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Silicon Valley Short salesMy buyer bought a Silicon Valley short sale home on January 29,2009. After we agreed to pay $20,000 more than asking price. The bank approved our offer. However, the bank requested the seller to bring  $2000 at the escrow. The seller has no money so he started ignoring the listing agent. You can tell the bank never get any money from the seller. Last Tuesday my buyer wired all cash to the escrow account . We are ready to close on last Friday. The title surprised with the news that the seller has a 3rd lien from the bail bond company just one day before the close, We were in dark for many days don't know when we be on title. My question is' "We have a 3 month long escrow. How come the the title company did not know this 3rd lien early? We know the seller usually has the financial problem so he or she cannot make the mortgage but how come the seller went ahead to get himself in trouble and did not pay the bail bond company and kept his month shut to the rest of the world. Today It went through a special recording and we did close. The above short sale photo is from http://foreclosed-sandiego.com/consumer-advice/what-is-a-short-sale/

 

 
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5 Comments on All my buyer's money in escrow 5 days but it cannot close!

APR
30
2009
1,017,121 Points 25 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Pulling the title of any property being considered as a short sale is a good practice. . you may still get surprises at the end. .but it's a good start.
4:15am • #1
773,640 Points 19 Featured Posts Outside Blog Attended Rain Camp

There are always surprises at title. I lady borrowed private money on a deal. Then, she was set up to do rate and term refi. Well, she had an outstanding lien of 10 years ago slap against the property for $25K. She does not have the money to pay for it. First lien position has to foreclose on the property. Surprises do happen in this business.
4:23am • #2
1,545,551 Points 416 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Which is why, when I have a contract on a short sale, I take myself to the local office of land records and pull the records/judgments/bankruptcies, liens, etc. myself. 

Most title companies are going to wait for the last minute to order the abstract because they know that so many of the short sales never get to closing and they don't want to be paying for passthrough charges with no buyer to "pass them through".

 
5:26am • #3
1,037,669 Points 26 Featured Posts Outside Blog Called Shot Master

I like Lenn's advice. We should try to get as much information as possible about the liens.
6:22am • #4
811,199 Points 91 Featured Posts Outside Blog Called Shot Master

We subscribe to a local service that we can look up the filed liens the same as the processors before we enter into a deal.  The cost is very reasonable.
7:31am • #5

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Grace Keng, CRS, CDPE, SRES,(408) 799-8887

Cupertino, CA

More about me…

Keller Williams Realty Cupertino

Address: 20230 Stevens Creek Blvd #E, Cupertino, CA, 95014

Office Phone: (408) 799-8887

Cell Phone: (408) 799-8887

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Grace Keng on Zillow

Silicon Valley Real Estate Guide

The consumer guides for Silicon Valley real estate buyers and sellers.





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