Foreclosure in 33418>Question Details

Coneja, Home Buyer in 33418

We had a closing date for a forclosure property 3 weeks ago, Since then we have heard nothing from the bank, title company or anyone else. What to do?

Asked by Coneja, 33418 Wed Feb 2, 2011

Acording to the title company that the bank that is selling the property got, they were still misming one paper and since then millions of calls and E-mails later no response from anyon, we dont know what to do.What are our legal rights.

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I'm assuming you are not using a Realtor. If so, then this person should be handling everthing for you.

It sounds like you are dealing directly with the title company and handling everyting on your own. If this is the case I would stop calling and actually go to the title company. Make an appointment and speak directly with the Escrow officer handling the file and find out exactly what documents are missing and if this is really the hold up for the closing. Get to the bottom of the issue. Call the bank together with the escrow officer and find out exactly who has the file and what is being done.

Also, make sure that your timeframe or closing date has not passed and that you actually still have a valid contract and that the bank has no reason for getting out of the deal.

You may have to get legal assistance or advise so you can get things moving. What ever you do, take action and don't wait for them to call you.
Good luck.
0 votes Thank Flag Link Wed Feb 2, 2011
Just like the others asked, have you spoken with your Realtor? At this point, I would call Title, call the listing agent too. Bottom line, banks move at their own pace, HOWEVER after 20+ REO under my belt, never had one miss closing.
I am not sure why your Realtor is not on top of this, I can only assume you are not using one? Call Title, see what this "one missing paper is" and then get it signed and back to them and the listing agent. Good luck but I think it is worth the time to call the bank , every day until you finally get someone to speak to. It is in their best interest to close at this point and if you still want it, you wait BUT that should speed up what is left in the process.

Sorry this is not a faster or better transaction for you.

Best of luck.
0 votes Thank Flag Link Wed Feb 2, 2011
Review the contract paperwork with the realtor you’re working with. If you are unrepresented and are getting no response from the title company and/or listing agent, contact a local real estate attorney. There could be a dozen or more reasons why you haven’t' closed. If you are not familiar with real estate transaction you most likely will need help with your next step(s).
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0 votes Thank Flag Link Wed Feb 2, 2011
Are you using an agent for this transaction? Did you mean you bought a REO or you bought a property from a foreclosure auction? If you have an agent who represents you, your agent should be able to take care of that by providing "request for the seller to perform" and give them 24 hours to get back to you, so you can either move forward by cancelling the contract or at least get some sort of a response. If you really want this property, you may just have to wait it out. the problem with REOs is that, they sometimes have clouds on title and they have problems with locating proper deeds and proper signatures from different departments and sellers (depends on how many banks have owned this property before). I am sorry to hear that you are receiving such a HORRIBLE service! That's the problem when banks use their designated title company who is completely overwhelmed by the volume and ultimately, the consumer has to suffer and still pays for the service charges! They need to at least keep you informed! Is this a title company that is in your local area? You or your agent should just drive over there and demand a response from the title officer!
0 votes Thank Flag Link Wed Feb 2, 2011
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