Keep Plugging Until You Get to the Closing Table

Docs, docs, docs. Lenders never seem to get enough documentation. And this was supposed to be a simple deal. Well, in theory, there are a lot things that are simple, but when you get down to actually doing it, things get a little hairy. My lender told me yesterday that they needed to have a copy of the insurance binder, a letter of good standing for the LLC that the properties will be listed under, and that the appraisal STILL hasn’t come in. So I went to work.

We had quotes on insurance costs already, so we went to the insurer and got them signed and paid. So the insurance binder was turned in the same day. So one thing got crossed off the list. But the state showed the LLC not in good standing because of a franchise no tax due statement had not been filed. So we got with the CPA, got the appropriate forms filled out and signed, and went down to the state comptroller office. But the office was closed that day for the Christmas season.

So that shot down our hopes for a Friday close. So today, I got the forms turned in, and the statement of good standing from the state, and faxed it to the lender. I confirmed with him that there was nothing left except the appraisal, which as of today, has STILL NOT been submitted. I wonder what my appraiser is doing…he viewed the properties 5 days ago, and still hasn’t put together the documentation. I guess we will see, stay tuned…

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