Quote:
Originally Posted by zulu400
I am not an expert, but your loan officer had to get the title. Look in your Good faith estimate, it should have a title procurement fees. Do you have a real estate attorney.... ask them about it as they can also order it.
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The OP is saying the foreclosure took place, but the title has not been transferred to the bank that foreclosed.
We are seeing a sharp increase in title delays on the seller's side. From what I understand, this can be tricky when there is more than one lien in the foreclosure. If you have ever bought a home before you know it takes about 3 to 4 weeks for the deed to show up after you purchase. Now imagine that deed is being delivered to an institution with over a quarter of a million employees........then that deed must be sent to the individual authorized to sign off on that deed for the sale.
Patience and a owner's title policy are mandatory. In Virginia, we are seeing the time-frame to get the new deed coming in at 6 weeks from date of foreclosure. I will tell you what I am telling all of my clients. Assume the worse and have a plan of action if at any time the closing date is delayed. I am now advising renters not to give notice until they have closed. Have a place to go March 22.
(Note: this has nothing to do with the buyer's side of the transaction and is not part of the GFE).
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