The end….. of a Very Long Foreclosure Story in Coconut Grove
August 8th, 2008 categories: Buying Real Estate in Coconut Grove
When we last left off in this “Coconut Grove Foreclosure Story” on July 13 we were hoping that the closing would take place within the week.
After a couple of days went by without any contact from anyone (did I mention the Realtor for the seller was on a 2 week vacation during this time to Alaska?), we found out that the title company (which the selling bank hired) had not even begun to do their work on the closing papers. Once they looked at the documents, they realized that there were several liens on the property and that the title had been recorded inaccurately when the bank took possession in the foreclosure. This process took 2 weeks to clear up which resulted in my clients having to pay extra money to Bank of America to hold on to their quoted interest rate.
Once all of that was addressed, the selling bank’s attorney then spelled the name of the street inaccurately and put the wrong legal description on the title documents. This took another week to resolve.
At this point, Bank of America told my clients that we had to close by midnight on Friday August 1st or they were not going to honor the loan program they had given them. In other words, the deal would be dead.
At 10:30 Friday night, we received all of the correct documents (via email) to be signed and faxed back before midngiht. My client’s sister is a closing attorney in Palm Beach and was able to drive down to Miami and show him where to sign on all of the documents.
As is often the case with foreclosures, the selling bank applies an amazing amount of pressure on the buyer in the beginning of the process to get his financing quickly, but once the buyer is ready, the selling bank is not ready themselves.
After several hundred heated emails, phone calls and countless hours of stress, my clients are finally first time homeowners!
P.S. - The picture of the man above is not a picture of my client, however, I do feel that it is an accurate portrayal of him throughout this process.
Brave Brave people to try to buy a foreclosure to actually live in! Buying a foreclosure is such a challenge! Great job you finally got it closed!