Title is not clear... How long does it take to clear?

Lindy
Home Buyer
Georgia

We recently put a contract on a foreclosed house and was supposed to close this week. The selling agent called and said that the title is not clear and they need to find the original owners to have them sign it off, than put it under the foreclsed banks name than into mine. How long do you think that should take? Also we have alreay 6 weeks to close and now they bring this up. My rate expires in a few days so every ten days I have to pay a few to extend my rate. I do not think that is my fault! But it is the sellers.

Answers (5)
Hank Miller - B...
Broker
Atlanta, GA

If the government want to get into the biz of moving these home, the first thing that needs to happen is that the foreclosure process needs to be standardized. Right now - every lender does things their own way.

Your issue isn't unusual - the problem many times is that lenders bid this work to the lowest bidder - you get what you pay for. There is no excuse for this nonsense and of course the lender could care less about the inconvience this causes. Don't expect them to offer any compensation to you or to give you any time frame to get this closed.

This is demonstative of the nitwits involved in this process - how do just now find a problem that should have been cleared BEFORE placing the home for sale? This is a perfect example of why I advise steering clear on this entire process until things get organized - at the end of the day I see very few deals unless you want to head into areas that few want to venture.

Good luck Lindy -

Hank

Wed Nov 19 2008, 13:11
Anne Barrier
Agent
28601

It may not be your fault, but it is your problem. These sellers have already lost their home and probably have no motivation to act in a hurry or help the bank out. Unless this is the deal of the century or you are just absolutely in love with this house, it might be time to move on.

Web Reference: http://www.abarrier.com
Wed Nov 19 2008, 10:22
Derek Joyner
Agent
Winston Salem, NC

I have had this same thing happen to me a numerous of times. The answer is you will never know. I had one just here recently. My buyer walked away after the title could not be cleared up after 3 months. The bank that was the seller, would take a week to fix one little blimish on the title. It had about 5 blimishes. The attorney and I would have to start early in the morning just to be able to talk to someone at the bank by 5 that afternoon. My buyers hung in there for 3 months and than got discouraged. There was a willing buyer ready to buy with loan in place, and the bank drug there feet. No wonder these banks are hurting. They have buyers ready to go and they will not do what is needed to get this house off there books. This has happened to me a couple of times. I always tell my buyers and I will tell you. The banks work at there own pace. When you buy a foreclosure you must play there game, they will not play yours. You may end up waiting it out for a while. I suggest you do your best to let it go at the begginning of the month and press hard the closer it gets to the end of the month. That way your closing cost will be less. It seems the banks always fix the problems and are ready to go to close at the first of the month. Which if you closed at the first of the month you will have to pay more closing cost. Hope this helps.

Wed Nov 19 2008, 10:20
Lindy
Home Buyer
Georgia

Tori,
Yes, I have an agent, is that what you mean?

Wed Nov 19 2008, 10:18
Tori Lawson
Agent
Fayetteville, GA
FIRST ANSWER

Lindy,

This is too difficult to answer the closing attorney would be the person to speak with if you are not represented - It would depend on what the issues are exactly and what is exactly needed to clear the title. Are you represented? This is not helpful if you do not have anyone representing your best interest.
I wish you the best of luck

Wed Nov 19 2008, 10:06

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