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Why escrows are derailed/delayed: The DEVIL IN THE DETAILS
DEVIL IN THE DETAILS
Why are closings frequently derailed or delayed? Here are some real life situations.
Closing Cost credits.
Buyers want sellers to take responsibility for compliance with government regulations. And for good measure, Buyers request $2,000 in credits on a $620,000 purchase. The request for credit is incorporated in the Request for Repairs or Other Corrective Action form.
$2,000 credit shouldn't be a big deal, right?
But the devil in the details. The credit should be on a separate addendum and it should clearly spell out that it's towards closing credits. Rookie mistake. Addendum was produced. Loan was funded in the morning, special recording in the afternoon.
Missing form.
California contract has section where one itemizes what documents or disclosures are incorporated with the purchase agreement. in this case, the Seller's Property Questionnaire. However, when the contract was given to the lender, said questionnaire was left out.
But the devil in the details. Three days before closing, when the underwriter was doing a final review, she noticed questionnaire was missing. Everything screeched to a stop until that form was produced.
Short sale approval shortfall.
By the time the short sale approval was received after three months, the ... more

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