Sally W. Hamby
Senoir Mortgage Banker
Fidelity Bank Mortgage
404 644 7696
Hope this helps. Good luck!
Sarah Moore, REALTORÂ®
The property must have a clear and marketable title in order to be sold. You can protect yourself by purchasing owners title insurance at the time of closing. This will give you certain protections that you would not have otherwise. Typically if you have a mortgage you will see that title insurance has been purchased -- but it's for the lender not the owner.
And as has been mentioned before - find a professional Realtor to represent you. Working with the REO's and the closing attorneys and understanding it all is not something most people want to jump feet first into.
Cash is great but they don't really care, you will have a set time to arrange financing and after that you are expected to close. I tell my cash clients to consider a mortgage (http://hankmillerteam.com/pay-cash-home) ; gives me another bullet to use in negotiations. If they go FHA, there are specific lender requirements that must be fixed....appraisers pick on things (I'm one) and typically the seller is responsible. It's also another back door is needed for the buyer.
Typical bank owned homes will not be sold "cheap" until they season on the market, the days of things selling 30% off at listing are long gone. The entire REO/bank owned sales world is changing - reading up on it is only going to get you in trouble - get an agent.
Solid Source Realty, Inc.
REO Agent since 2002
Keep in mind there are some other important factors to keep in mind when buying with cash only. I'll put them on my blog.
Best of luck to you!
You should have a realtor to represent you in the transaction to get more advice. The seller pays our commission so why are you cutting yourself short??
Most of the time, especially if the home hasn't been foreclosed on for that long, title work has not been completed and won't be until under contract and assigned to a closing attorney. You don't "have" to use the closing attorney recommended by the seller, but some sellers (banks) will actually pay for your title insurance if you use their closing attorney. You might as well since they are paying attorney fees and your title insurance. Ask before you commit to their selected closing attorney... despite what the bank's agent says, no seller can dictate who the closing attorney is. With that said, title is pulled and if the seller can not provide clear title, their may be a delay in your closing date. So, it's irrelevant when you want to close. You will close when the seller is able to provide clear title. If the foreclosure hasn't been recorded yet, which in many cases, the foreclosing attorney is delayed in recording, you will be waiting. But my real question is.... WHAT DOES YOUR REALTOR ADVISE?
Like any other form of insurance, you hope you don't need ithowever if you do, it is a lifesaver.
As an investor and Realtor I have purchased over a dozen homes personally and bought owners title insurance on every one.
If you need help, contact me at 678-488-0183