Often in this business, and especially now given the current state of the housing and mortgage markets, I often hear some people say a closing or deal is 'impossible' or it 'will never close'. I especially like these challenges and love to use my experience, expertise, and good old fashioned hard work to get these deals closed and make all the parties involved with the transaction happy.
I recently closed another 'impossible' deal that everyone assumed was a train wreck heading off the tracks. The property was in foreclosure, the sellers were getting divorced, not too cooperative and could care less if the property foreclosed. There were numerous issues to clear on title besides the foreclosure including old unsatisfied privately held mortgages, code enforcement liens, and I also needed to retire the RP tag and title on the mobile home on the property. The property needed a survey done as well. Oh, and by the way, the house goes to auction and this has to close in less than two weeks before the buyer's rate lock expires.
Using my experience closing many pre-foreclosure and short sale transactions I was able to help the listing Realtor (who had never closed a short sale transaction before) get in contact with the right people at the lender and as well at the foreclosure attorney's office. We walked the Realtor through the entire process and we were able to postpone the foreclosure sale and get a payoff statement in near record time by making the right contacts and providing the right information and documentation to the lender. Meanwhile, we ordered the title work (less than 24 hours), ordered the survey (which we got completed in just 48 hours), worked the title and got needed payoffs, tracked down the holder of the private mortgage (which was satisfied, just not of record) and prepared a Satisfaction of Mortgage for them to sign and return for us to record (in less than 48 hours), and obtained the mobile home title and paperwork to retire the RP tag.
The day of closing early in the morning I drove to one end of Orlando to get the soon to be ex-husband to sign his documents, then to the other side of town to meet the other seller at her work, and then back to my office at noon to meet the buyer on his lunch break to sign his paperwork and get the keys. We had the whole file post closed, funds disbursed, and the documents to recording that afternoon.
My intention of this blog post is not to 'too my own horn' or brag about our closing skills, but rather to illustrate that everything is not lost, even when the closing looks impossible. It may take some extra hours and hard work, but virtually any legal transaction can be done if you have the experience and determination to make it happen. If your title company is telling you 'no' or 'this closing is impossible' then maybe it is time to check out another title company who has a positive, 'can do' attitude. I am not saying every single closing can happen, sometimes there are title, legal, or financial limitations and situations which can prevent a closing from occurring. But, even when some deals look like there are too many barriers to make it a reality, they can really close and become a possibility.
If you have any title or closing questions please do not hesitate to e-mail me at email@example.com , I will be glad to try and help make your impossible closing possible!