Magical Wishes and a bad escrow companies.
I really have issue with bank owned properties that require a specific escrow company and give them POA. I am dealing with one right now which should have closed last week - but the escrow company was "too busy". They actually sent me an email saying they had too many files and would not be able to get mine closed on time! Then they wanted an extension that stated the reason for delay. So I put "Workload at the escrow company". Realizing that this would make them look bad to their large client, they refused to sign the extension. They had me change the reason to"Waiting for HOA information". So a week later we are ready to close. My buyer has signed, his loan lock is expiring and we need to get closed.
Nope. They claim that they attormey that was handling the HOA account wnet out of business and they had to start anew with a new attorney. Something they could have discovered long ago if they had been on top of the file!
They did not close yesterday. Now the lender for my buyer needs a bunch of new information in order to re-approve his loan and protect his rate. One of which is an extension on a rental agreement for a home he owns in another state. Big pain in the neck. My buyer is thinking of walking. Sigh.
I know if we had been able to use the escrow company that I usually work with this would have been closed - on time.
My family and I arrived in CA today and spent the afternoon and evening in the Magic Kingdom. Bet you can guess what my wishes was the Dreams Can Come True fireworks show!