Wrapping Up Your Real Estate Closing

With Christmas, it has been tough to get my deal on the 4 units “wrapped” up. I talked with the lender today, and he is missing the appraisal, the insurance binder, and a letter of good standing from the state for the LLC we will be buying the property through. My lender needs at least one business day after receiving all documents for review before going to the closing table. Tough luck, but hopefully it will only push us back to Friday before being able to close.

This is very common in the real estate industry. I met with the appraiser last Saturday to get the properties appraised, and figured all would go well. But it just sometimes takes a little time to get all the players together and finished submitting their paperwork. So today, we will need to go to the insurance agent, get the insurance finalized, and submit the insurance binder to the lender. Our lawyer is working on getting the statement of good standing from the state for the LLC, and hopefully will have that by the end of the day. Apparently, there was a franchise tax that the state was wanting, and we had the CPA take care of it, but maybe it hasn’t gotten all the way through the state’s processing procedures. As far as the appraisal goes, we will just have to wait for the appraiser to finish and get it submitted to the lender.

So we still a little work to do, but this deal is too good to pass up. And we have a good sum of earnest money invested in the deal that we don’t want to lose. ‘Til next time…

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