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#1994813 - 02/10/15 03:09 PM Bridge Loan: revisited
CountryBanker Offline
Gold Star
Joined: Mar 2013
Posts: 266
Northern IL
Back on 1-25-13, thread #1779843 in this forum discussed some background on what the closing looks like for a purchase transaction where rescission applies. Now that I face the identical scenario, after having won the battle to include rescission for the interest we're taking in the purchaser's primary residence, I'm looking for any additional info describing what that closing looks like. Joker's answers for one closing, one date, and funding after ROR expires were pretty straightforward, but besides an agreement (in writing?) between purchaser & seller as to when possession takes place (after funding/ROR expiration) can you provide any words of wisdom on what else can make this go smoothly? I'm thinking someone involved in the entire process (sellers, title company employee, etc.) is going to question the mechanics of how we are getting this done.
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#1994895 - 02/10/15 05:20 PM Re: Bridge Loan: revisited CountryBanker
CountryBanker Offline
Gold Star
Joined: Mar 2013
Posts: 266
Northern IL
Looks like we sign the Note & Mtge for the loan w/ rescission at the bank, wait 3 days, and make sure closing for purchase ppty is scheduled once funds can disburse. Mortgage on purchase ppty signed @ this closing. No additional agreements necessary.
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