Short Wave Sportfishing wrote:
On Tue, 12 Feb 2008 10:01:46 -0500, HK wrote:

Eisboch wrote:
"Short Wave Sportfishing" wrote in message
...

By the way, did you guys close on Soul Source?


Now it's *this* Friday. (was supposed to be last Friday)

Last Thursday, a day before the closing, the buyer decided to finance
through a home equity loan or second mortgage instead of the boat loan he
had originally set up. Kinda ****ed me off, but there's really nothing
that can be done about it. In a boat sale, the buyer holds all the cards
... the seller just has to adjust.

He was supposed to close on the financing yesterday at 4pm. Then,
apparently there is a 3 day *wait* period in Maryland, so the funds won't be
available until Friday.
Right of recission, I believe, is what it is called. Mortgages, home
improvements, several other major purchases. Three day wait. Hell, I had
to wait FIVE business days for the check on the sale of my 25-foot
Parker to clear because, my crappy bank said, "well, it was drawn on a
money market account." Now that is what I call living off the float.

That may not be the bank's fault. I know on the last home deal we
did, we received the funds by check instead of electronic money
transfer - it was the way the buyer's lawyer wanted to do it.

Turns out, the lawyer wanted the float. We deposited the check and
when it was proferred for payment, there was a delay because of the
way the escrow account was set up - payment had to be "authorized".

By that afternoon, the funds had been transferred electronically and
the check returned. It's good to have friends in power on the Bar
Association plus having the son of a former State Supreme court Chief
Justice and a former Superior Court judge as your attorney. :)


It was Bank of America. It was the bank's fault! :- Worst bank ever.
Only reason we keep it is because it has ATM machines about everywhere,
and if we need to withdraw some quick bucks, we can do it without those
damned fees.

But I agree, knowing someone at the Bar Association is helpful.