Recently the Clerk started their E Recording program. I dutifully set up my account and, just yesterday, finally had the opportunity to try it out. The process is fairly simple: Scan the documents you want to record, log into your account on the Clerk’s website, and upload the documents. Now documents can be recorded immediately after a closing takes place. The immediate recording can substanitally cut down on the “gap” – the time it takes from completeing the closing to recording the final documents.
Recently, I conducted closing where the seller was a real estate attorney from Chicago. The closing went very smoothly and we had a nice conversation about law and the number of different types of law that attorneys are involved in. I asked how he decided to concentrate his practice on real estate and his response brought a smile to my face. “It’s the happy part of practicing law”, he claimed.
We recently competed a short sale closing where the property was in foreclosure. The property is still in foreclosure and will be until the lender, one of the larger banks, and their assembly line lawyers dismiss the suit. This, of course, can take several months. If anyone has tried communicating with a lender, you will understand that something so simple is, in fact, next to impossible. The large lenders communicate with the lawyers in the same inefficient manner.
One of my goals for 2013 was to get my website up and running. Check. Next goal, start blogging for search engine optimization. Check. Make sure you blog once a week so you are consistent. Ok, so blogging is not my strong suit. Let’s put this down in “Things I Need to Work on” colomun – maybe I will get better in 2014.
Most people know that an association can foreclose a lien. However, most people do not understand how the association foreclosure works. This was brought to my attention when a client came into the office. He had just purchased two association foreclosure judgments and he wanted title insurance on his newly acquired property. He thought he had gotten a real bargain wanted to know what to do next.
Speaking with my wife the other day, she made an unusual comment to me … “I read your blog, and you are really harsh on Realtors.” Needless to say, I was surprised. Surprised because she actually read my blog and also surprised that she thought I was bashing Realtors.
Working with lenders can be very difficult. We recently closed a short sale where the buyer was getting a loan through the Veterans Administration and working with a mortgage broker. This was also a short sale, so not only were we working with the buyer’s mortgage broker and lender, we were also working with the seller’s lender. Continue reading
Currently I am working on a difficult closing. The closing date was set, but the buyer could not close. This was due in large part due to the fact that the sale of his property did not happen. And since the sale of this property did not happen, he was unable to close on the purchase. Sometimes this happens with closing – its like watching dominoes tumble one after the other. Continue reading
We can all agree that Realtors are necessary and serve a valuable service. I would never suggest anyone buy or sell a property without one. A good realtor will be well informed about the market and about their buyer or sellers needs and desires. But is it a good idea to take legal advice from a realtor? Never.
I have been working on short sales on a regular basis over the last few years. This has gone hand in hand with clients going into foreclosure and attempting to find a reasonable resolution for them. I don’t know exactly how many foreclosures I have been involved in, or how many short sales I have been involved in. I cannot say that it has ever been a high priority to actually keep count. I am more concerned with doing a good job for my client and giving them an acceptable exit to their stressful situation. That being said, I can say that a high percentage of the properties that do become short sales are eventually approved and successfully closed. Continue reading