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Clear Title Delays on a Foreclosed home, what could they possibly be?
Anonymous1 views1 answers
A couple months back I put a bid on a Foreclosed home and won the bid. I signed contracts and so did the selling Mortgage Company. I met every obligation asked of me in a very timely manner, and have been stuck watiting ever since. It is my understanding that once a home goes into foreclosure with a bank, that the bank should have clear title. My original closing date was for 45 days or less from date the contract was signed. Now I've been asked to wait 2 time (each about 2+ extra weeks) for a new closing date. At some point the representative on seller side said the county just hadn't filed the paperwork. This doesn't seem normal. And everytime I ask what the problem is, I seem to get no response. Don't I have a right to know what the issues are for the delay?
William Jeffrey Earnshaw
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on Aug 19, 2009
As a general answer, if you have a valid contract on the house, then you should be able to find out what the delays are with the closing on the purchase of the house. If you have a valid contract with a closing date you can force the home to be sold to you if you are ready, willing and able to close on the purchase. If there is some title defect, then they must communicate that defect to you and usually must work to fix those defects unless you want to cancel the contract.
I have to say, however, that without looking over the contract and learning more details of the situation, I cannot give you a definitive answer. What I stated above is a general answer based on a "typical" contract and the facts you posted. You could speak with a real estate attorney to learn what your legal options are to enforce the contract or at least have them help you to learn what the problems are.
As far as title problems go, there could be problems that were not handled by the foreclosure of the mortgage for a number of reasons. I would recommend that you have a real estate attorney review the title commitment and other closing documents to make sure there are not any problems. It should not be very expensive and may save you some real problems in the future. Good luck.
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