Home Buying in Cape Coral>Question Details

Jim Johnson, Home Buyer in Ohio

Im buying a bank owned home in cape coral

Asked by Jim Johnson, Ohio Tue Aug 31, 2010

Im a cash buyer the title company is an attorney office out of miami they have had the contract since first week of this month so its been a little over 3 weeks now myself and my realtor has not heard a word from this title company the only contact we had is when we keep calling and leaving messages finally she called my reailtor back and said she is still waiting on the lein papers the lady at the title company is saying she will only respond to emails.We are suppose to close late next week but still no word,no good faith report nothingMy realtor is trying very hard to get answers but she is getting none.The listing agent keeps saying they are doing all they can to get it closed on time.Dont know what to do ive sold
my house and will have to be out by the last week of sept.if this doesnt close i will have no where to go.Could there be proplems they are not telling us and if there are problems shouldnt they tell me so i can try to get another before i have to move from my home.

Help the community by answering this question:


Hello Again,


Now you can see that your situation is common. It sounds like your Realtor is doing all she can to keep the closing on track. The email request is very typical and actually works in your favor (everything is in writing and your Realtor's requests are documented) When I am not the LISTING agent and I submit an offer on behalf of the Buyer, I have never been able to get the Asset Manager to talk to me. I don't want you to think your Realtor can easily get to the Asset Manager, if that is not the case. It has never been the case for me on the buying side, but nothing comes easy for me anyways...lol! Let us know when you close. Cape Coral is a great city! Hopefully, Jesse or another agent will comment.
1 vote Thank Flag Link Thu Sep 2, 2010
Hi Jim,

My grandmother used to say "If you can't say anything good, don't say anything at all". So, with that said - about all you can do is to hope for the best, but expect the worst. See if your Realtor can find out what kind of lien they are referring to. They may be waiting for an estoppel letter from an HOA or something along those lines. If it is a Judgment or tax lien, that could take some time. Hopefully, all parties involved are working in good faith to get the transaction closed on time. It may be a last minute kind of thing, but hopefully it will all work out. I have found that being really, really nice and pleading my customer's case to the closing agent helps sometimes. I know that is hard when nerves are frayed, but keep in mind that they have all the power, and you can't afford to make them mad. You can blow your top when everything is done, but you'll be so happy to be closed, that you probably won't feel it's necessary.

Best of luck to you!

Dianne Scott
Web Reference: http://www.DianneScott.com
1 vote Thank Flag Link Tue Aug 31, 2010
Saw a couple things I do not agree with.....the bank has in most cases their own contract....it is written for them and them only. regular rules do not apply.

1 vote Thank Flag Link Tue Aug 31, 2010
Jim.....this is a problem with buying bank owned homes. Expect the unexpected. No one will be able to give you an exact answer unless you speak to the asset manager directly. Sorry for all your hassles.....good luck.

1 vote Thank Flag Link Tue Aug 31, 2010
This situation is not unique when purchasing a foreclosure. The title company that the Seller is using will probably get it together in a couple days. Last minute is typical. You may want to have a plan B in case there is a delay of closing.

Good Luck!
1 vote Thank Flag Link Tue Aug 31, 2010
Hi Jim:

Regret to hear about your issues. Its typical with foreclosed properties, and sheer volume
that banks and asset managers have to go through, that due to some reason, such as missing Docs.
it can be delayed.

Unless, the previous owner is till in the house, or a tenant with a lease residing in the house, there
should be no issues. Clearly, the Title Co. wants to give you clear title, after having the bank discharge all the pior debts.

Patience my friend. enjoy your home, Cape Coral sounds like fun.

Good luck.
0 votes Thank Flag Link Wed Sep 1, 2010
Your challenges, particularly with the lack of communication from the out-of-town title company happen all to often with bank-owned property transactions. Often times if there is a problem with the title, the resources to work through these issues are very constrained due to the shear volume of distressed properties in the pipeline.

Your Realtor needs to continue to apply pressure to the listing agent who has the relationship with the bank, as Jessie suggests below.....getting to the asset manager for straight answers is the key here.

Good luck with getting this purchase completed.
0 votes Thank Flag Link Wed Sep 1, 2010
Hi Jim,
Typically Bank Owned have a few delays. The last Bank Owned sale I had, I got the Hud statement the night before. Hang in there an hope it closes on time.
Good Luck!
Genevieve Ramachandran
Thomas Ryan Associates, Inc
0 votes Thank Flag Link Wed Sep 1, 2010
Hi Jim,
Sorry but Jesse is right on! This is what comes with buying bank owned homes. They provide you with a bank addendum to the contract upon their acceptance to your offer. That addendum will state it overrides everything in your original contract. I have had bank owned transactions close rather quickly without a glitch. On the other hand, I have had banks that have been unable to clothes for months (clouds on title). If you really want to get to the bottom of the problem and your agent is unable to get answers, consider hiring an attorney to help you. I would be happy to give you the name of local attorney here in the Cape that can help.

I wish you the best of luck,

Nancy Doyle
0 votes Thank Flag Link Tue Aug 31, 2010
A Short Sale can be a "Long Sale" we never know, it depends on all the liens on the property and if the bank is willing to take the loss. As a Broker I know that we all had years of struggling, but right know everything is more streamlined. Federal rules has been set up for the bank to act, they need to be on track for every deadline to respond , he first deafline is within 10 business days. When all documents are in order the file will be send to the next person in line to handle this transacttion. The Negotiatior, that person will be order a BPO ( brokers price opinion) and after reviewing the file and all the documents are in place including the BPO the negotiator from the bank has to give an answer yes or no and can negotiate this transaction with your negotiator.to finalize this transaction.. All together it can take up for 6 to 7 weeks, but than the bank need to give the answer. Depending on the difficulty of the transaction especially with the HOA, what can hold up an estoppel letter , your Realtor can assist with collecting the right documents. Know the big question is, when are all the documents submitted to the bank, because from that date the clock is ticking. The banking industry need by there guidelines respond to shortsale offers in 45 days. I wish you and your Realtor luck. Maybe there are some changes in the time lines, I am a Real estate broker not a mortgage broker but I think this is approx. the way it should go.
0 votes Thank Flag Link Tue Aug 31, 2010
Phew!!! Sounds like a typical bank transaction....YIKES!!! Jesse is 100% correct! Good luck.
0 votes Thank Flag Link Tue Aug 31, 2010
Hi Jim,

At this point in the transaction the only thing that may be available to you is the title commitment/exceptions, have your realtor request that for you to review.

The HUD statement, will not be available until they get final word on liens, etc. and a firmative closing date, I'm sure they are all working hard to get it done on time, be patient, do not expect the HUD statement at the earliest 2 days before closing date, and be prepared to wire the funds to them.

If email is how they prefer to communicate, then follow their guidelines, they will followup with your realtor a lot quicker. You will know more about what exactly they are waiting for IF they have to extend the closing date, until then they really do not share much.

Best Wishes!

Debbie Stack

Sellstate Prefessional Realty, Inc.

0 votes Thank Flag Link Tue Aug 31, 2010
Hello Jim,
If you have an executed contract, seller has to close the deal as indicated in the contract. If they need more time, they have to get you to agree on an extension of closing date. They have to send you the HUD and give you time to review it. Your Realtor should pressure the listing agent.
0 votes Thank Flag Link Tue Aug 31, 2010
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