[BK001]

DH will not permit me to use the F word. F as in FLORIDA! He claims I have “jinxed” our closing by saying things such as “oh this is the last time we will (fill in the blanks) in Brooklyn or by saying goodbye to the lady at Costco, the dry cleaner, the neighbors and any stranger I happen to be standing near at the bank, the post office, the drug store. Too late I learned to keep my thoughts to myself such as maybe we’ll be in TV for Christmas, For New Year’s, Valentine’s Day, then Groundhogs’s Day, the Ides of March, St. Patrick’s? Nope. Well maybe April Fool’s Day.

The decluttering has been painless, the packing a breeze, choosing the mover – no problem, creating the checklists, etc., etc. All easy peasy. The trauma, the stress the most unpleasant transaction I have ever experienced is the actual sale of our home. Seriously. We’ve been under contract since early September and it looks like it may be a couple of more weeks. And this with an all cash buyer! Sigh. Sure in the mood to use an F word right about now. And the worst part of all is that the delays have all been due to problems on OUR side – not the buyer’s.

We have lived in our home for 25 years. We refinanced 3 times. First time to tap into equity for major home improvements. Second and Third time to take advantage of lower mortgage rates.

1. We bought a two family house with 4 garages from an estate. Buyer’s Title Company claimed they could not locate the death certificate of the decedent. Sounds ridiculous but that’s what they said. Eventually resolved.

2. Title Co. then said there was no Certificate of Occupancy filed on the house. Add to this, the Title Company said they could find no official document to show that it is what is known as a “legal” two family. (An important distinction). I researched – got tax bills, water bills, old appraisals, an affidavit from a neighbor, the original advertised for sale listing that we had responded to and a kitchen sink full of soft proof that the house, in fact, was a 2-family when we bought it. (Thank God my years in an office have helped me to be highly organized and never to throw out any kind of personal business documents). Armed with this proof, I camped out at the Department of Buildings to get a Letter of No Objection – which is what they issue for houses that were built before C of O’s were required.

Our lawyer, the real estate broker and Title Co all said it was a miracle that I managed to get it in a couple of weeks – normally takes months! Too long a story to explain how but among other things, I pleaded, I cajoled, I wept, I got it done.

3. One of our refi’s about 10 years ago was with Staten Island Bank. Two months later the mortgage was sold to Chase. Unfortunately (and of course unbeknownst to us) neither bank filed either a satisfaction of mortgage or assignment of mortgage so technically, according to NYC records we have our current open mortgage with Chase and another open mortgage with Staten Island Bank. It does not show up on our credit report nor has anyone looked for payment but it is still on record. One would think it easy to get fixed. Think again.

4. On our cash out refi we had what is known as a CEMA closing. (Consolidated Extension and Modification Agreement). The purpose is to pay mortgage tax only on the new money and avoid having to pay duplicate taxes on the original or old mortgage money thus saving thousands of dollars in mortgage tax. Bank of America royally screwed up on the recording of this transaction by “satisfying” the mortgage and then a year or two later filing an assignment. This mistake cost us a little over $6,000 in taxes. (I did fight it and after about a year I got Bank of America to reimburse us the full amount – but that too is another story). However the title chain is screwed up and we had no way of knowing that they did not fix it.

5. Buyer refuses to close until we can deliver the house vacant. I served notice to our tenants. The apartment is vacant, 2 garages are vacant but the tenant that rents the other 2 garages has been with us over 20 years. He uses the garages for storage and has 7 collectible motor cycles. He had been unable to find a place to rent. Public storage will not allow gasoline fueled machinery in their facility. Buyer has no interest in continuing to rent to him even at a premium. Sadly his mother passed away although fortuitously he came into enough money so that he could buy an appropriate dwelling for his needs. So we had to wait for him to find a place, get a mortgage, and essentially go through the whole closing process himself. We are waiting for his closing date and move so that we can then schedule ours!

Of course with all these problems I can't help but wonder how the hell were we able to buy this house and refinance 3 times without any of these issues being raised? Where was our title company, the bank's lawyers, etc. etc. Go figure.


Maybe my DH is right. Reminds me of a joke. A man is on his death bed with his wife at his side. He looks at her and says “Molly we’ve been married for 50 years and you’ve always stuck by me. When I fell off the ladder and broke my leg, you were there. When my business went bankrupt, you were there. When I had my first heart attack, Molly, you were there. When I was diagnosed with prostrate cancer, you were there. And now that I’m dying you are here. You know Molly, I think you’re a f@%#*^g jinx.”

[goodtimesintv]

All those problems with title research, loans improperly recorded and sold, etc.......

Buying property for the 4th time in FL has been nothing like that....no problems at all. And yet, we have to put up with talk of NYC being so superior.

[Nucky]

BK001-We feel your pain.

[BK001]

Originally Posted by goodtimesintv

All those problems with title research, loans improperly recorded and sold, etc.......

Buying property for the 4th time in FL has been nothing like that....no problems at all. And yet, we have to put up with talk of NYC being so superior.

Although I don't think our set of problems is specific to NY - more of a sad commentary on the banking industry , we are so looking forward to being home owners in TV. And, if nothing else, I truly hope we New Yorkers will help to dispel that stereotype. Every state is superior or inferior in one way or another.

[asianthree]

Big deep breath it will be over soon, and only a memory as you sit in your home in TV

[Carla B]

Wow, never heard of a mortgage tax, certificate of occupancy, etc. etc. If you ever get to "F" your real estate life should be much simpler. Good luck.

[RickeyD]

Originally Posted by BK001

Although I don't think our set of problems is specific to NY - more of a sad commentary on the banking industry , we are so looking forward to being home owners in TV. And, if nothing else, I truly hope we New Yorkers will help to dispel that stereotype. Every state is superior or inferior in one way or another.

Stereotype ? What stereotype, fuhgeddaboudit !

[justjim]

OP, your "story" is interesting to say the least. We have purchased and sold several houses in Illinois, Tennessee and Florida and had "issues" but never like you describe. Welcome to paradise----enjoy!

[BK001]

Originally Posted by Nucky

BK001-We feel your pain.

Thanks Nucky. Are you still in the process of trying to close?

[2BNTV]

BK001:

It will all worth it!!! Best wishes, as you start living the dream.

[villagetinker]

BK001,

Yes, when you get here, take a deep breath, relax, and enjoy. And, very important, please do not jump to make big changes or additions to your new home. Relax, and then talk to your neighbors, ask questions, get info, and then and only then start to make changes.

VT

[Nucky]

Originally Posted by BK001

Thanks Nucky. Are you still in the process of trying to close?

Trying to sell again. Just across the river from yous guys. Very Painful Experience. It's going to make the landing in TV so much sweeter. Best of luck to you!

[BK001]

Originally Posted by villagetinker

BK001,

Yes, when you get here, take a deep breath, relax, and enjoy. And, very important, please do not jump to make big changes or additions to your new home. Relax, and then talk to your neighbors, ask questions, get info, and then and only then start to make changes.

VT

And, based upon many of the posts I have read, YOU are the go-to guy for the best advice!!! Thank you so much.

[Challenger]

Originally Posted by BK001

DH !

Of course with all these problems I can't help but wonder how the hell were we able to buy this house and refinance 3 times without any of these issues being raised? Where was our title company, the bank's lawyers, etc. etc. Go figure.


Maybe my DH is right. Reminds me of a joke. A man is on his death bed with his wife at his side. He looks at her and says “Molly we’ve been married for 50 years and you’ve always stuck by me. When I fell off the ladder and broke my leg, you were there. When my business went bankrupt, you were there. When I had my first heart attack, Molly, you were there. When I was diagnosed with prostrate cancer, you were there. And now that I’m dying you are here. You know Molly, I think you’re a f@%#*^g jinx.”

When you bought this home, did you buy OWNERS Title ins? In the subsequent refis -- same question? Sounds like many of your issues would have been the responsibility of the title co (at their costs).

Have owned 7 homes in Md Va and Florida and never heard of such a fiasco.
Actually ran three community banks with never a case close to this.

Sure hope things are looking up now and that you can get down here to enjoy this paradise. Take the owners policy.

[BK001]

Originally Posted by Carla B

Wow, never heard of a mortgage tax, certificate of occupancy, etc. etc. If you ever get to "F" your real estate life should be much simpler. Good luck.

Only a few states charge a mortgage tax. In NY it comes to about 1.8% for a mortgage up to $500,000. Many who refinance and take cash out wind up paying the tax on the entire mortgage rather than just on the additional money. Banks are NOT obligated to do the necessary paperwork and NEVER advise the uninformed. I insisted and persisted. Bank of America charged me $500 for preparing the documents but then post closing improperly discharged the mortgage creating the tax liability on a subsequent refi. We didn't find this out until many years later when we refinanced to get a lower rate. We were forced to pay the entire tax. But I spent the next year proving to Bank of America what they did wrong and eventually was reimbursed about $6000.

It can be confusing -- Caveat emptor at its worst.