emma72•4mo ago

My multifamily loan almost fell apart because of one missing document

Last Thursday I was 2 days from closing on a 12-unit in Atlanta and the underwriter flagged a missing environmental report from 2019. Had to pay $800 for a rush Phase I and it cleared, but I was sweating bullets for 48 hours. Anyone else had a deal nearly tank over a single piece of paper?

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riley8604mo ago

Yeah no joke I had a deal blow up over a property disclosure that was literally just a checkbox the seller forgot to tick. Like the whole loan process grinds to a halt because someone didn't check a box on page 14 of 200 pages. It's always the weird little stuff too not the big obvious things. The bank will let you slide on a missing appraisal for three weeks but one old environmental report and suddenly you're in crisis mode. Honestly I think they just wait until the last minute to find something to stress you out on purpose. $800 for a rush report ain't bad honestly I've heard of people paying double that for the same thing.

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miab164mo ago

That checkbox thing happens way too often. I've started telling my clients to go through every page of the disclosure with a highlighter before they even submit an offer. Take photos of the seller signing too. Saves a panic call later. For the environmental report, ask the title company if they have a preferred vendor who can do a quick Phase I. Sometimes they can get it back in 48 hours instead of the usual week.

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