None as I see it. They can't sell with a cloud on the Title and frankly you don't want to buy it until it's resolved. I doubt they provided any "guarantee" of closing by that date, but everyone is working toward that with their best efforts. Once the Title is cleared, you'll be free to close. If they can't clear it by that date, they'll need even more time. Just be patient or if you can't find another house.... more
I would recommend first S. Palm Desert. That is south of Hwy 111. You have great schools including the Washington Charter school to consider. You are close to shopping, dining and most of the desert activities. Please give me a call and I will be happy to show only properties that meet your demands.
Oh boy, again. My husband, Nelson Horn, and I represent OWB on their foreclosures and have seen this problem over and over again.We produced a viedo for tenants
This may help:
-if you know the bank owns the house I would not pay the former owner rent, you need to decide this for yourself
-in all likelhood the bank will
+offer you "Cash for Keys" to move. We paid a tenant $10,000 on one ocassion. Don't get your hopes up to that level. This was a very, expensive house.
+I am now seeing some of the banks offeing to let the tenant stay for a certain period of time
I would not move until I heard from the bank, but I would start looking for a place to live and start packing
Good luck and watch the video before renting again... more
Jacqueline, The correct answer is that the Buyer of a home at a Trustees sale does have to pay the deliquent property taxes in addition to the final bid price. Thus , if you were to bid on a foreclosure at the court house, etc it is important to know the deliquent property tax amount. I have purchased over 30 trustee sales and have had to pay the property taxes after the fact. If the home is an REO ( Bank Owned) , the bank will have to pay this trough escrow at the time of sale. Also, IRS liens can unwind the foreclosure sale a 120 days after you close on the deal. So, if the property has IRS liens, forget it. If it is a Short Sale, the Seller and /or Bank will need to pay these trhough escrow for the benefit of the new Buyer. Since you will be in escrow, clear title will be a condition of the Title Insurer and the Buyers lender. Thus , the property taxes will need to be paid in escrow. Good Luck... more