Drama Strikes Mission Viejo Home Buyers and Sellers
You don’t need to go all the way to Broadway to take in some drama. Heck no. Just decide you want to buy a home in today’s Mission Viejo Real Estate market and let the drama unfold before your very eyes.
Like the drama you’d experience firsthand if you happen to be trying to buy a great home in Mission Viejo, Laguna Niguel, Coto de Caza, or any other great Orange County neighborhood, while you are working out of the country and your wife is residing in Santa Barbara. But before leaving the country, you created a fully executed Power of Attorney, giving your wife the authority to sign the loan documents for you, as your Attorney in Fact. Then your wife drives down from Santa Barbara, goes into the escrow office, and signs the loan documents for both of you. On a Sunday. Before she drives back to Santa Barbara. Giving you plenty of time to close by Tuesday.
Then on Tuesday, your wife gets a call from Matt, the Loan Processor from the lenders office. Adorable, lovable Matt. Modeled mostly after Ryan from the much acclaimed TV series The Office. Matt is calling to let you know that your husband’s name was not signed properly and you have to resign the complete set of loan documents. Because your huband’s name has a Jr. stuck on the end of it on his Driver’s license, but not on the loan documents. Or the Power of Attorney. Oopps.
Matt is proactive and offers to FedEx the messed up docs to you up there in Santa Barbara. So you can sign them properly. Then FedEx them back overnight. Hoping and praying that you didn’t miss even one Jr. And that you can still close on Thursday.
But when your Realtor finds about the plan Matt has hatched to fix the botched up loan docs, she has a conniption fit. Right there on the phone. Adorable, lovable Matt only knows part of your story. Matt doesn’t know that 1) there’s a back up offer on the home for more money and ALL CASH and if you miss your deadline to fund your loan, the seller will probably cancel on you and move on to the other buyer. And 2) Matt doesn’t know that there is also a Notice of Trustee’s Sale filed on the property and if you miss your deadline to fund you loan and record the transfer of title, the seller’s lender will most likely sell the house at the Court House steps instead of wait for you to perform according to the contract deadlines.
So your Realtor, the Escrow officer, and the Loan Representative squash Matt’s plan. Instead, they all agree that it would be a much safer bet if you drive back down to the OC, fixed the signatures at escrow so they can be reviewed while you are still there – making sure there are no other glitches so you will fund and record on time. You agree, and despite Matt’s persistence, you hop in your car on Wednesday and high tail it to the escrow office. In time to fund and record that very same day! Horray!
Only you find out Wednesday afternoon that the funds from the loan were sent to the wrong Title Company. Akkkkkk! Now what?
Stay tuned for the next episode of Mission Viejo Real Estate Drama. It’s not for the faint of heart.
I’m Leslie Eskildsen. Just keeping it Real in Mission Viejo Real Estate
Call me. Text me. Or fill out this form for more info. I’ll get back to you during normal human working hours. Especially important if you are calling, texting or emailing me at 3:30 AM. I’m asleep. Call you tomorrow.