Home Buying in 77002>Question Details

Jen, Home Buyer in 77002

If an agency buys a foreclosure property from the bank, how long will it take them to the deed?

Asked by Jen, 77002 Tue Jul 27, 2010

I am trying to buy this house from an agency that claims to have bought it from the bank. They tell me that they do not have the title yet and that I will receive it and give it to me after the deal is closed (I made my payment and the contract is signed). Is this how it works?

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Jen, The normal process when you purchase a home is to get title upon closing and funding. The fact that they dont' have title to a home they are selling is a red flag. You are asking this question because you sense this deal is not up to par. Follow your instincts. Contact the Texas Attorney General's office and review your information with them. My bet is it's an illegal flip. (fraudulent transaction). http://www.oag.state.tx.us/agency/contacts.shtml
1 vote Thank Flag Link Tue Jul 27, 2010
Have you heard of "flippin properties" ... a person can purchase a property at 9 am finish paperwork use same title company resale all on the same day.

Recommend check county tax records determine if there was ever a sale on property.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
1 vote Thank Flag Link Tue Jul 27, 2010
That sounds weird. Make sure you have your own realtor involved in the transaction.

Make sure your payment is to the title company and not to an individual.

If you are not going to use a realtor at least pay for an attorney....YOUR own attorney, not someone else attorney they hired to work for them.
Web Reference: http://www.teamlynn.com
1 vote Thank Flag Link Tue Jul 27, 2010
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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