I hate dry closings. What are they? When the lender has cleared a buyer to close, sent the loan package (paperwork) to the title company, everything is printed, signed and notarized, but the funds aren’t there to pay the seller. Because the seller hasn’t been paid, the buyer won’t get the keys to their new house.
Why in this day and age would any reputable lender not be able to have the closing funded? It’s a wire transfer that you KNOW is coming. I understand why lenders would want the wire to go at the last minute … because when you have billions of dollars that you’re dealing with, the interest earned overnight is significant. BUT have the wire ready to hit the morning of closing. It’s inexusable – in my opinion – to not have it ready to go.
/rant.
Leave a Reply