All Forum Posts by: Tom Mack

I did call the title company to apply pressure and let them know that I may be walking away from the deal. Apparently, it did cause a stir. This is the update from CW:

I had to file a title claim with the prior insurer
because we LEGALLY do not own both parcels of land that the property
encompasses. All that we could rightfully sell to the buyer right now is
one parcel and the house sits on both parcels. To correct this, it appears
that the prior insurer is going to have to track down a prior owner and get
them to deed the missing parcel to us. That could take some time. Like I
said, my estimated time frame is 2 more months. Believe me when I say that
the buyer doesnt want to purchase this until we get this all cleared up.

I received this via email at 1:00 pm today. My agent called me at 4:30 and stated that CW decided that we can close next week as the title company will provide title insurance and CW will give me a deed on the 2 acres (the entire lot). I fail to understand how CW could convey good title if they do not LEGALLY own both parcels. Their response above indicated that when they financed the structure, they never had a survey done or checked the deed as it was incorrect during the prior owner's tenure also. Funny....they financed the home construction on a parcel of land that the home owner didn't really own or at least have the deed for.
Now CW wants to close next week indicating that they can provide complete title insurance and that the title company will get it all cleared up after the closing.

Dick:
Being a "bean counter," I am keenly aware of the money I have in this deal already. This fact only serves to irritate me more. Given that this is my first foreclosure deal (I have purchased several short sales & distress sales), I thought that they needed to sell it more than I needed to buy it. However, Countrywide received 3 offers on this property within 23 days of it being put on the market.
How would you suggest that I flip the script? I have tried everything that I can think of and nothing seems to affect any one in the chain other than my agent. I have never before said that I have exhausted my efforts without acheiving my mission....or at least felt confident that I was making head way. Any suggestions would be greatly appreciated.

Thanks Anson & Justin. Ironically, my agent warned that buying a short sale property can be a lengthy process. This purchase is a vacation home for myself (located out of state). After looking at over 30 properties, I fell in love with this one (I bought it with my heart & head). Given the price, I am going to have to suck it up and persevere to the end. I just don't know if my agent can live with me much longer. I remind myself that I am going to laugh about this someday.....I am just not at that point yet.

I am still looking at other properties in the area (just in case), as well as other investment properties.

I have been in the process of buying a Countrywide foreclosure for 3 months now. I had a survey done and it revealed that the prior owners didn't deed back all of the property to Countrywide. I was told that it appears to simply be a matter of a typo in the legal description. CW says this will delay closing for another month or two. I also found that the survey referred to this property by another address (535 Smith Ave. instead of 623). CW ASSet Mgr refused to sign the amendment to correct the address stating he was "tired of signing things."
HELP...Does anyone know how to get a hold of someone (name & phone #) at Countrywide who could assist in this mess. I didn't sign up for a 5 month closing (my interest rate locks keep coming unlocked)! :roll: