Home Buying in Island Lake>Question Details

Justin, Home Buyer in Island Lake, IL

Verbally Accepted offer on a bank owned property taking two months to get the contract.

Asked by Justin, Island Lake, IL Wed Jul 6, 2011

I put an offer in on a bank owned property in Illinois, they countered and We accepted, they said we should have the contract in 48 hours. Its been two months of "IT" problems. the verbally accepted offer had a closing date two days from now and i still dont have the contract. What can I do to get this property or what steps should I take to get this going. They are still telling me theyre working on it and the asset manager of the property isnt showing the house to anyone else. So it seems like im just in limbo.

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4
There is most likely an issue with the foreclosure or with the title. Unfortunately, there is not much you can do but wait. Have your attorney look into what the delay may be.

Attorney Ranj Mohip is a Chicago real estate attorney. The information in this answer is general information and is not intended as legal advice. Further, answering this question or otherwise contributing as a member of Trulia.com does not create an attorney-client relationship. Remember--consult the best real estate attorney in Chicago or in your respective area. Contact us at http://www.ranjmohip.com for more information.
3 votes Thank Flag Link Wed Jul 6, 2011
Ranj is right again! Chain of title on foreclosures is often the problem and most likely your lender wont like the conditional title policy offered by the seller right now. I say move on, they wouldnt have gotten your earnest money yet.
1 vote Thank Flag Link Fri Sep 16, 2011
First of all there was no closing date until you had a written and sign contract so no bother as to the closing date. As to getting this sale on the ball, have your Realtor submit the offer again this time as a written contract for the amount that was agreed upon and this may come back to you quicker, other than that, well its in the banks hands, are they eager to get their money or not?
0 votes Thank Flag Link Thu Jul 7, 2011
Have your agent push the title company who will in turn push the listing agent and the asset manager. I had one that took 3 1/2 months and it was all about the title work not being correct on the past sale. good luck
0 votes Thank Flag Link Thu Jul 7, 2011
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