Or the train of doom?
March 19, 2011 | Late yesterday afternoon a tiny speck of light emerged from the black hole that has been Wells Fargo Bank. My Buyer received this email:
I just wanted to let you know that I will be submitting your file into underwriting today. Underwriting is at approximately 24-48 hours (so I should have the file back on my desk to go to closing on Tuesday).
The fact that a specific date is mentioned in the same sentence with "closing" should be reasonably construable as optimistic. But then, almost nothing about this deal has been reasonable.
The Buyers made their offer on January 11th, and I accepted it the same day. That was 194 days after the condo was placed on the market.
I'm not sure exactly when the Buyers submitted their loan application, but my impression is that it was just a matter of a day or two. That makes it more than two months for the bank to do the loan. It was "approved" almost instantly. We are all entitled to ask what "approved" really means. My guess is that it means diddley-squat. It certainly didn't mean anything in my own aborted attempt to get a loan on this house.
Stay tuned for more exciting developments. One can hope.
Maybe pigs will fly! The loan documents have been produced by Wells Fargo bank and arrived in Palm Springs late this afternoon.
Now, you'd think that the buyers could have gone into their Wells Fargo bank in Chico to sign the documents before they were sent to escrow. You'd think, but you'd be wrong — the documents have to be sent back to Chico for the buyers to sign in front of a Notary, then they have to be sent back to Palm Springs again!
No good deed goes unpunished! Last Friday escrow received the signed loan documents from my Buyers and immediately sent them over to Fey's Canyon Realtors, the holder of the master lease on the property. It now seems that Fremont Bank, that did the refinancing back in 2009, failed to get approval from Fey's.
So now, yet another step imposes itself, wherein Fey's Canyon requires some documentation (TBD) from Fremont Bank, duly signed by officers and notarized, to make up for the oversight. And according to Escrow this morning, there was mention of a $2000 fee therefor....
Tempus fugit. And I'm not having fun! The relief that I felt last January when I accepted the offer on my condo, expected to close by mid-February, is now a faint and fading memory. The good news is that Fey's decided to waive the $2000 fee for failing to get approval on my re-fi. That was followed immediately by the not-so-good news that the Bureau of Indian Affairs would not similarly overlook the oversight. So this week was taken up by getting a certified copy of my note from Fremont Bank so it could be duly blessed by the BIA. The word from escrow on Friday was that Fremont Bank was being cooperative, and the required paperwork was to arrive that afternoon.
On Friday I was also asked to sign off on Form HUD-1, the estimated settlement statement, "required by the Buyer's lender." Presumably Wells Fargo can then proceed to actually fund the loan, white smoke can be released from the BIA, and we can all live happily ever after. At least for the moment.
It now seems realistic to expect closing by the end of next week, just in the nick of tax time. And a good thing, too, since between the IRS, the Franchise Tax Board, and the Riverside County Tax Collector, $50,000 is expected.
Last updated on Apr 13, 2018