Tuesday, September 27, 2005

Possible Delay Again

Well, I just got off the phone with the escrow agent and they still do not have funds yet. Apparently the problem now is that the lender is being a jerk. It seems the loan documents the buyer signed had the buyer's name spelled incorrectly and neither the lender nor the escrow agent caught it. The lender was complaining about this and wanted to get new docs, which means the buyer would have to sign docs again. Given the late hour, that would probably mean another 2 day delay, at least, to overnight the documents back and forth. However, the escrow agent said there is an "errors and omissions" document that was included in the loan package. Since the buyer signed his name spelled correctly on the paperwork, she is pushing to get the lender to correct the issue on their end as per the errors and omissions document and not require the buyer to sign new docs. The loan agent is going back to her boss with this request.

I told the escrow agent that I would give them another day, but she said she wasn't going to tell them that, in order to get some pressure on them to get this resolved.

I'm giving them another day because this delay is purely administrative - the buyer's loan has been approved and there isn't a chance of him being turned down anymore. Now, the lender is just being pretty anal about the issue. (The escrow agent said this is typical behavior for this lender.)

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