Escrow Issues
ug. got this email from H yesterday....
Lender changed asset mgmt company and new one is taking a long time to get to the file. Listing agent warned me about this and was trying to get it approved before the change took place but obviously she was too late. Escrow people should be taking care of the title issues. I called them but escrow officer was working from home & had files & they could look at it.
and this one today...
we can't start anything unless the lender signs the paperwork so yes, this will delay escrow. once the process starts, i'm foreseeing that everything else should go on time. Michele seems to be on top of the loan. We already did the inspection and negotiation. Appraisal probably is my main concern. Without the add'l permitted SF and with the last comp coming in at $585K, there's a good chance the appraisal will come in lower. A lot of the appraisers are conservative right now. With all of this uncertainty, I can't give you any definite date. I know it won't be 6/23, goal is before your rate lock expires. Outside of that, I don't know as it depends on too many things. Remember, you are buying a foreclosure, better than a short sale, but you're not dealing with a regular seller so delays should be expected. I think I warned you about that in the beginning.
argh. stress. stress. stress.
i swear this is going to be the last time that I want to purchase a new home. i just can't handle this crap!!
Lender changed asset mgmt company and new one is taking a long time to get to the file. Listing agent warned me about this and was trying to get it approved before the change took place but obviously she was too late. Escrow people should be taking care of the title issues. I called them but escrow officer was working from home & had files & they could look at it.
and this one today...
we can't start anything unless the lender signs the paperwork so yes, this will delay escrow. once the process starts, i'm foreseeing that everything else should go on time. Michele seems to be on top of the loan. We already did the inspection and negotiation. Appraisal probably is my main concern. Without the add'l permitted SF and with the last comp coming in at $585K, there's a good chance the appraisal will come in lower. A lot of the appraisers are conservative right now. With all of this uncertainty, I can't give you any definite date. I know it won't be 6/23, goal is before your rate lock expires. Outside of that, I don't know as it depends on too many things. Remember, you are buying a foreclosure, better than a short sale, but you're not dealing with a regular seller so delays should be expected. I think I warned you about that in the beginning.
argh. stress. stress. stress.
i swear this is going to be the last time that I want to purchase a new home. i just can't handle this crap!!
posted by Lu at 11:00 AM
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