Monday, March 14, 2011

Blow by blow, step by step....

I can't even disclose this kind of crap to my wife, it will just ruin her weekend and presumably it will be resolved on Tuesday or Wednesday of next week... but....


Interstate Title is returning the buyer's mortgage company's money and undoing the closing. The servicing company is still saying that they want to pay the taxes before the closing. Interstate Title does not have a point of contact at the servicer who will be responsible for paying this bill. Apparently, the seller is not returning Tom's calls nor Interstate's. I will notify my counterpart at Preakness Realty and ask him to contact the asset manager.

Stefan: I recommend that you call your lender and explain that we will have to retry the closing and to take action in order to extend your commitment letter if necessary. Interstate Title made the point that it will take at least two days to obtain the payoff amount for the taxes then overnight the funds.


Robert Kohrs"

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