REO Transaction that we are finally closing after 3 months!
Yes, that is correct believe it or not we were ready to fund on this transaction three weeks after going into escrow.... yes, I said three weeks after opening escrow and the day of funding the servicer is unable to produce the Interim Deed and POA from Fannie Mae.
Now, you would think that this would be solved over a couple of days because the there was a mix up of paper work or something. Well, not the case at all in fact there were no Interim Deed or POA. In fact, I feel bad for both Realtors on the listing side and buyers side because this servicer had no right to list the house for sale. How frustrating this has been for both the client, agents and myself. We worked so hard and the escrow company was cold and rude all the way up until the end.
I finally got in contact with the asset manager myself who over the course of 4 weeks, some lawyers and hard work we finally received this Interim Deed and POA. As of tomorrow morning we will be funding and this whole nightmare will be in the past!
My only hope is that the client loves this house after all of this work. The one benefit to all of this is to know that through trials and tribulations we grow stronger and smarter. Our industry has become harder than ever but this is proof that working together with professionals you are familiar with will greatly increase your odds of closing these deals.
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