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Answers (5)
- Nile Morin, "CapeCod Z.i.l.l.o.w"
- Contributions:991
Unless it is a small local bank, there is no real time frame. It can take days or months and often needs to be re-foreclosed. Most of the problems come when the person signing the foreclosure documents is not listed in the local registry of deeds under the proper recorded document. They only need to be listed in the state, but tracking the document can prove to be difficult. That being said, don't give up hope if the only reason you're moving is for this home. Sit tight and see what becomes of it.
- Hank Miller, SRA, ABR, "BrokerAppraiser"
- Contributions:593
The seller should provide clear title, this is an issue for their attorney and the closing attorney to clear up. Beyond that, it's impossible to give you an answer - this is a legal matter and things happen with foreclosures.
A suggestion - make certain that you get a good title policy from a very reputable company. I would shop on my own and not just take what the attorney might say. This is CRITICAL with any distressed property and one that many buyers overlook and live to regret.
Hank
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A suggestion - make certain that you get a good title policy from a very reputable company. I would shop on my own and not just take what the attorney might say. This is CRITICAL with any distressed property and one that many buyers overlook and live to regret.
Hank
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- Michael Emery, "MikeEmery"
- Contributions:7298
Does your agent know who the title company and/or attorney is that is handling the sellers side of the transaction? They would know the contact information for the sellers and their representative.
And yes, this is a common problem that can delay closing. But has been pointed out, eventually you will close. It may add a couple of weeks to the process.
And yes, this is a common problem that can delay closing. But has been pointed out, eventually you will close. It may add a couple of weeks to the process.
- aparn
- Contributions:2
Thank you for the insight, everyone I've talked to that is involved gives me an unclear answer. How can we find the listing agent? It seems like this information should be easy but the selling agent doesn't seem to know and has had a hard time finding out. My mortage broker has also ben trying to find out who the listig agent is for three days now
- Tammy Lankford, "Tammy Lankford"
- Contributions:25
You need to check with the listing agent who should be able to obtain a timeline for you from the asset manager. I've had it happen and take just a few days and take weeks, but in the end it's always gotten filed and closed. . Your attorney should be in contact with the bank's attorney also if the listing agent can't get the information about a timeline.
We are cleared to close, then found out the forclosure deed hasn't been filed is this an easy solve?
Is this just a case of the attonrey not following up and making sure the deed is filed or is this a mess that is going to take a long time to sort out? This is our dream house and we aren't going to move if we dont get this house so we are going to stick it out but dont want to get my hopes up if this is going to fall through.
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