Foreclosure in 90019>Question Details

Telle, Home Buyer in 90019

I am in escrow on a foreclosure in L.A. The property had a city lien on it. I am40 days into escrow and I have still not been able to inspect

Asked by Telle, 90019 Fri May 28, 2010

because the bank has not yet approved the work to lift the lien. My mortgage rate lock is about to expire. The lender's fee to extend is about $1,000 to extend 2 weeks and I don't even know if escrow will close by then either, which I guess will trigger another $1,000 penalty to hold the rate. (The loan is a CALSTRS 80/17). I do not want to pay the fees because I have done everything in a timely manner it is the bank and seller's agent that are holding up the process. Who should pay and how do I go after them and assure that they pay?

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As an REO agent, I can tell you that the trouble with purchasing a foreclosure property is that the bank is anything but sympathetic to the buyer in these transactions. If you have placed your offer directly with the listing agent, then you must press on them to mitigate this issue directly with the asset manager for the bank. If you are working with an agent of your own, then you should have your agent draft a letter explaining the issue and what it will take to resolve the problem. The banks don;t consider anything that isn't in writing. Explain that you are a ready, willing, and able buyer that wants to move forward with the purchase, but that this issue must be resolved in order for you to do so. Best of luck to you and please let me know if I might be able to help further.
0 votes Thank Flag Link Tue Aug 10, 2010
I totally agreed with Richard if you are working with an Realtor he or she will have been able to help you with this issues and persuade you at this time to make a decision on whether you will stay in the transaction or not, I had a case like yours and it was going to take about 120 days to clear title. I also think since you are into 40 days into escrow and you have not inspect the property you can suggest your agent to contact CAR Real estate lawyer is free the consultation to get some input on this particular case.

good luck,

Ruth E Feast
Keller Williams Realty
0 votes Thank Flag Link Tue Aug 10, 2010
Are you working with an agent? If so, your agent knows the details and intricacies of this particular transaction better than any of us do, and you should consult with them. They may be able to help you out and advise you, or may refer you to a real estate attorney for further legal advice.

Good luck,

Richard Schulman
Keller Williams Realty
0 votes Thank Flag Link Fri May 28, 2010
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