Coop closing

Banks are a frequent source of closing delays. My last closing got delayed 30 days due to buyer's bank's red tape.

Normal, unfortunately. The certificate is in a vault, somewhere, and loan file indicating which vault it's in is probably in a warehouse in NJ. They have to retrieve the loan file, look up the vault location, then process the transfer request to get the certificate into the bank rep's hands. Nominee holding and central depositories haven't come to small-volume corporations yet (no money in it). Someday there may be an app for it, I'm sure.

And in the end they probably won't find it and have to file a lost stock affidavit anyway.

Banks sck. That's why sellers give high priority to all cash buyers.

Although in this case an all cash buyer wouldn't have mattered since it's the seller's bank causing the issue.

Perhaps sellers should get higher prices if they won't be bringing a bank to the closing table. Sellers do not give high priority to all cash buyers because banks "sck", but because there's a greater likelihood that the seller is financially qualified for the transaction, and there will be fewer potential blocks to the transaction, and/or they have assigned a higher value to the time period than the total return.

I like the propaganda, Aaron - financed deals are better because the the buyer has to go through bank vetting.