I recently helped two seperate buyers with their mortgage financing buying bank owned foreclosures. Only one of them closed. The one that closed had to wait a week after signing paperwork for the sellers (bank) to get the docs back to the title company to fund. The title company that was involved would not return calls, emails and seemed to be understaffed. on the other one I did a favor for a realtor I work with and agreed to help with his clients manufactured home purchase. When the file came out of underwriting there were 10 funding conditons. I emailed my processor to send those conditons to the title company to verify they could meet them and we would have no hangups when it came time to fund this file. We only had one prior to doc conditon. Title company says everything is fine and I met the one outstanding condtion we had to get the file clear to close. Two days after docs were at the title company we receive a phone call from the title company that states that they cannot close this transaction because the manufactured home was not foreclosed on. The land was but not the home. They stated that the bank would have to re foreclose on the manu home and that process could take 4-6 months. During the past month or so the program I had the borrower approved on has changed and must now contribute 5% more to the downpayment. To top it off the manufactured home was on the market for a year before the buyer made an offer. I would like to think that foreclosures would be paid more attenetion to. Due to the buyer not being able to qualify anymore is there any way to get the seller to pay for the survey and apprasial?
I would appreciate any feedback I could get.
Frustrated in Houston,
Jason Holter
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