Foreclosure in Michigan>Question Details

S, Home Buyer in 48098

Seller is selling a house they don't legaly own?How can this be and how long does it take with Citibank?

Asked by S, 48098 Fri Apr 18, 2008

to transfer the deed to the actual seller?
I am waiting here for more than 2 months and couldn't close on the house because they don't have a deed on their name and have to obtain it first from Citibank! Does or did someone experience the same long wainting with Citibank or they just lost my file? The title company is not very helpful and so we all keep waiting...
I am curious, if someone had the same problem?

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S ... if you'd like to email me with the address and name of all the parties involved (title company, sellers, etc.) I'd be more than happy to check into it for you. At the very least I can put you in touch with someone who can help make it happen.
0 votes Thank Flag Link Mon Apr 21, 2008
yes it is a bank owned property. The seller is some company, but the deed is on Citibank's name. The title company claims taht they sent it twice already, but there is no deed back yet and I am wondering...

But how can it be that they own it (paid for it) but don't have papers proving it? How can this happen?
I don't think the title company can do something since they claim that they are waiting for the deed from Citibank and cannot do a thing until they have it ( which I understand) They cannot do pressure over there at Citibank either, nobody would care.
I don't know what else to do, I don't want to lose the house, because we loved it and we just don't have the energy to start a search again, but I cannot stand the current situation either. Why don't people over at Citibank work or what else is the matter and nobody tells me? It seems like I am the only one waiting!

0 votes Thank Flag Link Mon Apr 21, 2008
"S" I'm not sure I completely understand your question. In general, when a Realtor(R) signs a contract with a homeowner, one of the documents included is to allow a Title company to verify ownership and that there are no blemishes that could impede a sale.

It sounds like you're trying to purchase a foreclosure. This is one reason why buyers need to double check Title on a foreclosure before submitting an offer to purchase. Your Buyer's Agent should be able to go through the Title Company used by their Broker to get some information about what blemish is the hold up. They would also be able to contact the other Title company to obtain more information.

One problem that I've seen recently was the use of foreign Title Companies which may be the cause of your delay. I suggest getting your agents Broker involved to see if they can move this forward
Web Reference:
0 votes Thank Flag Link Sat Apr 19, 2008
Hmmm ... kind of a loaded question. It sounds like Seller may be in the redemption period. If my assumption is correct then by law, Seller had the right to try and pay off their loan with Citibank within a 6 month time period. OR, they can try and sell it. If you're not using a licensed Realtor to assist either of you in this situation you should be very careful. If Seller truly not longer owns the home, there is no reason to be dealing with them but rather the bank. Give me a call, I can help you or find someone who can get you closed.

Best of luck!
0 votes Thank Flag Link Fri Apr 18, 2008
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