With the appraisal done, the next step is the loan going to the underwriter for approval. The loan gets approved except for one small issue. The amount of flood insurance on the cottage is not high enough. Right now I have it insured for 25K but the underwriter wants it insured for 50K. The combination of insurances and mortgage regulations is a bit of a black art with no one able to give a concrete answer to what is necessary. When I was getting insurance quotes for the property I received a variety of amounts based on how someone divided up the two buildings and how much coverage for each.
I get in touch with my insurance agent to bump up the coverage 25K, and luckily it only costs me an extra 15 bucks. I pay the charge and wait for the updated proof of insurance and wait and wait. It takes a few days to re-send the proof of insurance and after that, I wire the money to the title agency for the closing.
The day of the closing, I meet the seller to do the final walkthrough and luckily the tenants are all out with no damage to the place. We head to the closing and I start signing away. As we're signing, there's an issue my realtor found with an inspection charge that she doesn't want me to pay. The seller agrees to the modification but it requires the mortgage company to send a new closing document with the updated charge.
The title agent calls the rep at the mortgage company and she's told she'll receive an updated document immediately. 10 minutes pass, then 20, then a half hour. My lawyer has to leave for another closing and the title agent comes down to say she doesn't know what happened. My mortgage agent starts calling the office, but no one has heard from the rep as to the status of the closing document.
After an hour of small talk, the title agent dismisses the sellers since they have nothing more to do and I continue to wait. After another 45 minutes, we find out that after hanging up the phone, the mortgage rep's power went out and she couldn't update the document. Now with her power restored she sends the updated document and I finish the closing with the new (old) house!