I hope it isn't too early to say Congratulations! But, it is good to hear that you might finally get to move in this weekend. Perhaps the housewarming will seem all the sweeter since youhad to wait so darn long to get in.
It sounds like you got hung up at step #1 below... Your lender's underwriter didn't like what she saw with the documents and required a resign.
Best wishes for you in your new home. From tomorrow on, may your home only bring you peace, comfort, and joy.
It is perfectly alright for you to respond in this forum. The ongoing dialogue is interesting at least, and instructive at most. Sorry to hear about the hangup. I have seen this happen, but rarely. I feel quite confident that the Escrow Company is not trying anything nefarious. They have absolutely nothing to gain from holding up the recording, but much to lose, if they record without the requisite approvals I mentioned in my first post. I would look to your either Wells Fargo for the hold-up (They do get stuck in the tangle of paperwork sometimes), or some problem with the Seller. The Title/Escrow company is an independent third party that is paid to connect chain links. One of the Last links in that chain is the Recording, but if the other links aren't connected, they are prohibited by law from recording. But your agent certainly should be able to get and give you a straight answer.
Just out of curiosity, is this a Short Sale or an REO?
Again, Best of Luck, and thanks for reading.
In Politics there is a common phrase; "All Politics is local". In many ways, but particularly when it comes to customs, regulations, and everyday practice, we might be able to also say, "All Real Estate is local". Once again, we are getting information from other States that has nothing to do with Nevada. While it may be a custom, regulation, or common practice in New York to wait days before recording, or record on certain days, in Clark County, Nevada, once the documents have been signed and approved by all parties (as I mentioned in my earlier post), they are immediately released for recording.
The challenge is to get everything approved prior to the "Deadline" that the individual Escrow company has for releasing docs to be recorded. Some have a 10 or 11AM deadline, many have a 2PM deadline, and once in awhile (rarely), if the recording the Escrow officer can be persuaded, the documents may be taken down to the Recorder's office with strict instructions not to record unless a phone call is made allowing them to be recorded, which can extend the time to as late as 4 or 5pm, depending on how busy the Recorder is that day.
Penny, I am going to guess by the time you read this, your deed has been recorded and you are in the process of moving into your new home. Please post and let us know how things turned out.
As always, best of Luck, and thanks for reading.
I can appreciate your angst over the apparant delay from the Escrow company not recording your deed, so you can move in. There is little more frustrating than to deposit your down payment into escrow, sign all of your loan docs,and then not be able to close. Especially when this whole process started probably at least 30 days ago with the finding, and the contracting, and the applying for a loan on the home. Then with all the hoops you have had to jump through and all the stuff (short of a blood test) you have had to provide, you just want it to be over. The Escrow company, your lender, the Seller, and both agents all want it to be over too. No one gets paid until it records. So, why hasn't it recorded yet?
There are a number of things that have to happen after you sign, before it can record. Let's look at the Ducks that need to get lined up in order for you to finally enjoy your home.
1) Once you have signed the loan docs and other required Escrow papers, the Loan docs have to be approved by your Lender. Some authorize based on faxed or emailed loan docs, but (and especially if your docs originated out of state) and depending on your lender's strict policies, your lender may want to physically review "wet signed" docs before they will allow the deed to be released for recording. This can happen at the closing table, or take as much as 48 hours.
2) If it is a Short Sale, the Seller's Lender will require that they have the opportunity to accept the HUD1 (AKA Settlement Statement). This can happen in as little as a few hours, to as long as 3 days. I had one case where it took nearly a week to get approval because the closing negotiator was out of the office. If it is an REO, the Seller (a Bank) is going to have to review and approve the HUD1. This usually takes no more than 24 hours, but can take 48 hours to get approved.
3) If anything is not exactly correct, that can delay the closing.
4) If there is an HOA and the escrow company had to rush to close escrow, it may not have the "Demand" back from the HOA. This can add 10 days to the process.
5) If the HOA Demand or ANY other costs have gone up from the amount on the HUD1 that either the REO Seller (Bank), or the Short Sale lender, which means that the Bank is going to have to come up with more money, that has to be approved and/or negotiated as well.
6) If there is a Holiday like MLK day yesterday, there is another day.
My advice... Take a deep breath, relax, trust all of the people around you to collectively do their jobs, and close your eyes and imagine how you are going to finally be able to enjoy your beautiful home which you got at a bargain price, and soon enough, it will be yours.
Congratulations, Best of luck, and thanks for reading
Title companies RARELY record a title after 3 days if the loan was processed with a traditional lender.
Most files are not compete after everyone walks away from the table and the title company may have to prepare copies and review the file before it is recorded. You must remember that the average title company also has an underwriter who might want to review and approve your file before it is recorded. It is not unusual that several days after a closing the title company would call and request an additional signature or document.
Finally, title companies do not rush to the office of the county clerk with one file. This process is done on select days to obviously save time and money. The title company's delay to record the documents normally in no way affects the buyer. Some borrowers actually rush out to purchase another home before the documents and note is recorded.