With a ratified and executed agreement in hand, we immediately contacted ShoreBank. The first question Phil (our banker) asked: “When is your closing date?” Our answer: “In one week.”
I think I heard our banker Phil fall out of his chair. He informed us with great urgency that this is an unrealistic time frame. He would need about 30 days to get the loan application approved and all other paperwork in place.
Of course that’s not what we wanted to hear. On the other hand, we know that this is an unusual project that may require more than the usual time. Life would be easier if we could finance the purchase with our own cash (a practice not that uncommon as we heard on This American Life). But how would we pay for the rehab? You know, waiting for paperwork to get done suddenly doesn’t sound that bad.
Except – what is our convoluted seller with his erratic response times saying to this? We had the vision of the deal floating away from us again. This is where Super Joe (our attorney Joe Ziccardi) came to the rescue. He managed again to get the sellers attorney on the phone and re-negotiated the closing date. Not only was he able to get the date pushed by three weeks, we were also spared any penalties for the delay. Thank you Joe!
Three weeks was less than the 30 days ShoreBank asked for. But having gotten to know the seller, we were in no mood to push this any harder.
If you live in the Chicago area and need an excellent Real Estate attorney, we recommend you contact Joe:
- Joe Ziccardi (http://www.ziccardilaw.com/)
- E-mail: [email protected]
- Phone: (312) 372-3477