We bought a house and now tomorrows closing is delayed
We are supposed to close on a house we are buying for a rental property tomorrow. Our credit and everything checked out fine it has to do with the title of the house still being in the name of the person that owned it before it went back to the bank (VA loan).
All I know is that I intended on having my oldest son and his friend rent the home from us. They already gave their 30 day notice to their landlord and have packed all possessions except a few clothes, some TP and their toothbrushes.
The lady at the bank who called my husband with the bad news thought we might close before Christmas. What's the problem she asked, isn't it your son who is going to rent from you? Well, yes. But he'd prefer not to move twice. Plus he's got two big bulldogs that I'd prefer NOT to have running around my home! And at the moment he's got a truck loaded with furniture that is not covered and it will be snowing (we're in Minnesota) by Christmas.
Since we wrote the earnest money check a month ago to the bank, why do you think it took the title company a month to find out that the bank actually didn't have title to the home? I really want to hold someone accountable here. They made sure I had good credit and looked into all my bank accounts, retirement accounts, credit history and also required a 20% down payment. I came through. Someone else dropped the ball. True, they caught it before closing but shouldn't the bank have title before they asked ME for money? What about the house insurance I paid for a year in advance?