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Purchasing a foreclosure from mortgage company

2,267 Views | 9 Replies | Last: 7 yr ago by SteveBott
schwack schwack
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AG
Anybody done this? It seems to be unnecessarily complicated & unorganized.

It was a house that didn't sell at the courthouse auction last January & went back to the mortgage company. As soon as it hit the market, we made an offer & it was accepted. Then we had to wait for paperwork that is sort of backdated to when they accepted & it gives us 72 hours from the 15th to get our earnest money in (we didn't even get the paperwork from their listing agent until the afternoon of the 16th) and signed docs back to them. All sorts of verbiage in the contract that if we don't get it in, they can back out.

Not normally a conspiracy nut, but do they have a higher offer & trying to bypass us? Is this normal?


Bitter Old Man
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AG
Probably not. Mortgage companies are just that inept.
SteveBott
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AG
Agree with BOM
schwack schwack
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AG
Haha! Good. They are in CA. I got all of my stuff in to my agent Saturday and they've been waiting to find out where it goes from the local guy handling the sale. It's been confusing.
Jay@AgsReward.com
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Sponsor
AG
It is incredible how long it takes banks, even small ones, to maneuver the process of selling their assets. You can wait days and days for a simple signature and then before the ink is even dry on their part they start haranguing the buyer to close asap. Very frustrating process to be sure.
schwack schwack
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AG
Aaaaaaaannnnnnndddddd..... it's still not over. Supposed to close today. Still have not gotten our closing documents. Wire deadline at my bank is 1:00. This has been such a major hassle. The house is great & we got an incredible deal, but the process really stinks.
histag10
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AG
so random question for you people- in a situation like the OP is in (buying a foreclosure from a mortgage company), does right of redemption still apply if it wasnt a bankruptcy case?
Copp
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Right of redemption is for tax foreclosures, not first lien purchase money foreclosures.
histag10
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AG
Nevermind, I found the answer I was looking for for my state. 1 year in a judicial foreclosure.
schwack schwack
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AG
Got closing papers yesterday. That was an ordeal. Would I do it again? If the price was right, yes, but next time I'd be prepared for the no answers, nothing done on their end in a timely fashion, etc.
SteveBott
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AG
good to hear SS. there are some opportunities in this space and now you know the hoops you have to jump to get a deal done. This is pretty normal in that market. When I have a client who wants to buy a short sale, which is similar in that you to work with the lender, I tell them upfront we are not locking the rate until we know the lender will work with us, and its put in writing. Otherwise plan on losing the lock and expect at least 60 days to close but do not be surprised if it takes 120 days. Locks for the most part extend only 60 days.
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