All Forum Posts by: Sherry W.

Hi--I've been trying to close for months on a foreclosure. Got the titlework today from ServiceLink/Chicago Title, and have a question for you experts (I'm supposed to close tomorrow). The previous owner has a 22K tax lien recorded on the property as of June 21, 2010. The title insurance lists having the Fed tax lien paid off as both a REQUIREMENT of title insurance, and an EXCEPTION to insuring the title. What is this all about?

Thanks for the prompt response. I just don't trust anyone anymore! A bit paranoid, especially when I thought everything was moving along smoothly. There are most definitely title issues--this was owned by a wealthy businessman who went bankrupt, has been vacant for over a year, taken back by the bank, but NOW there are title issues? Arent those supposed to be investigated prior to offering the property for sale? And what would you do now if you were me--just continue to check with the agent, or other options?

Here's my situation--found an REO over the weekend newly listed on the MLS (2days). It's exactly what I want--I know the townhouse, the area, etc, and a great price. My realtor calls selling realtor, apparently there is an all cash offer. We submit my offer, no contingencies, selling agent submits to bank, which is Wells Fargo for Homesteps (Freddie Mac). They counter with addendums, all of which are acceptable. I sign and return these via my agent on Friday. Today is Monday (Columbus Day) and all banks and federal offices are closed. The selling agent's assistant sends an email at 3:00 saying "We have been notified that there are complex title issues, would the buyer like us to keep her contract on file, or send the earnest money back?". Apparently, the property is no longer in the Homesteps system due to the title issues. Selling agent won't return calls. I was supposed to recieve the MEC Tuesday when the bank signed it. What is going on, in your experienced opinions? Don't I have some sort of recourse, as the bank/Homesteps sent a counteroffer, which I signed and faxed back?