So we are buying our first home which is a bank owned foreclosure and I need help…I would like to know how I could eliminate some of the stresses?
I know its a tough market now, but we’ve been in the escrow for 2 months. We signed our final pile of docs two weeks ago and seller who is the bank has yet to sign off on their end. The title company can’t move on without their signatures and we can’t move on with anything. We can’t get planning on moving out of this place, planning on remodeling, etc. Its been so stressful and finally when I got relieved when the docs were signed and I was patient for a week but don’t understand why its taking 2 weeks to sign the docs. The seller’s agent says she did everything on her part and pretty much said to our agent ‘don’t call me everyday. I did everything I could’. We are kept in the dark.
We are at the point where we are ready to back out. I’ve been loosing sleep over this ‘not knowing’. We are considering signing a notice to perform form but our agent told us that this could sometimes push them to get things done but other times it can backfire too.
Please help!
Steve_L said:
May 11, 09 at 3:34 amIf you want action on the banks part just back out and move away from the door. The bank will break the door down to accommodate you. They don’t want the property. If you decide to call it off you might look at this strategy
Look at repossession, which has been filed in court by the mortgage holder. Then simply talk to the mortgage and see if he wants to deal often times the mortgage banker just wants his money. This all hinges on whether the mortgage banker can contact the other party. The mortgage banker offer the other party a free pass in exchange for a quick claim deed . You get to buy the mortgage.
Real_Estate_Guy said:
May 11, 09 at 6:16 amif you want less stress, DON"T BUY A BANK PROPERTY.
Having the bank not sign the paperwork is ONLY ONE problem. You are also buying the house AS IS. I pray you had a home inspection.
However, if you got a great price, then this is the price you pay. HOwever, I’m betting you didn’t get that great a price or paid closing, etc.