Time Bombs – San Jose Short Sales
It’s what we don’t know that can cause San Jose Short Sales to catapult straight into foreclose. The real challenge is to discover what we don’t know before the foreclosure time bomb explodes.
We recently had the unfortunate experience of working with an untrained escrow officer at Old Republic Title Company. She became aware of an IRS tax lien on July 29, 2010 and failed to take action to ensure the lien was released so we could close on October 21, 2010. The escrow officer also did not send the updated preliminary title report to the agents. Therefore, the time bomb ticking in escrow remained unknown to the agents, the buyers and the seller.
We had short sale lender approvals and were ready to close on October 21, 2010. Buyers and Seller had signed off in escrow. Buyers’ funds were wired to escrow in the morning on October 18, 2010.
- October 18, 2010 @ 3:11pm, Escrow Officer Rosa Avila sends an urgent email with the subject line: Delay in close of escrow.
Email message: IRS informed me today that they will not provide a release or any kind of written confirmation of release for their liens until approx. 11/30/10. I am currently contacting the short sale lenders to request an extension.
San Jose Real Estate & San Jose short sale agents must understand that importance of choosing a title and escrow company. Failing to choose a title company that is trained in short sales may result in the reason San Jose Short Sales do not close; their buyers and sellers are damaged; and after working 4-6 months they do not receive their hard-earned paycheck.
Time Bombs- San Jose Short Sales by San Jose Real Estate Agent – Kathleen Daniels