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Updated over 9 years ago on . Most recent reply
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escrow delays due seller (allegedly just now) received NOD
buying a house in LA, standard sale through escrow, the agent represents both the seller and me, the buyer. At this stage my lender who is ready to fund and I already wired all 20% down-payment. The last thing was walk-thru. and record tomorrow... Suddenly get a message from escrow ... we are not closing tomorrow, we are waiting for the updated payoff demand from the sellers bank...!Allegedly the seller discovered JUST NOW (we were in 45 days escrow) they have a lien on the property. I am thinking... they knew it before but played me as the HUD didn't contain any seller's payment break down and the final title wasn't forwarded to me neither. Any feedback/advise from the experts? :) Also since i am in the dark and didn't get the NOD or payoff info
Most Popular Reply
I don't see a big concern here. They need an updated demand because of the additional cost due to the NOD. The payoff to the sellers lender will be a little higher, that's all, the cost is on the seller. Unless it's a short sale there should be no problemo except for a little delay, or unless your loan lock expires.
If you want to pm me the address I will look it up on Property Radar, that will show the NOD. Or, you can look it up on the county recorders website. If the county recorder doesn't allow online access (like LA county for example) you can try here.
The seller was probably expecting (hoping) the lender would not start foreclosure since it was in escrow, they knew it was coming, they just didn't know when. It's a little jerky on the part of the sellers lender imo.