We’ve been working through three refinances for what seems like forever. And we were almost across the finish line, ready to wrap them up… almost.
Then we realized that I didn’t have marketable title for both The McCarty House and The Grow Room Home.
Oops.
Yes, I (kind of) knew I had to do this since we purchased both homes in last year’s Wayne County Tax auction. I say “kind of” because thinking back on it, I definitely recall my loan officer telling me I’d need to do a quiet title. But now that it’s been nearly a year, it slipped my mind.
So instead of putting some cash in the bank and relieving some of our cash crunch, I’m having to spend $600 per house to get marketable title and get this refinances closed.
The money is what it is. But the title company says it can take “up to a month”, and my loan officer said he’s seen them take six months (I think I’d die).
We started the process last week on the 19th, and I did see some movement from them today. I’ll be calling Monday to check on the status and hope that it moves faster than not.
Lesson learned.