Be careful about buying any of those foreclosures where David J. Stern is the required title company! It appears that they have a new game now.
You pay cash for the property. They schedule a closing, to be held at their offices.
On the day of the closing, you are suddenly informed that you will not be given the keys until the closing is verified by GMAC, even though you have paid in full by cashier's check. This sounds like paperwork and careful lawyerly practice, does it not? You go ahead with the closing.
Upon arriving at Stern's office, you find security guards, elevator codes, and a maze of checkpoints and such beyond that found even in sensitive federal agencies - certainly beyond anything ever seen at a mere 'title company'. You find that, other than a receptionist, you have no interaction with any employee of Sterns' office whatsoever. Even the closer is an outside contractor. (The reasons for this become clear only once you read the complaint. What? Check out a lawyer contracted by a Federally Sponsored Enterprise and congressionally controlled corporation? Who would've thought?!)
Days pass. No keys. Real estate agents have not been paid. Calls from you are not returned. Calls from the agent are not returned. Calls from your lawyer are not returned. They give the Buyer 10 days to object to imperfections of title, but spend more days than that claiming to be busy perfecting the title.
Days turn into weeks. Meanwhile, Stern has your money and you have jack to show for it.
0 comments