Profile picture for jamesmcovey

I am buying a REO home thur Freddy Mac and a title issue arose, the home is on hold.

How do I find out what the issues are and how long should it take to resolve those issues? 
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February 25 - US
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Answers (4)

Best Answer
call the attorney or title company that discovered the title issue and inquire what it is (the time to repair title could be as broad a range as 1 week to YEARS.

If its the asset manager merely telling the list agent "we have a title issue", it is most likely an issue involving the foreclosure or mortgage docs themselves (no originals in hand, former owner filing complaint, proper required steps taken in foreclosure, etc.)  The times I've seen this, the property is pulled off market to allow time to obtain proper docs or take proper steps to have clear title. (in this case your not likely to be happy).

I will keep my fingers crossed for you!
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February 25
Profile picture for mander4629
I am having a similar problem.  I purchased a home through an online auction.  While it was initially described as a foreclosure, we subsequently learned it is a deed in lieu of foreclosure.  The originally stated closing date came and went with no word from the seller.  Our agent has repeatedly contacted the title company requesting an update and nothing much has been relayed other than the deed has not been signed.  We are planning to eventually rent our current home so not on a timeline to move but really have no idea what the issue is, how long it may take, etc.  In the interim, we paid up-front earnest money via the auction company within 24 hours of the auction closing and,based on the original closing date we were given, we began preparing to move - boxing and placing non essential items in storage.  Very frustrating experience.  Would the advice to the original question also apply in the case of a deed in lieu of foreclosure?  We were advised that the home is still in the name of the previous homeowner though we assume the seller is the bank? Thanks!!
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February 25
Profile picture for jamesmcovey
Thanks for the comments and after I received them I sent an email to Freddy Mac via thier online site at Homesteps. Unfortunately the reply was an online automatic reply service from thier site to call their customer service rep. Having done that once before I will try again. The main problem I have is the realtor that is listing the property is not doing any questioning on my behalf or answering my realtor's questions. Thanks again
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February 25
Title issues are common with bank owned homes (aka REO's) and they can be corrected quick and easy sometimes. Other times they need a signature from a party long gone or some other issue that is not as easy to correct. Your agent needs to start asking questions, but understand it is not easy to get answers from banks. Good luck, hang in there.
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February 25
 
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