For some reason, this morning, my mind went to a listing I had a few years ago.
I recall that as I was finishing up the last of the paperwork and photos for a particular listing in McCurtain County, the sellers asked a question that immediately threw up a "red flag"...
The sellers had hit a financial snag of major proportions. The wife had lost her job. The Husband had lost his job and was doing various local part time jobs. They had already decided to move out of state, had some other options lined up in another state.
The Conversation went something like:
Sellers: "The bank cannot foreclose on our property, if we have it listed, right?"
Sellers: "We were told that a bank can't foreclose on it if we listed it."
Me: "YOU WERE TOLD WRONG."
Me: "Are you behind on your mortgage?"
Sellers: "Not now. BUT We were."
Me: "You are current on your mortgage?"
Sellers: "Yes, we are now."
Me: "Keep making your mortgage payments, if at all possible. Let me know if you should stop. We are going to try to get the house sold as quickly as possible. It's a great property and it's priced right."
Four months and numerous showings later, we get an offer that will work for them. They quickly accept, no counter on any part.
- Strong Buyers, Pre-approved - CHECK
- Inspections , No major issues - CHECK
- Appraiser Goes Out to the Property. New appraiser, we've not met before.. -
Everything falls into a black hole. Two weeks go by. No appraisal turned in.
No one even admitted to ordering the appraisal.
Buyers' loan processor is replaced. A different appraiser calls for access to the property. Still don't know what happened to the other appraisal.
Surveyor does survey. OOOOPS!
Another one of those where the boundary line cuts across a structure. In the meantime, seller has moved out of the house. Our office is dealing with the neighbor trying to work out something on the encroachment. Thank Goodness she was willing.
She will sell part of her land at a reasonable price and wait until closing for her money.
While all of this has been going on, I've been trying to get the payoff from the bank.
They cannot seem to find the form that I faxed to them...three times.
Finally they tell me that on that particular account, I need to call the attorneys - it has been handed over to attorneys for foreclosure and that the attorney should be able to give me the information that I want BECAUSE THEY NOW CAN FIND THE FORM THAT I SENT THEM WEEKS AGO AND THEY COULDN'T FIND BEFORE.
How did this happen?
Mr. Seller had stopped making his payments but didn't tell me that until I called him.
Why didn't he tell me?
When I told him about the attorney, he seemed genuinely surprised.. seems the bank has been sending him friendly letters telling him that he was qualified for a refi at a lower rate.
This doesn't make sense.
Alright...I call the attorneys. Any request will have to be faxed to them and THEY DO NOT HAVE THE AUTHORIZATION FORM THAT THE BANK SAID THEY DID.
I fax them a third party authorization form and a request for a payoff.
Two more weeks go by. The survey has been taken care of . Second appraisal was turned in. Everything is on go.
EXCEPT NO PAYOFF FROM THE ATTORNEY.
Finally get the payoff. Now we have a week to close, since it took so long to get the payoff, should not be a problem... one week is plenty of time.
Buyers loan processor has been changed twice more while all of this is going on... loan docs will not be ready in time for the date "good till" on the payoff.
Now the closer has also been busy on these things.. called the attorney to let them know when we were going to try to close. Settlement statement and title work done and sent to the loan processor for underwriting approval.
File is ready to go.
Closer is ready to go.
Buyers are ready.
Sellers are ready.
Survey is right.
Appraisal is good.
Title work is finished.
Deeds are prepared and ready on the encroachment.
Attorney is to give payoff on a Thursday for a closing on Friday.
Friday morning... I'm on the phone to the attorney...
NEED PAYOFF TODAY - CLOSING TODAY.
Seems someone there that was supposed to do it on Thursday did not do it, but someone else speaking on that person's behalf (???) said that person had gotten busy so they didn't have time. ???
They asked if I would call them back and they could then fax it to me. I requested they fax it to the closer because I had to leave - closing about an hour's drive.
The sellers were driving in quite a distance from one state and the buyers were driving in from some distance from another state.
Everyone coming together on faith that it was going to happen.
The attorney's office faxed the payoff amount to the closer...
All docs were ready and WE HAD A CLOSING!
I wouldn't have bet money on this one.
All parties celebrated!
The sellers needed to sell and by the time we got to closing they really needed to sell.
They were happy.
The Buyer loved the property. They got a good buy, a great interest rate and they were happy.
I got a hug from both sides.
I love happy endings! We could have made a suspense movie out of this one!
And I received a lovely gift - part of which is this beautiful bouquet of flowers that I still have photos of in a folder of pics that has flower pics from clients.
Integrity Real Estate Services does their best to make your purchase and/or sale go as smoothly as possible, even in dealing with these types of issues. Call the Real Estate Office that takes care of business.
This post is also posted on Idabel Homes.