Updated almost 8 years ago on . Most recent reply
Purchase for a newbie.
I am in the process of purchasing an REO property but have now had the closing date moved twice by the bank because of problems with the title. The title company says they cannot insure it due to the bank foreclosing a person who is not the owner. My concern is that I do not want to own a property which I intend on rehabbing onlynto find out I am not the owner. With that being said I am starting to get a bit queasy about the purchase. Any input would be greatly appreciated. Thanks
Most Popular Reply
You as the buyer should be in control of decisions regarding the title company. It's not too late to take control.
A huge red flag is flying if suddenly some other title company is willing to close. Title company #2 may be unaware of the existing title problem... by design. Why change title companies? Hmm.
The first thing I would do is get a copy of the title report from title company #1 -- the one that would not close based upon their own research. Then I would ask for a copy of the title commitment from company #2 to see if the issue was properly addressed or just ignored.
- Tom Gimer
