Thursday, June 24, 2010

Foiled Again

We were supposed to close on our house yesterday. But we didn't. Then we were supposed to close today. But ... you guessed it ... we didn't.

See, a few days ago we were told that we would actually be getting cash back at closing, because our earnest money more than covered what we needed to pay at closing. Well, apparently, FHA decided that they didn't want us to get cash at closing. They would not approve the settlement statement unless there was a zero on our bottom line. (Why they have jurisdiction to say this, I'm not sure, because we're not even getting an FHA loan.)

So ... the bank is going to refund our earnest money, and we are going to write a smaller check so that we don't get any cash back at closing. We will pay the exact same amount either way. But now they need 48 hours to approve the new paperwork that they demanded. You have got to be kidding me!

So now we close on Monday afternoon. I hope.

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