At about a picosecond before figurative midnight, the deal finally went through. I actually owe the success to the admin for the seller’s (Fannie Mae) attorney. My lender dropped the ball so many times throughout the process, it wasn’t funny. The closing document preparation part was no exception.
The last thing was to provide a copy of the HUD to the seller 48 hours prior to closing for approval. Lender missed that deadline. Admin got approval to accept it as late as 24 hours prior. Lender missed that deadline, too. She convinced someone to accept it as late as 1500 when the closing was scheduled for 0900 the next morning. You guessed it. Missed again. Stretched to 1600. Couldn’t make that one either. Admin was pissed. Deal is off, must request contract extension, no way it will close tomorrow.
Now this was the second contract extension that was about to expire, and the fifth closing date that was about to be missed. I had it on good authority that the Fannie Mae asset manager would not agree to another extension, no matter how close we were.
The admin for my attorney waited for this moment to tell me that every time she sees a file from my mortgage broker, she cringes. It’s always a headache. I’d been up all day, after having worked the night before, and I had finally had enough. Fine, fuck it. We lost this one, and all the money that I’d spent on inspections, appraisals, foundation certifications…
I asked who she would recommend for a mortgage broker, and had mentally prepared myself to restart the home search from scratch. At 1706, I looked over at my phone and saw the blinking notification light. It was an email from her. Instead of answering my question about an alternate broker, she said, “We have lender approved HUD. Do you want to continue?”
It was already too late. It was already after business hours the night before the closing, which was to take place first thing the next morning. The HUD hadn’t been seen, much less approved by the seller. No way it was going to happen. But if she’s asking, she must know something I don’t know.
“Yes, if possible.” At that point, I went to sleep. It crossed my mind as I floated off to sleep that maybe they would pull off a last second miracle, but I quickly quashed that thought. FM is government, or may as well be. Nobody is going to take the time to approve it after past time to leave for the day, especially .gov-types.
When I woke up at 2200 to get ready for work, I found an email from my realtor. She had looked in the system that they use to communicate with FM at around 2000, and it said that the HUD had been approved. I still didn’t believe it, but figured I’d show up at the lawyer’s office Friday morning at 0900 and let them tell me in person that it didn’t happen.
I wasn’t sent home when I arrived. Instead, they sat me down and had me start signing papers. They didn’t have the physically signed HUD back from Fannie Mae at that point, but the approval in the system convinced them that it would be forthcoming. But that wasn’t the end of it.
One of the documents I had to sign was concerning my marital status. I had been forthcoming all along that I am still legally married. But here it is, the moment of truth, and my lawyer informs me that in order to close, I have to have either a legal separation agreement/property settlement, or a notarized waiver from my soon-to-be ex. Right fucking now. Fortunately (as it turned out) Wifey-poo had arrived in country a whole 36 hours earlier, and was able to meet me at the bank to sign said paperwork. I only had to drive an hour each way.
I had the document and bank check in the lawyer’s hands by 1320. The loan funded and the deed was recorded later that afternoon, even though the deed had to be driven to an adjacent county to be recorded.
We did a walk through with the contractor at 1430 that same afternoon, and he plans to start work on Monday. He estimates that he will be done in three weeks. And that we will love it. Time will tell.