Anyone have experience with SunTrust Foreclosures?

Question

Hi All,

I'm right at the end of purchasing my first foreclosure and it's been a much bumpier ride than I'm used to! The foreclosure is a SunTrust Mortgage home. It took over a month to reach an agreement and get a signed PA. They asked for a 3 month close, which I accepted. Today was supposed to be the close, however, the sellers have not provided the signed warranty deed and not accepted the final closing statement. Nothing has changed from the initial disclosure, apart from a small special assessment they already agreed to. The bank has not answered calls or emails, or given any indication of intending to send it by a certain date, but their title company feels that they will be able to close tomorrow.

Does anyone have experience with this type of thing? The title is clean and clear, so I'm not too worried about that being the issue. Since it's my first foreclosure I'm not sure if delayed closings are the norm or if it's a red flag. I'm so used to dealing with sellers who have lived in the home and have a vested interest in getting the closing executed on time. Am I overthinking this or should I be concerned?

Thanks in advance for your input.

Ron S. · Answer

if its not a short sale, the bank has nothing to do with it outside of sending a demand for payoff to the title company. It's between the seller and buyer so, any hold up is on their end, not the bank's end.

If its in foreclosure, again, Suntrust will issue a demand upon request but that's it, assuming its a full payoff. Maybe there's more to it?