Buying a foreclosure – Part 8

The closing, which we could not finalize (see also 04/14/2009 post), was on Thursday. We were hopeful to complete the deal on Friday. All we needed was the adjusted and signed HUD-1 from the seller (the bank that has ownership over the property). The closing agent called at 5:00 pm to let us know that she had contacted the seller by phone, fax, and e-mail, but they had not yet signed and sent the HUD-1. There was no escape. We had to go into the weekend not knowing if—and when—we would own our little two-flat.

Why is this such a big deal for us? Well, we have been researching, planning and house-hunting for over a year. We have been after this particular two-flat since August 2008 (for 7 months now!). We just want to be done with it, own it and start the cool part—the green rehab.

The weekend passed quickly. We both kept very busy, which distracted us from waiting for Monday. Cathy called the closing agent midday Monday to inquire about any news. The agent answered the phone quietly; she said she’d seen on her Blackberry that an e-mail from the seller had arrived with an attachment! She had not yet been able to look at it because she was in the middle of another closing.

Cathy got a call back a couple of hours later: “The seller signed and returned the wrong (the old) HUD-1!” Yep, this was sort of expected. Why should they have gotten it right this time ‘round? The closing agent was very helpful and got right back on the phone. Believe it or not, the correct and signed HUD-1 form arrived only one hour later!

The closing lasted 98 hours! But finally— this is it. We are owners.

We cracked open a nice bottle of champagne (that Cathy had kept hidden in the fridge since last Wednesday) and celebrated. That said, it still has not quite sunk in. I am still thinking and waiting for the next shoe to drop, for the next road block to be tackled.

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About Marcus de la fleur

Marcus is a Registered Landscape Architect with a horticultural degree from the School of Horticulture at the Royal Botanic Gardens, Kew, and a Masters in Landscape Architecture from the University of Sheffield, UK. He developed a landscape based sustainable pilot project at 168 Elm Ave. in 2002, and has expanded his skill set to building science. Starting in 2009, Marcus applied the newly acquired expertise to the deep energy retrofit of his 100+ year old home in Chicago.

4 thoughts on “Buying a foreclosure – Part 8

  1. Congratulations!

    My hat is off to you – buying a foreclosure is difficult at best!

    I spent six months shopping the foreclosure market last year and, after a singularly unsatisfactory attempt (actually, four attempts) to purchase a particular house, ended up purchasing a different property from a private seller.

    I look forward to seeing your improvements!

  2. Thank you! It is great to finally own after we have put so much time into it…
    I have discovered you blog a while back and know it will become a very good resource once are ready to focus on our planned urban food production…

  3. We just “closed” on a foreclosure and are waiting for the signed HUD 1. We had a unique situation in that we were permitted to take the key (we’ve waited so darn long that people feel sorry for us at this point), but we’re not allowed to change the lock – so here we are buying all of our supplies, getting ready to start repairs…and it’s like “should we be doing this?” Our assumption is that the bank will sign and it is just a formality. We don’t have unlimited amounts of leave from our jobs, so we may just plow ahead. It truly is an insane process.

  4. Amy, we know what you are going through right now… Strictly speaking, we did not have permission to change the locks. But we wanted to get the building secured at that moment… We cross our fingers that you get the HUD-1 and finally own! It will feel so good…

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