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Seller's bank delaying closing way too long.

Started by ronwass
over 6 years ago
Posts: 17
Member since: Dec 2018
Discussion about
I know this forum is a little clunky, but there are precious few other places to ask. Was told that seller's bank would take an unusually long time to produce stock. Also they are changing lawyers. It's been 4 weeks since we received board approval and are twiddling our thumbs. Seems beyond unusual to me. No point in bugging my lawyer. There isn't anything she can do is there? Anyone else see this before?
Response by Anton
over 6 years ago
Posts: 507
Member since: May 2019

My friend just closed on a condo, it took seller's bank 3.5 months

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Response by front_porch
over 6 years ago
Posts: 5316
Member since: Mar 2008

Have you hit your "on or about" date in the contract yet?

ali r.

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Response by 30yrs_RE_20_in_REO
over 6 years ago
Posts: 9877
Member since: Mar 2009

Odds are they don't even have the stock certificate. Time to file a lost stock affidavit.

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Response by ronwass
over 6 years ago
Posts: 17
Member since: Dec 2018

Yes, we are past the on or about date, into the window for adjournment period for no particular reason.

Seller pays for that lost stock affidavit yes? I was going to when I sold my late mother's place, but found it after one more search through her voluminous papers.

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Response by ronwass
over 6 years ago
Posts: 17
Member since: Dec 2018

UPDATE: Have tentative closing date of 9/25. Will be six weeks after I (buyer) got all my approvals.

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Response by Anton
over 6 years ago
Posts: 507
Member since: May 2019

RonwAss, should it be at least 13 weeks after you got all approvals? 9/25 is more than 3 months from now, why only 6 weeks?

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Response by ronwass
over 6 years ago
Posts: 17
Member since: Dec 2018

Whoops, typo, meant 6/25 so 6 weeks after my approvals were granted for (I guess) reasonable closing time. However, was totally on the seller's bank who I have now been told has a reputation for slowness. Can't tell you who, as I don't know. I'll report after closing when I find out.

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