08/21/2024
๐ **Divorce and Shady Solar Companies...** A test of patience and what you should know about solar companies ๐
I just closed escrow on this home in Riverside, and let me say, itโs been a long journey! ๐ก Not only was I the court-appointed Realtor, but I also quickly got sucked into all the drama between the husband and wife over who was getting the washer, dryer, and TVs. ๐งบ๐บ As always, I remained neutral and tried to assist both parties.
We followed our usual listing processโgetting a preliminary title report, suggesting and completing repairs, and cleaning the home. ๐งน The property had a solar contract with a UCC financing statement recorded against the lien, with a payoff of $34,000. No problem, right? The new buyer can just assume the solar contract.
The home went on the market for $579,000, and we received an offer for $605,000. ๐ The buyer agreed to assume the solar. My office and escrow immediately contacted SunPower to start the process. After a few days, we followed up and were told that the process could take up to 60 days. Over the next month, we made countless phone calls, waited hours on hold, and still missed our escrow deadline. ๐ค The buyers got frustrated and canceled.
Round 2: We get a new buyer offering $618,000 and willing to assume the solarโfantastic, more money! ๐ฐ We start the solar transfer process again, only to face the same run-around. As we approached the close of escrow, we negotiated for the sellers and buyers to split the contract's payoff instead of assuming it. Perfect, right? ๐ค
But when escrow tried to get a release of the lien, SunPower informed us that they had filed for bankruptcy and the entire department was let go. ๐ฑ When buying a home, you want the title free of all liens and encumbrances. If you're getting a mortgage loan with a traditional lender, theyโll require it.
๐งฉ **Problem solved:** We have a great relationship with our title company and were able to hold back twice the payoff amount. Once the lien is satisfied, the sellers will receive the extra money that was held back.
โ ๏ธ **Important Tip:** If youโre considering solar, a water treatment system, or any other home improvements, make sure youโre dealing with a solid company. Even if they say itโs not a home loan, they can still file a UCC lien against your home.
๐ก **The Mowery Group** - We help you solve your real estate challenges! ๐ผ
