Discover how to be prepared for a real estate transaction by following due diligence and investigating both physical and intangible qualities. Do you have a good understanding of what Due Diligence is in Real Estate? Are you a First-Time Homebuyer not aware of this process? Subscribe to our channel and we can help you learn more about real estate properties.
In this episode, I’m going to talk about what happens if you don’t do your due diligence before Short Sale and how to rectify it. Stay tuned.
I thought I would something a little bit different. An agent came to me because they were not able to close on a short sale because they had three judgments that they had to deal with. So they had an approval from the lender, the Short Sale lender, and they weren’t able to close because they were not able to take care of those three judges on a title. So I took a look at those three judgments and were able to take care of two of the judgments except one.
So let’s step back and you have to understand that in order to close on a short sale is like any other transaction you need a clear title. And so when the title company runs title there is going to be judgments or liens that may be on title and you have to clear them. And so, in this case, the title company revealed three judgments because in a short sale you have such a short time that you need to clear those title. They didn’t have enough time and so the short sale approval expires.
So what I recommend is that you need to work on those judgments or title issues before you even get to do the short sale. Always you start ahead of time because once you get the approval you don’t have the time necessary to clear or get the settlement for those judgments and liens. Okay?
So this one judgment and I want to go over in detail and show you exactly what I did to figure out how to get those judgments because the attorney and the title company kind of gave up. So if you see on the screen the judgment is Citigroup. And underneath it shows the attorney which is Faloni, okay? So what I did was that I called Faloni, they are collection law firm and they told me that they no longer have that account and told me to call Resurgent, which is the party that ultimately owns that collection account. So once we called Resurgent, they told me that they don’t have that account either. And so I was like, where is it? I called Faloni back again not just once. I called them three times. And you have to understand that sometimes you’re talking with individuals at these companies and every individual work differently or sees things differently. And so on the third time, I called them the representative that I spoke with said that the account has been sent back to CCSI. What is CCSI? And the representative did not know what CCSI was and neither did I. So I went on Google and I typed in ‘CCSI’ and as you can see on the screen it says ‘CCSI Universal’. And so I typed in CCSI and I clicked on universal and when I saw that, I saw, I scrolled down to just kind of look through all of the search results. I saw Universal Cards and if you see on my screen it says ‘Universal Card’.
So based on my experience, I know that there is a credit card company called AT&T Universal Card. And so I googled them found the customer service number, called the customer service and found that they have the account. And so it was just a matter of sending the authorization letter and getting and requesting a payoff. Judgments or liens take time to research and that’s the game. So it’s best to do that before you get the approval. So if you have a transaction that has title issues and you can’t close. Give me a call at (201)297-6965.
For More Info https://www.segisgroup.com/shortsale
We Help Homeowners, Attorneys and Agents in New Jersey and New York close on their short sales. https://www.segisgroup.com/shortsale