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Answers (4)
- Derek Zasaretti, "Derek_Zasaretti"
- Contributions:343
I had one deal. Fannie wanted a 10 day close. This was a cash deal with all of the money in escrow. Closing came near, title issues, something about the wording in underwriting . Never got a definite answer as to what the problem was. They wanted an extension. We waited until a typical 30 days. Extension , 45 days , extension. I have to keep explaining to the buyer ( which is my brother , so that made matters worse) and the only to keep him calm was to explain that it's in his best interest because he needs a clear title.
So we got to about day 60 and finally got to close. No explaination or recourse. Let your buyer try that.
So we got to about day 60 and finally got to close. No explaination or recourse. Let your buyer try that.
- Michael Emery, "MikeEmery"
- Contributions:7297
What is ironic is it appears that the banks are provided with a title review soon after taking possession of the property. What doesn't seem to happen is anyone actually READS the title opinion.
I had a closing this winter where title issues came up and needed to be fixed prior to closing. Fortunately those who were liable for the errors on title took responsibility and we closed on time. However when I read the initial title opinion, the problems were clearly spelled out by the title examiner. They knew BEFORE listing the property that there were issues, but the chose not to deal with them until they had an offer. Now wouldn't you think they would fix these issues BEFORE listing the house?
I had a closing this winter where title issues came up and needed to be fixed prior to closing. Fortunately those who were liable for the errors on title took responsibility and we closed on time. However when I read the initial title opinion, the problems were clearly spelled out by the title examiner. They knew BEFORE listing the property that there were issues, but the chose not to deal with them until they had an offer. Now wouldn't you think they would fix these issues BEFORE listing the house?
- Gary Moore, "G Moore"
- Contributions:18
Wow, Wits End. This is a tough one. Depending on your state laws for title transfer, this could take a while to clear up. If you have a contact with Fannie Mae's designated closing attorney, you could ask for documents related to the title exam. MERS or Mortgage Electronic Registration System which was formed by a consortium of banks to ease the transfer of deeds from banks to investors has gotten a lot of press and caught many banks in the snares of state's Attorneys General. In Georgia, I use the GSCCCA.org website which has all of the state county Clerk of Courts deed records to do research on deed conveyance and title chain. It's inexpensive for membership and comes in handy for legal descriptions on contracts as well. I am still awaiting clear title on my Freddie Mac foreclosure transaction here in Atlanta after the third extension and no clear title. I hope this helps. Keep me posted on the outcome. Very sorry for your troubles.
- KevinLUzzle
- Contributions:38
I am in a very similiar situation with Fannie Mae as a buyer. The property was listed by BOA but we couldn't close on Thursday because BOA did not have the title. Now Frannie Mae claims BOA did not have authorization to sell the property. What do we do? We have given notice and spent alot on moving already. Wits End in Wilmington
Has anyone had to file closing extension(s) for Freddie Mac foreclosure due to title issues?
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- 5.0/5.0
- (3 reviews)
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