Home Buying in Park Forest>Question Details

Dburresss, Home Buyer in Crete, IL

I have a contract on a foreclosed property, closing has been delayed because the foreclosure deed was not filed. How long will this take?

Asked by Dburresss, Crete, IL Wed Sep 21, 2011

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Chuck Anderson’s answer
I had a client who purchased a HUD home and the foreclosure deed was not filed. It took them two weeks to fix this, in Wayne County, Michigan, which is not know for being fast. My client closed on the home right away.

That said, there is no simple answer to this question as it depends on 1) whether or not there is some other underlying problem that has not yet been fixed, 2) how quickly the bank asks their lawyer to do the filing and 3) how quickly the lawyer does the filing.

I had another case that was never resolved and we had to terminate the contract. Best thing you can do is make sure your agent thoroughly investigates the underlying problem and calls the sellers agent every 2 - 3 days until this is resolved.
0 votes Thank Flag Link Wed Sep 21, 2011
I had a buyer purchasing a foreclosure from HUD and had the same issue. We notified the seller's attorney right away but they couldn't produce a clear title in time. We were 1 week away from the closing when the seller finally had to cancel the contract. Basically, HUD was trying to sell a house that wasn't even theirs yet. My buyer consulted with her attorney and decided to pursue legal action. I hope your scenario isn't as bad.

Mike.
0 votes Thank Flag Link Wed Sep 21, 2011
Same answer I just gave someone else:
You are not in control.
A couple weeks seems like a good answer.
0 votes Thank Flag Link Wed Sep 21, 2011
it should only be a couple of weeks but it depends on the county and how backed up they are if it gets mailed or if the lender physically takes the deed down to the county to file it immediately.
0 votes Thank Flag Link Wed Sep 21, 2011
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