Foreclosure in Buford>Question Details

Vanderbiltam, Home Buyer in

Record deed at closing, but deed still needs to be files?

Asked by Vanderbiltam, Tue Jul 24, 2012

We are purchasing a foreclosure property after a short sale fell through 3 months in. This house was supposed to be very straight forward. Our offer was accepted, we had a closing date, and had already set the utilities to be turned on. However, 1.5 wks ago we were told the deed was not filed. After ~10 hours total on the phone and many meetings, it turned out that a foreclosure template change put a delay in our processing (a big one). We've been in hotels for months now, with 10k in fees spent, and are running out of patience. Our lender agreed to record the deed at closing (we found out that the county clerks office is running on a 4 week delay), but for some reason they are saying the deed still needs to be filed before we close. If we are recording the deed at closing, why does Wells Fargo (the bank that owns the property) still have our deed paperwork and we are waiting on them? Can't they do all of this after closing? Isn't that why you record the deed at closing? Please help!

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webmedwards’ answer
The deed transfers at the lawyers office and it usually takes between 4 to 6 weeks to be recorded. The property is yours at closing and you retain the rights to occupy, fix, etc... Your realestate attorney has already checked the deed for liens and transgressions. It sounds as if your attorney and agent did NOT do their jobs and you have a law suit. Wells Fargo does NOT own the property at signing. You should hire an attorney. Wells Fargo is in so much trouble after all of the illegal misdoings they have done to homeowners it's pathetic that they are bailed out continually and allowed to keep going. They probably sold your property to a higher bidder...GET an ATTORNEY!!!
0 votes Thank Flag Link Sat Dec 29, 2012
You are (apparently) asking the wrong question:

You shouldn't care about the deed;
You should be asking "Where are the KEYS to my house?"

Okay?
0 votes Thank Flag Link Tue Jul 24, 2012
Yes, he is. Unfortunately, he doesn't seem to know a lot. For some reason, we do not have a new closing date because of the deed not being taken care of. I start medical school in two weeks. Right now, after all this money and stress, all I want to do is close and move in. I have no idea why we can't seem to do that. I've spoken with the county clerks office, the closing attorney, Fannie Mac, wells fargo, my Realator, and the listing agent. I can't seem to get an answer. All I am ever told is that it is being processed extra long due to a new foreclosure template and it could come in tomorrow or in a couple months - no one knows. This seems absurd to me. Is there know way to handle the issue of the deed after closing?
0 votes Thank Flag Link Tue Jul 24, 2012
All I can tell you, is what I am used to here:
The Deed is not RECORDED at the Closing; sometime later.
All I am worried about at Closing is getting the KEYS and passing them to the Buyer; the Buyer then owns the property, moves in, and the Mortgage and Insurance start.
Period.

I don't understand what your problem is;
Isn't your Realtor helping you?
0 votes Thank Flag Link Tue Jul 24, 2012
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