Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
closed on foreclose, but no deed!!!!
My DH and I are buying a bank owned foreclosed home. We have set the closing date for Friday 3/9. Everything was set up and done (mortgage, title company etc). On the day of closing they told us that the bank is still looking for the Deed of the house. My realtor and the title people said to go ahead and go through with closing and they should get the Deed by monday and record everything. Well, Monday and Tueday came and we still don't have the deed from the bank. Have anyone experienced this before? I'm thinking of getting a lawyer next week if things don't go through. Help!
Re: closed on foreclose, but no deed!!!!
This may vary from state to state, but DH, who is a RE broker, just told me you cannot close on a property without a deed. DH buys a lot of foreclosed properties at auction and he has never been able to close without the deed.
You can sign your closing documents but without the deed your transaction is not closed and cannot be recorded with your city showing you are the owner. What if the bank can't find the deed? Also how did the title company do its search without a deed showing legal description of the property?
Sorry, but I would be a little concerned and be all over my REA and closing company about this.
ETA: Even if the bank does not have the original copy of the deed they should be able to get a certified copy, but they should have done this long before closing date.
I agree. There is no way I would have felt comfortable signing papers without the deed in hand.
My Valentine Bookends (2~13~13, 2~15~09)
I am in the same boat as you are. Any further progress on you situation ? Any information would be helpful. Thanks.