Waiting game on the escrow
Bob Morris @ May 3rd 2008 00:21 - Category: Unfiled
The bank for the buyer’s mortgage still hasn’t given clear to close, so the escrow close will be late. This happens quite a lot more now. Banks are extra cautious now, checking everything, a far cry indeed from a a few years ago when if you could fog a mirror, you got the mortgage quickly with no checking.
Our lawyer (in CT, lawyers handle the real estate closing transaction) says he sees no problem. His paralegal says she’s never seen a deal fall through at this point. Perhaps most reassuringly, when I explained the details to a long time friend and savvy real estate broker who is not involved in the transaction, he saw no warning signs, and said relax and enjoy your weekend, it’ll close soon.
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