I now have 2 sales that my buyers have the loan process wrapped up.  Sounds good.  We should be on easy street, right? Wrong.

Both sales are bank foreclosures.  Both sales are having title issues. On one, we were supposed to have have closed on 5/26...we still have not closed even though we are ready to go on the loan.In that case, the house has had 2 other contracts, both having fallen through due to the title issues. When I spoke to the listing agent, they had been assured by the bank that they had fixed the title issues, so they went ahead and listed the property.  Now, we are waiting for the curator department of the attorney's office to wait for something to show up in their system. 

My buyers are beside themselves. They got married last and week and have put their honey moon on hold. They are having to consolidate households into one apartment, renting storage spaces, etc.  We kept being told they are working on it.  The listing agents are great and are doing all they can to help make this happen.

I have another that should have closed last week. They did not start working on the title stuff until the apparent day of close or shortly there before. 

Is anyone else having the same type of issues?  Any suggestions? For the first situation, I spoke with the listing agent about having the seller offer my buyer a home warranty or something for the delay and continuing to sign extensions.

 

 


2220 Wisteria Drive, STE 102, Snellville, GA 30078

.

Jamie Parker: The Rockin Realtor

Jamie Parker

Keller Williams Atlanta Partners

Active Life Member Million Dollar Club
404-483-7816

jamie@rockinagent.com


Find Homes in Georgia

Find Brookwood High Homes for Sale

Find Grayson Homes for Sale

Active Rain

Follow Me on TwitterView Profile on Linked In

 

 

 

 

 

4 Comments on Loan Is Out of Underwriting: Let's close...not so fast...

JUN
29
2009
815,711 Points 165 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Hi Jamie, good luck on getting the banks to give anything other than grief and hard times to our buyers. I am also not a happy camper with them, so....

When you come up with something, let me know!
9:28pm • #1
321,165 Points 24 Featured Posts Localism Sponsor Called Shot Master

Oh man I hear ya! Every REO it seems the seller on title is not the seller on contract and it's always at the end of the day a misspelled word needs to be corrected or the FHA box changed to VA on the HUD.

It's always something! And the only value I can offer here is know who the regional manager for the title company is because you're probably gonna have to go over heads . . . :)
10:24pm • #2
653,568 Points 9 Featured Posts Outside Blog Called Shot Master

The title issues are always irritating on these bank deals...if you delay they get so mad, but if they delay it seems to be a "so what" wait for us forever situation.
10:37pm • #3
Attended Rain Camp

My lender who is doing both loans said this is becoming more common. I am not even sure who the attorney is using to do the title search. Much of this seems to hinge on the attorney who actually filed the foreclosure initially. 
10:46pm • #4


What does the graphic say?
Leave a response…

(optional)
Spam Prevention:
 
Jamieparker_saxaphone_picture1 Rainmaker_large

Jamie Parker Gwinnett Realtor, Snellville Homes

Snellville, GA

More about me…

Keller Williams

Address: 2346 Wisteria Dr Ste 120, Snellville, GA , 30078

Cell Phone: (404) 483-7816

Email Me



Listings

Links

Archives

RSS 2.0 Feed for this blog