Closing this month. First rental property. Norristown, PA

[Jonathan Schell]

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.

[Nikki Grizzle]

First off, congratulations! Second, banks do their own appraisal regardless if you or the seller had their own done. Usually the insurance company will just ask you to forward the appraisal and inspection report. In our case, the insurance company just got in contact with the bank and got it directly from them. I do find it weird you had the same inspection done that many times. i would have just went with a different insurance company.