my offer was accepted on a foreclosure home but its been three weeks still no closing my realitor said waiting for title to clear how much longer

Asked by expresspowerwash2011, South Bend, IN Mon Oct 22, 2012

what the longest i can wait

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Tamara Westfall’s answer
Tamara Westf…, Agent, Troy, OH
Mon Oct 22, 2012
I have made bids on foreclosures for clients that won the bid. Only to find out that the bank did not have clear title and so they had to remove the property from the market the clients made 3 different offers on the property before it was all said and done. Then when the sellers got title everything went very very very fast. Hang in there if you really want the house because if you are going to walk away and try to buy another foreclosure you could be facing even more of a wait.
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Tammy Murphy, Agent, Centerville, OH
Mon Oct 22, 2012
Unfortunately, there is no "set answer" - each bank, each deal is different. Your Realtor should be able to update you as the process moves along; however, many times they are not receiving the updates from the bank or other agent. What you should know about any process involving a foreclosure, short sale, and / or bank owned is that the time it takes is intensive. If you get less than that then you will be among the few lucky ones. The question is, can you afford to wait this out? Best of luck - hope that helps a bit. (We all wished it was as quick or easy as finding the buyer with the ability to purchase for the bank to accept and get em closed!)
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Gary Kremer, Agent, Beavercreek, OH
Mon Oct 22, 2012
It could take up to 45 days to close on any property.
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