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Old 01-21-2008, 07:44 AM
 
Location: Gorham, Maine
1,815 posts, read 4,267,470 times
Reputation: 1240

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Glad it all worked out, congratulations.
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Old 01-21-2008, 09:27 AM
 
Location: Log "cabin" west of Bangor
5,487 posts, read 6,426,587 times
Reputation: 9378
Quote:
Originally Posted by Northern Maine Land Man View Post

I know you were nervous so I didn't say anything, but in October 30% of the scheduled closings in Maine did not happen. The buyers were qualified; The sellers had good title to their property, but the lenders did not have the funds at closing.
LOL, I was well aware of the lenders' (in general) problems, since this started two lender's from whom I had secured commitments went belly-up. I was confident that this one would be OK.

The title was also a big problem- between the resale of CDOs and all of the other problems that have occured in the mortgage industry lately, actual title was very murky and my lawyer had to work overtime to get releases from everyone who had been involved, one way or another, with the notes of the sellers. He did not get the last of the signatures until Friday morning. As well, apparently the foreclosure had already been registered (I think that's what he said).

Since this was so convoluted I elected to purchase title insurance for myself, as well as the coverage required by the lender.

I'm very glad that I hired a lawyer to pay attention to this stuff for me, I probably would have been lost without him. I knew a guy who bought a house for his mother- he grew up poor and managed to advance himself to where he could do it. Unfortunately, he knew nothing about real estate and the problems that could arise so he didn't bother with title search or insurance and just trusted the seller's. About 6 weeks later his mother was put out by the sherriff and the house was auctioned off because of a lien on the property. (That's what he told me, anyway.)

So, we were sweating right up until we started signing the papers. Now that part is done and I can move forward. I'm sure there will be some new challenges but they shouldn't be as mentally stressful.
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Old 01-21-2008, 09:48 AM
 
Location: Northern Maine
9,485 posts, read 14,286,680 times
Reputation: 8906
Glad you bought title insurance. Note to everybody:

ALWAYS, Always, always buy title insurance, even on a small lot somewhere.

I'm so glad this came together for you. I don't know your own name, who the seller was, the broker you worked with or what town your new home is in. I just wanted you to recover from the disaster you faced.
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Old 01-21-2008, 11:05 AM
 
Location: Forests of Maine
29,722 posts, read 47,483,706 times
Reputation: 17565
Quote:
Originally Posted by Northern Maine Land Man View Post
Glad you bought title insurance. Note to everybody:

ALWAYS, Always, always buy title insurance, even on a small lot somewhere.

I'm so glad this came together for you. I don't know your own name, who the seller was, the broker you worked with or what town your new home is in. I just wanted you to recover from the disaster you faced.
Good advise.

Zymer- I am happy for you that it is all working out so well.

Good job! to the professionals who helped to sort this matter out!

Well done
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Old 01-21-2008, 02:18 PM
 
Location: Log "cabin" west of Bangor
5,487 posts, read 6,426,587 times
Reputation: 9378
Quote:
Originally Posted by Northern Maine Land Man View Post
Glad you bought title insurance. Note to everybody:

ALWAYS, Always, always buy title insurance, even on a small lot somewhere.

I'm so glad this came together for you. I don't know your own name, who the seller was, the broker you worked with or what town your new home is in. I just wanted you to recover from the disaster you faced.
As I said before, I can't thank you enough. Without the name you gave me we probably would not have been able to salvage the deal. My wife said that when the banks would not extend the time to complete it and would procede with foreclosure, it felt as if they were foreclosing on *us* as well as the (previous) owners. It would have been a "disaster" as she fell in love with this house the day she saw it and since we had taken possession it was as if we already owned it (though we technically did not) and were about to have it taken from us.

Here is what you helped to rescue:

Trundy & Company - Central Maine Real Estate

(I expect this link to stop working, eventually.)
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Old 01-21-2008, 02:24 PM
 
Location: Maine
5,054 posts, read 10,929,364 times
Reputation: 1853
Lovely! Looks very comfy cozy! I'm thrilled for you!!
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Old 01-21-2008, 02:51 PM
 
Location: Cape Cod, MA
406 posts, read 1,488,847 times
Reputation: 254
Quote:
Originally Posted by Zymer View Post
As I said before, I can't thank you enough. Without the name you gave me we probably would not have been able to salvage the deal. My wife said that when the banks would not extend the time to complete it and would procede with foreclosure, it felt as if they were foreclosing on *us* as well as the (previous) owners. It would have been a "disaster" as she fell in love with this house the day she saw it and since we had taken possession it was as if we already owned it (though we technically did not) and were about to have it taken from us.

Here is what you helped to rescue:

Trundy & Company - Central Maine Real Estate

(I expect this link to stop working, eventually.)
Ooooh I love it. It's so cuddly and nice...I love the porch too! Lots of land for your critters...seems like a great price too! GOOD FOR YOU GUYS!
Thank goodness you posted here so you could get the help you needed...wow. So happy for you!
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Old 01-21-2008, 03:01 PM
 
Location: Northern Maine
9,485 posts, read 14,286,680 times
Reputation: 8906
Very nice, Zymer. I wondered what and where it was.
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Old 01-21-2008, 03:03 PM
 
17,158 posts, read 22,167,733 times
Reputation: 31223
congrats zymer, nice house!! and i like the town its in,,know a few folks that live there, very friendly!!!
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Old 01-21-2008, 03:03 PM
 
Location: Maine
7,728 posts, read 10,811,809 times
Reputation: 8310
Beautiful!!
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