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 Post subject: As of just now, I have a house
PostPosted: Tue Jun 12, 2007 5:18 am 
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Joined: Thu Apr 05, 2007 1:25 am
Posts: 458
Location: England
My house completed at about half twelve today.

Hooray, I'm now a homeowner 8)

Of course, I'm in work today with two important meetings so I can't go and pick up the keys from the agent until later, but still. I have a house :mrgreen: .

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PostPosted: Tue Jun 12, 2007 5:44 am 

Joined: Thu Apr 05, 2007 3:05 pm
Posts: 1329
Congratulations! We should be in the same situation two days from now, assuming the bank finally clears a certified check that we deposited last Thursday. Banks here are incredibly restrictive; I've never heard of a bank putting a hold on a certified check before but that's what's happening. I'm meeting with them today to complain and to see if we can resolve the situation. I have the full downpayment available in my account, but the lawyer wants us to give her one certified check that includes the downpayment plus the tax adjustment and her legal fees. My girlfriend is paying for those additional costs so she wrote me a certified check on Thursday and I deposited it Thursday evening in my account. But the deposit is still showing up as "frozen" (unavailable) today, two full business days later! :x


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PostPosted: Tue Jun 12, 2007 5:55 am 
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brad wrote:
Congratulations! We should be in the same situation two days from now, assuming the bank finally clears a certified check that we deposited last Thursday. Banks here are incredibly restrictive; I've never heard of a bank putting a hold on a certified check before but that's what's happening. I'm meeting with them today to complain and to see if we can resolve the situation. I have the full downpayment available in my account, but the lawyer wants us to give her one certified check that includes the downpayment plus the tax adjustment and her legal fees. My girlfriend is paying for those additional costs so she wrote me a certified check on Thursday and I deposited it Thursday evening in my account. But the deposit is still showing up as "frozen" (unavailable) today, two full business days later! :x


Yep, they typically do this now unless the check is from the same bank. Too much fraud. Given this, it's always best to spring for the wire transfer fee.

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PostPosted: Tue Jun 12, 2007 5:58 am 

Joined: Thu Apr 05, 2007 3:05 pm
Posts: 1329
nickel wrote:
Yep, they typically do this now unless the check is from the same bank. Too much fraud. Given this, it's always best to spring for the wire transfer fee.


In fact I asked my girlfriend to do a wire transfer for this very reason, but she didn't want to ask for it. Now we're paying the price!


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PostPosted: Tue Jun 12, 2007 7:07 am 
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Joined: Thu Mar 29, 2007 4:58 pm
Posts: 948
Location: Portland, Oregon
I'll bet she does the wire transfer next time. :)

Congrats to both of you!


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PostPosted: Tue Jun 12, 2007 7:10 am 
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Joined: Thu Apr 05, 2007 6:30 am
Posts: 336
Location: Houston, TX
That's great news all around. Now I have a place to crash in both Montreal and "England" ;)

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PostPosted: Tue Jun 12, 2007 2:11 pm 

Joined: Thu Apr 05, 2007 3:05 pm
Posts: 1329
I think we're safe: I talked to the bank and they said I could try opening a line of credit and use that for the closing costs and then pay it off next week when the check from my girlfriend clears. Normally I would avoid a line of credit (I hate paying interest on anything) but I really had no choice...I got an appointment with a manager (who turned out to not speak any English so we did the whole meeting in French, quite a stretch for my intermediate French abilities but it worked) and she set me up with a line of credit, got it approved, and the money's available now. And now I have the comfort of knowing the line of credit is there if I ever run into a cash-flow crunch like this again (which hopefully will never happen!)


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PostPosted: Tue Jun 12, 2007 3:32 pm 

Joined: Wed Apr 04, 2007 9:50 pm
Posts: 752
Location: Vancouver, Canada
My bank said that using the LOC would bode well for my credit. So I used a certified cheque from my LOC until we closed on our own home. The interest wasn't so bad.

Congrats on your new home.

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