Enough Mission Viejo Home Buyer Drama For Now
What Could Possible Go Wrong in My Mission Viejo Home Purchase?
The cliff hanger from the last blog entry ended on the Wednesday afternoon of a Short Sale transaction in Mission Viejo with the money from the (finally) funded loan going to the wrong title company on a home that had to close by Friday or be at risk of some very undesirable consequences. Caught up so far?
Well, read on for some closure.
Wednesday late afternoon it was discovered by the loan rep that the funds were sent to the wrong title company because the lender didn’t catch the fact that the title company had changed from the one indicated on the Preliminary Title Report to the one indicated one week later in the Escrow instructions. Oops. This easily could have started a shoot ‘em up, point the finger, rant and rave, gauntlet throwing, name calling attack between escrow and the lender. But we’re all adults here, right? The main goal was to find the money and get it to the right title company in time to close and record the transfer of title to the buyers by Friday afternoon. The clock ticks at the same speed regardless of how little time you have. Thank goodness this Realtor has a stop watch.
So as the hours unfold toward the looming deadline, you can only imagine the number of phone calls, emails, escalated pleas to managers, senior managers, executives to find the money at the wrong title company, return the money to the lender, who then has to re-fund the money to the CORRECT title company. Say that fast five times while you pat your head and rub your tummy and chew gum. I dare you!
Of course all of this drama takes place against a back drop of not only the ticking clock, but the limitations banks and title companies place on wires. See, these institutions have these bothersome things called cut off times. As in, not only don’t you get the 24 hour solar day, or the fairly standard 9 hour business day, you only have until 2 PM on weekdays for the funds to be received.
With all of us involved with our nails chewed down to nubs, our ears buzzing from the incessant phone calls, and our carpal tunnel flaring up from all the emails, we get down to the wire. How’d it turn out?
The wrong title company found the funds Thursday at about 11:30 AM. They sent the funds back to the lender who didn’t receive the wire until about 1:15 PM that afternoon. The lender promptly re-funded the loan, wiring the funds to the correct lender at about 1:17 PM. Remember that 2 PM cut off to receive wires? Well, the funds were in just under the gun, escrow set it up at the recorder’s office, and the transfer of ownership confirmed recorded closed at 4:03 PM.
“Amen” was heard from several people with an interest in getting this one done. Enough drama for now.
I’m Leslie Eskildsen – just keeping it real in Mission Viejo Real Estate.
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