I recently joined BP and have found tons of answers that have come up while shopping for our first SFH rental.
We were supposed to close on our first deal in a few years this Wednesday, but the bank is delaying the closing (I didn't get a reason yet). This is foreclosure from a big bank. My question is is this common to experience delays in foreclosures regardless of specified dates? I'm a little bummed since we have a renter lined up and now the date to close has been moved back.
First of all, @Matt Hanson , welcome to the BP community. You've clearly found the forums. Have you gotten to the podcasts yet? Click LEARN then PODCAST and start listening anywhere. You can't go wrong. Also, check out @Brandon Turner 's book, "The Ultimate Beginner's Guide to Real Esate Investing". Now to your question:
Closings get delayed for any number of reasons. From what you told, I might guess what's holding things up, but speculation isn't really going to help. Your best bet is to call your lender and ask them how you can help get to the closing table. Ask your title/escrow agent to get to the bottom of it as well. You can often get an answer from escrow, even when the bank won't tell you.
Often enough the bank will be waiting on an inspection or paperwork and there won't be a thing you can do expedite. Talk to your renters. Perhaps they can wait a short time for you to close. If necessary, would you be willing to help them find temporary housing while you work through escrow? If not, them let them know the situation and start shopping for another tenant.
I know this isn't good news, but I hope it helps.
All the best.
Thanks @Tom Mole
It is just frustrating, but I was curious if others had experienced it as well. The good part is my renter is flexible and can hold off during the time added to the closing.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing