Problems with the title, how long does it take?

Asked by Sophie, 48306 Thu Mar 13, 2008


I put an offer on a REO house and they accepted it and signed the addendums and agreements but they told me we cannot close because there is some problem with an interim deed and it will take a while to close. Nobody does know how long though, not even if we talk days or months...
Now I am waiting for more than 3 weeks and nothing happens, nobody will tell me more than to wait. I mean, there is a lot involved, like a lock on my rate that I have to pay for, I already bought a lot of stuff for the house and the moving and it is not easy to keep everything postponed but the worst is, I have to get out here and I still don't have a house to move in. It is soooo frustrating!!!
Any experiences with such problems and how long does it take to clear a title?

Thanks a lot!

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Susie Moceri, , 48306
Thu Mar 13, 2008
Hi Amy,
Have you discussed this directly with the Title Company? Also, you may want to ask your Realtor if you can do a temporary lease to get you into the home while they are taking care of the title. We do this sometimes when a customer needs to move quickly but has not had an opportunity to finalize mortgage docs, etc.
If you do a lease, they may expect you to pay additional monies for an "Option Fee" which can go towards your purchase at the time of closing. Confusing, I know. I wish you the best and if you need anything please feel free to contact me directly.
All my best,
Susie Moceri
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