After waiting over 6 months on a short sale and well beyond the acceptable frustration level, my buyer and I decided that we should take the bull by the horns and find a property that could close quickly (in this case, before the first time home buyer tax credit ran out). An obvious solution - find and REOfor a good deal that can close quickly. Or was it?
The new property turned out to be just what he was looking for and we managed to jump quickly in there before another buyer vying for the property could get his offer in. Feeling we deserved this after suffering for so long with an unrequited short sale, we were happy to kick back and wait for the title company to do their thing, anticipating a short runway to closing.
Little did we realize that when the title company continued to "not get back to us" that the real problem lay in a wrongly done foreclosure. Apparently the lawyers that had originally foreclosed on the property had missed 2 liens that had since been found by the title company to still be outstanding. ARgggghhhhhh - now what - Oh they will probably have to reforeclose was the response from the listing agent - and yes, that could take another couple of months.
All I've got to say is that I'm happy they extended the first time home buyer tax credit, My poor buyer! No amount of begging, cajoling or general annoying to the title company could speed that up!
I'm happy to report that things did work out OK but I learned that, as a point of education, a buyer should always be informed that issues like this can come up - especially now in light of the fingerpointing that's occuring relating to "improperly" foreclosed properties.
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