So I crosed the first hurdles, found the buyer, showed her an REO property, presented offer, came to terms and openned escrow. This should have been a super smooth transaction, well it wasn't. 21 days into the contract the asset management Co. did not have a clue who was the escrow holder, the listing agent was never too helpful nor was she trying to be at all. She even got to the point of giving me her asset managements info so I could go figure it out with them.
Finally, North American Escrow, we open escrow (42 days into the deal!!) everything is going good on April 17,2008 we order docs. Afterthat, everything went south. We found out that we did not have clear title, It turns out original owners where still on title even though they surrendered property before filling for bankrupcy but their attorneys did not file a release of stay.
Here we are dealing with a foreclosed home, and original owners still on title! What are the odds!!! Anyways to make matters worst, Title issues a new and updated prelim on May 7th everything apparently has been cleared up and we get docs, sign, and await for funding right? Well again big surprise, these people at North American Title, start nickle and diming me asking me and making a huge issue about a $15.00 shortage in deposits so for two days they argue about that 1 week later extensions, and addendums we finally get them to send the HUD to the seller. 5 days later no authorization to fund yet, lock on loan will expire now, and Escrow officer is not responding at all. What is going on now I kept on asking. Escrow officer washed her hands by simply responding she had no control over selling party decisions oractions at this point! Huh?
Sure enough, nothing happened, escrow waited until seller came back to us and explained how they would not be able to close no more and my client was canceled out of contract or we had a choice of waiting another 30 to 40 days until the property foreclosure process was done AGAIN!!!
Today is June 5th, 2008 my client is still waiting for her deposit to be reimbursed. I am trying and hoping I can save the little credibility I have left with my client. hopefully if they are kind enough to speed up the process I can put her into a different home. Unfortunately I have had no luck yet!
North American Title sucks, you would think these people would have at least offered to pay for my clients appraisal fee of $350.00. When asked they said no one had authorized us to move forward on the loan process.....3 months latr? As for the seller there is not one single person in the asset management Co that has even attempted an apology to all this mess.
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