Foreclosure in 94501>Question Details

Seasons, Home Buyer in Fremont, CA

for a REO purchase seller banks not returning signed HUD and Deed docs in time for closing

Asked by Seasons, Fremont, CA Fri Mar 12, 2010

we are purchasing a REO property and we signed our HUD and paid our down payment to the title company. It has been 3 days since and the seller banks has not returned their signed HUD and deed docs. Is that normal? Can we do anything to expedite the process?

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Answers

4
Seasons:

Agree with Pacita: there is nothing you can do to expedite things – banks work on their own timelines. This can often mess up a close of escrow and greatly inconvenience the buyer. Unfortunately, there is no recourse. You may have a per-diem clause with specific penalties for closing late: as long as it is the bank causing the delays, you will not have to pay any per diem fees.
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0 votes Thank Flag Link Sat Mar 13, 2010
Hello Seasons,

Do not worry about anything. Banks work on their own time when it comes to REOs and Short Sales. You'll get these papers soon enough. Good luck in your new home! :)

Kamal Randhawa
Broker
510-932-1066
0 votes Thank Flag Link Fri Mar 12, 2010
Yeah, again NOTHING is normal with REO sales.
0 votes Thank Flag Link Fri Mar 12, 2010
Nothing is "normal" when it comes to REOs and short sale.

sometimes, REO banks can take 5-7 days to respond to an offer. And the same goes with their response to documents once you're in contract. Others can respond quicker.

Your agent should keep following up with the REO agent and the escrow company for updates

Hang in there. Your own lender should be aware of these challenges as well and may be willing to work with you on the timelines.
0 votes Thank Flag Link Fri Mar 12, 2010
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