How likely is it we will close on a Bank of America foreclosure with no title?

Asked by Studiopietra, Miami, FL Thu Jan 20, 2011

We have a contract with Bank of America to purchase one of their units that is in foreclosure. The unit has been foreclosed on but the Bank doesn't have the title. The bank's realtor said he was on it to process and get the title, but the Bank's attorneys won't answer phone calls. The Realtor is ready to give up. How likely is it that we'll close on this unit?

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mike outlaw, Agent, pembroke pines, FL
Sun Mar 10, 2013
This would really depend on your lending aspects. The mortgage will be requiring title insurance. therefore without title this will not be able to be obtained. There are a couple of good attorneys in Coral gables that I have worked with in getting a "Quiet title" but this too can become complex. I would suggest you inquire to an real estate attorney to assist you.
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