In my last post, Annette and I had made a deal with the owners to buy their 2006 Newmar Ventana 3330. The catch was that they wanted to complete the transaction before the end of the year to save on property taxes.
Since we were starting into the financing process with 8 weeks, it shouldn’t be a problem. Right?
We went in to the bank and applied for the Home Equity Loan on the first Friday in November. We told the loan officer that we had to close by the end of the year. She said that although they had just completed a loan sale and had lots of applications, it shouldn’t be a problem.
When we called three weeks later, they hadn’t started on our application! They were working on their backlog.
Then they had to do their credit check and a drive-by appraisal of our home. We waited for those and finally they were received and everything looked good.
In December there were three periods of three days each that we had to endure. They had us sign some papers and then made us wait the three day right of recision period until we could sign some other papers and wait another three day right of recision period. Then we had closing and we had to wait another three day right of recision period until we could get the check. These were working days, too! So it took longer than 9 calendar days to work through these hold-ups.
I guess they just didn’t want us backing out!
Finally, on December 28th, 2015, we took the check down to the previous owners and brought our baby home!
Three days to spare. Time enough for one more right of recision period!