was at this point. The officer for BoA who I must admit was very kind and forthright to try to get to the bottom of this said he would have an answer tomorrow. So we wait.
‘Closing day’ comes. I get the call. Yep we have to wait. Apparently someone decided to change loan terms I was told triggering the automatic wait period where the TIL’s have to be redisclosed. But wait, five minutes later, the story changed to the loan was not sent to processing in time. How did it change so fast? How did we miss that two days ago with the processor on the line?
At this point the only thought I have is ‘BoA, you continue to earn your reputation with flying colors’. Well after more nonsense and finally getting someone to come forth and say they couldn’t close, we laid out the situation for the Buyer. And then it happened, the next day the Buyer proceeded to close with cash and be done.
Cash is still king indeed. Happy Buyer. Happy Seller. All is better now. I love cash Buyers!