I found a property and put in an offer that got accepted. signed the contract then talked with sellers attorney for closing information (set to close with on 5-6). sent earnest money to attorney. then 2 days later my real estate agent received a phone call from an unknown number and asked if she was the agent representing my company to purchase this property. He said that the property is foreclosure and it will take 2-3 weeks for closing??
Has anyone heard of this happening and what should I do?
You're gonna need to be a lot more specific. Who called? What did they ask? What did they tell? Why did they call? Who and why did they say what will take 2-3 weeks to close? Is it a short sale?
Agreed, means little, and a little strange. Assuming the property has some equity, it makes no difference. The loan still gets paid off at closing.
Ignore the call, go to settlement, the closing agent can contact the lender or trustee for the amount required to pay off the lien. You could file a memorandum of pending sale, it won't take priority over the notices for foreclosure but it could be seen by potential buyers at any sale, discourage interest, and that can have consequences if you fail to close, so see your attorney. :)
Bill Gulley, General Real Estate Academy | https://generalrealestateacademy.com
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