The signing on BF's house was held up again. This time it was due to the fact that the buyers had deposited money into their bank account. Yes, you read that right.
To comply with the Patriot Act, the buyers went through a process wherein they documented the source of all funds in the account which will be the source of their down payment. They had already completed this process. When it came time to sign documents, it was discovered that they had deposited more funds after completing the process. Well, that means they had to do it again. They submitted the documents Friday, but it takes time for them to be reviewed.
The wife of the buyer couple in particular was very upset as she had wanted to have Thanksgiving dinner in the house.
Word is that it will close this short week anyway, but I will believe that when I have funds in my hot little hand.
Meanwhile, BF has decided to invest 85k of his proceeds into his contractor's next project. He will earn 7.5% on his principal and if the contractor defaults, he will be able to foreclose on the property. Myself, I would just stuff it all into index funds and calculate when I could retire.
Signing Held Up Again
November 24th, 2015 at 02:52 pm
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