All Cash Closing taking a long time...

[Olivier Mader]

I'm in process of buying a property in an all cash deal. I opted for insured closing instead of a QC. I have closed on properties with warranty deed (insured closing) as fast as 9 days from accepted offer to closing before.. Right now, I'm in process of buying a property with cash and the Title Company just sent a letter to both, seller and buyer (me) to extend the timeline by 30 days.. It has been over a month since executed contract so far. I called the title company last week and they said that they are waiting for the lien certification... Never saw that kind of delay and I've been through many closings. The property has an interesting history. It was foreclosed on in 2013 by Wells Fargo. They had it for 1.5 years and then sold it to HUD for the amount of the principal owed. The company that manages all HUD properties (CWIS LLC) determined that the property was in too bad shape to sell via Hudhomestore.com and the property was supposed to go back to Wells Fargo. However, somehow, the property got lost in their system and was never given back to Wells Fargo and was neither maintained by HUD. They realized that when I called HUD about the property as it was not being maintained (grass was 3 feet high). I own the property across from it (rented out) and always wanted to buy that one, so I called them to either a) maintain or b) sell the home. After my inquiry, they realized that the home was "forgotten" and never given back to Wells Fargo. 1 week after my call, the house popped up at Auction.com and I got a contract on it via Pre-Auction bid. To this date, the owner on the property record still shows "SECRETARY OF DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT" as the owner even though the party I'm buying it from is Wells Fargo Bank. Not sure what is going on there.

[John Thedford]

Banks can be notoriously slow. By law, payoffs have a specific time period a lien holder has to abide by. Title issues, on the other hand, don't. No doubt they they will get it resolved you just have to continue to be patient. You are caught up in the bureaucratic black hole. You probably are waiting on banks and the FED.