REO Property Past Closing Date

[Rance Jones]

I am attempting to close on my first REO investment property. The bank did not have clear title when I submitted my earnest money. I did not think to ask at this stage of the deal. It has been 2 extensions and 4 months and the bank still does not have clear title. response has been we will close when we close.

Is this normal for REOs? If they are outside of the agreed closing date could I back out of the deal and get my earnest money back?

[Tom Gimer]

@Rance Jones You are entitled to a copy of the title commitment. Figure out the title issue yourself by reviewing the Requirements section and determine the likelihood of the issue being timely resolved. Review the Exceptions to figure out anything title is suggesting will not be cleared prior to or at settlement.