Help with this nightmare REO buying experience...

Asked by ainghouse, 19145 Thu Oct 18, 2012

My wife and I are first time buyers and were excited when out offer was accepted on this great Fannie Mae REO. It was very well maintained and only a few years old. That happiness soon turned into a nightmare. The deed had not been transferred to the bank yet. At first we were told it was filed and in the city's hands, that was 2 months ago. Now we are being told that they didn't even have the sheriff's deed yet. Is this even possible?

We are getting frustrated with the lack of information. Our realtor seems to care more about preserving his work reputation than getting us answers. We even called the city records ourselves and they told us nothing was submitted yet. Can someone explain to us what can cause this delay in just recording/filing a deed? We just want some peace of mind...

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Alan May, Agent, Evanston, IL
Thu Oct 18, 2012
I'm confused. The best way that your Realtor can preserve his reputation is by getting you answers.

REO's and Short-Sales are notoriously clumsy and time-consuming. So it's not uncommon to have issues such as those you're experiencing. I can't explain what's happening with your transaction... but be aware that these sort of things DO happen with REO purchases... that's one of the reasons that REO's are such good prices, because they need to do something to entice buyers, as many buyers are too afraid of the process.

The "good" is you can get a decent price. The "bad" is you have to wade through this horrible process. Hang in there, and press your Realtor to obtain answers for you. If they have trouble, you might want to go over his head to his managing broker and see if they can get you some answers.

Good luck.
0 votes
it's impossible for me, not a party to the transaction, to know what the hold-up might be... but with REO's, it could be just about anything. Hang in there.
Flag Sun Oct 21, 2012
Thanks Alan,

Our realtor was finally able to get some answers. It seems that the seller's lawyer had submitted paperwork to obtain the sheriff's deed about 7 weeks ago. The sheriff 's office has not recorded it yet due to some issues. Do you know what could be the hold up?
Flag Fri Oct 19, 2012
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