@kendreia wrote:
So- I have been under contract with my seller on our future home since June 5th, with my buyer since June 4th. Closing is set for July 24th. This week, I was supposed to have my lending in place by July 10th per my purchase agreement with the seller. Appraisal was good and I was officially in underwriting. I was hoping I would get my conditions and a clear to close all by Friday. No more worrying and time to pack and relax. INSTEAD- my realtor just called to tell me he spoke with the seller's realtor and they cannot locate the abstract. So, this late in the game, they are paying to get a new one. My realtor says it is also the "busiest time of the year" and that hopefully the abstract gods will get it done quickly and we will not have to move back closing. He says there is a "rush" on it. So- my guess is that my file will go to the bottom of the pile until my lender has the abstract? My realtor said we will have to amend our July 10th committement lending date. So I still get to wait and wonder if my lending will go through. Right? I mean they can't sign off on the loan until they have the abstract clean and clear, correct? Anyone have any idea how long it takes to have an abstract created? I know they have to go back like 40 years- luckily- the sellers lived there for 59. I also know they will spend a lot of money doing so. Anyone have any info they can give me? Length of time? Can underwritng sign off with the only conditon being a clean abstract? Will underwriting just toss me to the bottom of the pile until the eleventh hour when they receive it? Sorry for being all over the place in the post. I am just so frustrated!
In our area we use title insurance and lien searches - they haven't used actual abstracts here for decades.
Naturally it is easier if your seller can locate the abstract, but the title co and/or attorney can complete a search without it. Especially since this seller has been the owner for 59 years! The searches today are done quickly - a matter of days. So you really should not experience a long delay if any delay at all. It may cost the seller a little more.
If you don't get title insurance normally in your area of the US, consider getting it for this purchase. This way if something is missed you are covered for many/most incidents that may have been missed. Here is a link to explain about title insurance for you:http://alta.org/about/index.cfm
