I am a buyer and the closing for a BofA REO is set for next Monday, July 16. Property is located in Colorado. Property's zip code is used by two cities, and Landsafe issued the title commitment with the right address but wrong city on it. My lender requested a change on the commitment to reflect the correct city, but it's taking forever and Landsafe is not responsive at all.
My loan is final approved and everything, and my lender and I are ready to go. Figures were already submitted to title company, but without the updated commitment we can't close. HUD-1 will go to seller today but I'm scared that it might not be enough time for them to approve by Monday 2 pm. We would have submitted earlier but were waiting on Landsafe.
It's inconceivable that they're dragging this out, as they're an affiliate of BofA. Plus, I imagine this would be an easy task as all the title research has already been done, and the address and lot # etc. are unique.
Do you guys see any chance for this to close on Monday? Do you have any contact info for Landsafe to maybe escalate this case? I'm losing sleep over this.
Thanks so much.
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Probably the wrong forum for this since this is a short sale forum....
As a BofA REO agent,I can tell you that Landsafe is the worst of the worst when it comes to closing anything on time. They are undermanned and over worked and quite honestly really don't seem to care.
It many times takes them several weeks just to get an updated committment. The listing agent needs to be very aggressive to make this happen because EVERYONE involved on the title side is NOT aggressive, quite the opposite very passive... Get the listing agent involved.