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Hi I could really use advice. I have a signed purchase and sale on a foreclosed home and we are about 3 weeks before closing. We got a call from the listing agent that they want us to sign to terminate out purchase and sale due to title issues. They claim that the homeowner is dead now and the foreclosure has to be completely redone from day one. They said there is nothing they can do. The homeowner has no spouse, parents or siblings alive and there was no will. I asked for an extension and was willing to wait for this home and they said they can't help me and my p&s needs to terminated. Anyone have any advice to stay in this contract. This is the house of our dreams and I don't want to loose it.
It doesn't quite make sense. If it is an actual foreclosure, that means the bank owns it. It shouldn't matter if the previous owner is now dead... even if the owner died during the foreclosure procedures, the estate would be responsible for staying current. I would ask for more details.
Thank you this does not make sense to me either. the told me the title cannot switch over because the bank cannot foreclose on a dead man. The homeowner died in January an the bank finished foreclosure in march and it went on the market in June and we bought it. Would the bank need to re foreclose? there is only a niece still alive and she lives out of state and cannot afford the property so it stayed in foreclosure. Can I still receive a title if it is in the dead mans name and not the estate?
No the foreclosure was completedin march that's why I am so confused of our rights where we have a signed purchase and sale. The attorney for Fannie Mae said the whole process has to be completely redone where he is passed now.??wouldnt that cost the bank more money. We r close to passing papers and not sure if we should sign to terminate the agreement
If the property was foreclosed on (went to auction and there were no bids) the leinholder now owns the property outright, it doesn't matter if the PREVIOUS owner is alive or dead).
It looks like fannie now owns the property and is being marketed as a fannie REO. The current status of the owner(PREVIOUS) is moot because fannie owns the property
Get in touch with the title company or if title companies aren't used there the attorney. Something doesn't sound quite right. Are you using an agent yourself? The listing agent represents the other side, so I wouldn't want to just take their word for it. I would find out more first.
The property is in ma. I have a realtor and the lawyer handling the closing for me is going to look into the title. I was puzzled as well that they said title cannot come in the dead homeowners name it has to be from the estate of? I am going to call another real estate attorney to see if they can help me more! I do not know much about real estate laws and reo properties but this seems strange.
My thought is that if title cannot be transferred as it is and they can't fix it somehow then the deal will fall apart regardless if you sign something or not, so why do it now before you know everything? I would just wait and listen to your realtor and that lawyer.
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