Happy Ending

Well all is well that ends well...Some co-operative creative problem solving and we found new financing to replace the failed financing..They have been in their new house for days...Phew!
I ended up closing 40 properties in 2006 - a great year in a supposedly down market. It just goes to show that some hard work and a little creativity can overcome the inevitable obstacles in a real estate purchase. Please feel free to ask any questions....

Bank Failed at Closing New Windsor, NY

Well after years of thinking I have seen everything, I was at the closing table Friday and the people buying my client's house had just closed on their house. The catch, however, was that the money had yet to be wired from the "Mortgage Lender's Network." After several hours of waiting, we went ahead and closed my seller's house without the lump sum from their closing. It never came.. Checks were issued, payoffs were sent and the wire form the first bank never showed. Mortgage Lender's Network stopped payment on all non-conforming loans ( more on that later) and sent home almost 2000 employees. After scrambling to find new financing for these poor people, it looks like we are closing this Monday -just eight days from MLN folding.. I'll keep you posted.