Just hit a wall with a CMBS loan assumption on a strip mall deal...

We were buying a property in Tampa with a loan already in place, figured the assumption would be quick. The lender's legal team kept asking for the same documents over and over, saying they were lost. This went on for 14 weeks. Finally got a call that one person on their side was out sick and no one else could sign off. Has anyone else had a simple assumption turn into a months-long paper chase?

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3 Comments

taylor.susan6mo ago

Hired a local attorney to walk the documents over.

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craig.grant6mo ago

Oh interesting. I've actually seen this before. Attorneys don't usually do the physical "walking over," that's typically a paralegal or a legal courier. The attorney is the one who signs off and gives the final okay for someone else to deliver it.

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davis.dakota4mo ago

You ever seen a paralegal get handed a stack of papers and told to run it across town in rush hour? I had a buddy who worked at a law firm and his whole job was basically being a human FedEx for those last minute filings. He said the attorneys would barely look up from their desks, just sign and wave him off. It's funny how the person doing the actual grunt work never gets mentioned in the bill, right?

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