At the beginning of October I began looking for a house. A real estate firm in Las Cruces NM had a house listed in the town where I lived (Deming, NM.) It was a forclouser and was being sold very cheap. (29,000) The house was being sold by Fairbanks Capital Corporation in Utah.
I looked at the house and decided to by it. I put in a bid of 28,000 and it was accepted. Closing was suppose to be in November. I went to the title company to close and they informed me it would not close due to the fact of titles that were not cleared and because they found out that day that Fairbanks (who was selling the house had lawyers in Albuquerque, NM who needed to look over the paper work.
I agreed to a new date for closing. The title company cleared the titles and the new closing was approaching. Then I was told that the deed was not clear. The company who held the deed was bankrupt and Fairbanks didn't know who should sign the papers. Fairbanks told me and everyone else involved the person who was suppose to sign had a car accident and was unavailable and that there was no one else who could sign. So there was another extension.
At that point I contacted a lawyer and he sent some faxes to Fairbanks and to their Lawyer Rose Little in Albuquerque. They sent the deed. The signature on the deed could not be read and there was no name. The house was deeded to Fidelity Title Comapny, I was told, in California. The problem here was it wwas dated and signed two years after the bankrupcy.
My lawyer told me that I could sue them but that it would be very time consuming and expensive for me to do so.
The new closing date is set for tomorrow January 31. I have already been told that that won't happen and I need to sign more papers to extend closing.
At one extension Fairbanks sent me a fax stating that if the house did not close I would lose my earnest money.
I think I have been very patient during this. Today I called Fairbanks and talked to Rob Ferby on the phone he was very rude to me.
This whole thing has been a big inconvience to me to say the least. I had contractor waiting to start work on the house since November. It is seriously in need of repair. I am renting and gave my landlord notice that I would be moving months ago.
I'm sure there are other matters involved in this. I doubt if the title people or the real estate people have told me everything.
Thank you for listening.
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