Foreclosure in Eustis>Question Details

Dianne Scott, Real Estate Pro in Eustis, FL

Anyone with a very recent Washington Mutual-owned property?

Asked by Dianne Scott, Eustis, FL Fri Nov 7, 2008

Tried to close on a foreclosure property owned by Washington Mutual today. We were down to the last three pages of the signing of the docs when closing agent received a message that the lawyers have been working for three days on trying to determine who had the authority to sign a Deed. I guess JP Morgan has some type of interest in WAMU or there is a deal pending with them and no one knows who can sign deeds nationwide. Any information, thoughts, etc. on this type of occurrence or this particular situation would be appreciated.

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Dianne,
This happens often on the bank owned foreclosures, since the owner of record changes, sometimes several times before the property is listed. I've had a similar issue where it was just a quit claim deed that needed to be signed, and it was a matter of who needs to sign off. Unfortunately it probably says that if the buyer needs to extend beyond the agreed closing date there will be a $100 per day charge, but since the additional time is needed by the seller, a standard real estate contract allows 30 or more days for the seller to clear any title defects, the bank addendums may allow for evn more time. This can put a buyer in a position to have to wait to close, and does not allow the buyer the option to withdraw or be released from the contract, you just have to wait it out.

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Regards,
Brooke O'Malley
Real Estate Broker Mortgage Broker
CLUB REALTY
United Home Mortgage Center
941-366-8390
Web Reference: http://www.myclubrealty.com
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