Well, it has been several days now since the two banks in Blue Ridge and Ellijay have failed. We have had a chance to catch our breaths and to know that the sky is not falling. Depositors are protected and business is going on as usual as always.
One hiccup in one of my closings though. It was a sale of a foreclosed property owned by Bank of Blue Ridge. Scheduled to close this Friday, one week after the FDIC take over, we were informed that the property was now owned by the FDIC and they would be contacting us about what procedures we would have to follow for this sale under the new circumstances.
The buyer had also arranged for financing through the Bank of Blue Ridge. Now, the bank is unable, under the new ownership, to offer the same terms on the loan. The buyer has to shop for new financing that had been previously in place.
Life goes on……….