Friday, May 30, 2008

The Rest of the Story

Ok, for those of you who don't know the beginning of the story, read HERE.

We get the second buyer to replace the first one. Now we need the title company to generate a HUD statement to submit to the seller's lender to approve the short sale. As we begin researching unpaid taxes and unpaid HOA fees, we discover that the HOA had started to foreclose on the property. We were totally blindsided by it. Thankfully, it was a very simple thing to correct but it ate up a week of our time. I wasn't able to get a HUD statement to the lender until the following week and even then they wanted us to send them support for our numbers.

The law office that was hired by the HOA would bill us every time we called them and asked for written back up, so the number they gave us kept changing. That would then affect the HUD statement and we couldn't keep doing this. It seemed that the law office didn't want to work with us. In hindsight, they just didn't believe we were going to be able to pull this off, so they didn't care. They really had no interest in sabotaging the close of this sale. They had nothing to gain by acquiring this condo.

After some revisions and corrections, we were able to get the documents to the seller to sign in Pennsylvania Thursday afternoon. A notary had to be arranged to meet him and he then fedexed the documents at 6:00 to arrive Friday for close. We had to close on Friday the 30th, there was no more time after that. The title company was swamped with closings; they wanted to push us to the very end of the day.

We finally close at 3:30 and at 4:15 I deposit my commission check in the bank and begin planning my evening celebration. At 5:00 I get a call from the seller's lender that they didn't receive a necessary document and the deal isn't final. Now, I'm back into panic mode. I can't get anyone at the title company to answer the phone. I e-mail, leave voice messages, etc. Finally, at 5:45, I get a call that everything is taken care of. It's done.

I swear, this is how it's been for 6 months. I am so glad this deal closed.


SunWolf said...

Congratulations on a job well done! Goodies went into the mail today. The post office said you should get them within 7 days, but she said in actuality it will probably be sooner than 7 days.

Anonymous said...

Yesh, attorney's charge for everything. At some point, for things like that, I just halt it.