Thanksgiving, 2009: I was assisting a client as to how to prepare her deceased father’s condominium for sale.  We finally got the unit ready and went to market: listed in the MLS (multiple listing service) advertised and held broker’s open house.  On Christmas Eve (2009), I put it in escrow. 
 
Usually that’s about the end of it. We open escrow, the buyer conducts their inspection, obtains loan approval and we close escrow.  Now sometimes there is a bump or two in the road, but that’s basically how an escrow plays out.

This particular condo was a probate which required court confirmation but the bigger problem materialized after we received an updated preliminary title report.  There was a cloud on title as the previous lender lost the deed of trust and didn’t have a valid lien (read the post here). After a second attorney was hired, Wa Mu’s successor, Chase, appears to have agreed that there is not a valid lien. 

Unfortunately, our buyer from Christmas 2009 is no longer interested.  We just had the condo recleaned (it’s now been vacant for nearly two years) and have relisted in the MLS to start all over.  The good news is that after over two years, I will be able to sell this one again and close escrow.  Both the seller and I are more than anxious to move on.

Shhhh:  I just listed a celebrity compound in Glendale... more on that later.

Related Posts:  A real estate challenge
Timing a New Listing
The real estate gods

Tweet