My closing process just hit a major roadblock

[miTnosnhoJ]

I just got off the phone with my agent at Fidelity and received not great news. Our VGF contract passed ROFR on April 15 and we finally got our closing documents on May 8 and wired the money on May 11th. Having not received any word about the seller's documents coming in, I contacted my agent and found out that the wife of the couple that is selling is currently stuck in Brazil. (they are Brazilian citizens living in the U.S., but she had traveled to Brazil and now cannot leave) Because the U.S. Embassy there is closed, there is no way to get a U.S. notary to certify the documents. Our Fidelity agent even investigated an online notary service but Mason Title said they won't accept that.

Our contract says they must close by June 26th so I guess we are stuck until then to see if the sellers will be able to get the documents in. Our agent then suggested that we sign an extension to the contract if they are unable to come up with a solution before then. She said that this amendment would not require another approval through ROFR. Otherwise, we will have to start all over again on June 27th after having wasted almost 3 months on this contract. I am so frustrated and not sure what to do at this point. Surely, there has to be a way to get a real estate transaction done with someone stuck in another country right now. Any suggestions from my wise DIS Board advisors?

I would wait it out. You have a good price, and it's not like you can use the points right away. I might even give them an extension unless the market heads even lower.

 

[pwanderson]

Not trying to prolong this thread, but are there international banks available to the sellers? Certainly a notary with US connections would be available there.

 

[RoseGold]

I have to have an update! Did they find a notary yet??

 

[Cyberc1978]

This is why I didn't wire until seller docs were in hand. Too many bad stories on the boards.

Are you allowed to wait with the wire until sellers have returned their docs?

 

[heynowirv]

This makes me concerned a little bit because only dvcresalemarket really puts it out there that its an international seller from what ive seen. Has anyone seen other resale websites list if its an international seller?

We are in ROFR on a contract from Fidelity and they asked right off the bat when we made our offer that the seller was from Canada and couldn't close until November and was that a problem?When they know they are very upfront.

 

[ocdb8r1]

I'm an American living in NL and also curious how this played out. Online notary services are valid in Florida (Mason Title is behind the times and I would have asked for an alternate Title Company), a local notarization from a Brazilian notary should also be acceptable (but may be equally difficult right now in Brazil and could be much more expensive).

I've had to go through the US Embassy several times and it's always a real PITA and stressful. You always need an appointment and lead times are often weeks, you have to go through all the security hassle of going to the embassy (which one you get to know, isn't so bad...but also a PITA) and it seems every time I show up the Notary has some complaint about the way the notary block on the documents is constructed or a slight tweak to the notary statement...etc. When I leave I alwasy feel so dissatisfied and stressed that after I've spent on the Embassy notary (which isn't nearly as cheap as in the US) and then spent to ship my docs internationally that they're going to get there and some problem identified (in all honesty, knock on wood this hasn't actually happened).

The whole property title recording system is SO OLD AND ANTIQUATED and ripe for a proper innovation. I hope block chain truly solves this problem in the next decade!

 

[RoseGold]

Are you allowed to wait with the wire until sellers have returned their docs?

Of course. OP could have waited until June 26, I guess. My title company (Mason) totally was with it when I told them what I was doing, and the closing docs, wire, and processing the wire were all done on the same day.

 

[KAT4DISNEY]

Are you allowed to wait with the wire until sellers have returned their docs?

Sure. There's no requirement that one get things completed before the other.

 

[Cyberc1978]

Of course. OP could have waited until June 26, I guess. My title company (Mason) totally was with it when I told them what I was doing, and the closing docs, wire, and processing the wire were all done on the same day.

Sure. There's no requirement that one get things completed before the other.

Thanks.
I learned something new today.

I always thought that you sort of had to get it taken care of ASAP.

 

[KAT4DISNEY]

Thanks.
I learned something new today.

I always thought that you sort of had to get it taken care of ASAP.

Technically the close by date is all that is required. Most do want to finish quickly though. Once it passes the close by date then either party has the right to cancel but not before that without incurring some cost - either commission or deposit.

 

[poofyo101]

Have been waiting now over 3 months for seller notary with no end in site.

 

[squirrel!33]

Of course. OP could have waited until June 26, I guess. My title company (Mason) totally was with it when I told them what I was doing, and the closing docs, wire, and processing the wire were all done on the same day.

Hi! Just saw your message. Unfortunately we have made no progress and I am not hopeful. I have not heard from Mason or Fidelity in over 2 weeks and the close by date is Friday. At least then we can get our money back and start over. 75 days later...sigh.

We just closed on our other contract (BCV) yesterday and I did wait until the signed seller documents were in before I wired the money this time.
Thanks for checking!

 

[KAT4DISNEY]

Hi! Just saw your message. Unfortunately we have made no progress and I am not hopeful. I have not heard from Mason or Fidelity in over 2 weeks and the close by date is Friday. At least then we can get our money back and start over. 75 days later...sigh.

We just closed on our other contract (BCV) yesterday and I did wait until the signed seller documents were in before I wired the money this time.
Thanks for checking!

Unfortunately in the time since you started this thread Brazil has gone from bad to worse from what I read. Either Mason Title was going to have to start accepting electronic notary or things would have had to improve so she could return to the US. And now it's only the first that could help. Sorry you got caught by the virus issues in your purchase!