Thursday, August 12, 2010

Everybody makes mistakes, even title companies and management companies

Long, boring story short and boring: my buyer client has an accepted offer on 1809 Peyton in Burbank, but the condo must "go" FHA in order for him to get a loan.  Fine.  Reams and reams of paperwork need to be submitted to FHA and the condo documents have to be examined in very close detail.  Fine.  But it's been about 60 days now, and the listing agent is really steaming over how long this is taking. Fine, but don't tell him that.

Just yesterday, the FHA folks noticed that the preliminary title report from the title company was wrong -- it had a map of a building down the street. Considering how much title insurance costs and how many people view the title company documents, this is pretty surprising.  And, the building's management company had certified that the complex had 46 units in it when it only has 42.  Nice to know they are collecting the HOA dues in that building.  Aberdeen has made several paperwork mistakes in this transaction, but you'd think they'd at least know how many units are in one project.

So these conditions have now been caught and remedied by the lender at Prospect Mortgage, Dana Dukelow, and his staff.  But the listing agent would still like to kick us out of escrow.  Stay tuned...

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