HSBC, time to close

[Bienes Raices]

Has anyone bought an REO from HSBC? Did it take longer than normal from inspection period to close? Thanks.

[Ralph S.]

I bought one. They use bozo lawyers. We had two delays. They won't record the foreclosure until just before the sale. In our case, we found out it wasn't done when the title search was done just days before the close. The yo-yos mailed the foreclosure documents and fee to the clerk, and under paid the recording fee by $3. The clerks office called them and offered to record it anyway and would wait for the $3, they said no, don't record and they would pick up the package and resubmit. Weeks went by before someone showed up to pick the package up. More promises and weeks went by while they sat on it. All for $3. We finally got the the package, got the title insurance to view and approve TI without it being recorded, and both were recorded by the lawyers handling the sale (different firm than the one that handled the foreclosure).

Did you hear the one about the Lawyers Genie? Guy walking down the beach finds a bottle and pulls the cork. Out pops a Genie who grants him three wishes, but tells him he's a lawyers genie, so any wish gets granted twice for every lawyer on earth. Guy thinks, okay, and wishes for a million bucks, and bingo, the genie produces a deposit slip for his checking account in the amount of a million bucks, and then declares "and two million for every lawyer on earth." The guy thinks a minute, then says, I've always wanted a red ferarri, and pop, right there on the beach, a red Ferarri, "and two red Ferarri's for every lawyer on earth." The guy thinks for a minute, and the genie reminds him, "you've got but one wish left, better make it a good one." And the guy says, "I've always wanted to donate a kidney."