House #21: More Delays

April 6, 2011 · 1 comment

We’ve been waiting to close on the purchase of The Leak House since January. As I mentioned previously, the bank has been working for nearly three months to get the foreclosure deed in-hand and over to their closing attorneys, and there is no explanation for the delay…

Finally, this past week, the bank’s attorney got the deed and sent a copy of it over to my attorney. Unfortunately for this deal, my attorney is very good, and caught a very subtle mistake — apparently, the bank that signed the deed was doing so as Power of Attorney for the bank that owned the property; the problem though, was that the Power of Attorney contract they were using to back up the signature expired several months ago, so the signature was technically invalid.

This means that either the bank that owns the property will have to refile the deed with a correct/authorized signature or they will have to produce a new Power of Attorney to make the existing signature valid (though I don’t know if this is legally possible or not).

Regardless, while we thought the waiting was almost over, that no longer appears to be the case. I don’t know if this is going to take another week or another 6 months, but the deal is still a good one, so I’ll continue to wait…

One response to “House #21: More Delays”

  1. I feel for you. At least your attorney caught the mistake now instead of after the fact.

    Hope it closes for you soon.

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